FOR IMMEDIATE RELEASE    EXHIBIT 99.1

 

Waste Management Announces Fourth

Quarter and Full Year 2016 Earnings

 

  

Full year Net Cash Provided by Operations grew more than 18%

The Company expects continued strong earnings and operational performance in 2017

 

  

FOR MORE

INFORMATION

 

Waste Management

 

Web site

www.wm.com

 

Analysts

Ed Egl

713.265.1656

eegl@wm.com

 

Media

Toni Beck

713.394.5093

tbeck3@wm.com

HOUSTON — February 16, 2017

— Waste Management, Inc. (NYSE: WM) today announced financial results for its quarter ended December 31, 2016. Revenues for the fourth quarter of 2016 were $3.46 billion, compared with $3.25 billion for the same 2015 period. Net income for the quarter was $335 million, or $0.75 per diluted share, compared with net income of $273 million, or $0.61 per diluted share, for the fourth quarter of 2015.(a) On an as-adjusted basis, net income was $320 million, or $0.71 per diluted share, in the fourth quarter of 2015.(b)

 

Income from operations in the fourth quarter of 2016 was $617 million compared to $502 million, or $575 million on an as-adjusted basis, for the same 2015 period. Operating EBITDA was $930 million in the fourth quarter of 2016 compared to $803 million, or $876 million on an as-adjusted basis, in the fourth quarter of 2015.(b)

 

For the full year 2016, the Company reported revenues of $13.6 billion, compared with $13.0 billion for 2015. Earnings per diluted share were $2.65 for the full year 2016 compared with $1.65 for the full year 2015. On an as-adjusted basis, earnings per diluted share were $2.91 for the full year 2016 versus $2.61 for the full year 2015.(b)

 

For the full year 2016, income from operations was $2.30 billion, or $2.41 billion on an as-adjusted basis, compared to $2.05 billion, or $2.19 billion on an as-adjusted basis, for 2015. For the full year of 2016, operating EBITDA was $3.60 billion, or $3.71 billion on an as-adjusted basis, compared to $3.29 billion in 2015, or $3.43 billion on an as-adjusted basis.(b)

 

Jim Fish, President and Chief Executive Officer of Waste Management, commented, “In 2016 we continued our focus on core price, disciplined volume growth, and cost control.(c) Our results in each of these areas exceeded our expectations, which led to operating EBITDA growth of 8.1% on an as-adjusted basis.(b)

 

“The fourth quarter saw internal revenue growth from each of yield and total Company volume achieve 2.0% or greater. This is the first time we have achieved this result in over a decade. This revenue growth drove significant increases in net cash provided by operating activities and free cash flow.(b) We will maintain our focus on driving core price, growing high margin volumes, and controlling costs, positioning us for strong earnings and cash generation in 2017.”

 

KEY HIGHLIGHTS FOR THE FOURTH QUARTER AND THE FULL YEAR 2016

 

•     In the fourth quarter, overall revenue increased by 6.6%, or $214 million, from the same period in the prior year. The revenue increase was driven by positive yield and volume in the Company’s collection and disposal business of $118 million. Acquisitions, net of divestitures, contributed $45 million of revenue growth to the fourth quarter. Recycling yield and volume also increased $51 million. For the full

  


The following information was filed by Waste Management Inc (WM) on Thursday, February 16, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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