FOR IMMEDIATE RELEASE

 

EXHIBIT 99.1

 

Waste Management Announces Second Quarter Earnings

 

 

 

 

 

Strong Organic Revenue Growth Continues to Drive Increases in Net Income and Cash Flow

 

 

HOUSTON – July 26, 2017 Waste Management, Inc. (NYSE: WM) today announced financial results for its quarter ended June 30, 2017. Revenues for the second quarter of 2017 were $3.68 billion compared with $3.43 billion for the same 2016 period. Net income for the quarter was $362 million, or $0.81 per diluted share, compared with net income of $287 million, or $0.64 per diluted share, for the second quarter of 2016.

(a) On an as-adjusted basis, excluding certain items, net income was $329 million, or $0.74 per diluted share, in the second quarter of 2016.(b)

 

Jim Fish, President and Chief Executive Officer of Waste Management, commented, “We are hitting on all cylinders right now with the cash generating strength of our business shining brightly in 2017.  We achieved the highest quarterly operating EBITDA in our history, with operating EBITDA growing about 8.0% in the second quarter when compared to the second quarter of 2016.(c) Our strong operational performance led to record free cash flow generation in the first half of 2017.(b) Together, our strong core price results, robust volume growth, and continued cost improvement focus led to earnings per diluted share growth of almost 10%.(b)

 

 

KEY HIGHLIGHTS FOR THE SECOND QUARTER 2017

 

·     Overall revenue increased by 7.4%, or $252 million. The revenue increase was driven by positive yield and volume in the Company’s collection and disposal business, which contributed $158 million to revenue growth, and higher recycling commodity prices and volumes, which contributed $90 million of revenue growth.

·     Core price, which consists of price increases net of rollbacks, plus fees other than the Company’s fuel surcharge, was 4.7%.(d)

·     Internal revenue growth from yield for collection and disposal operations was 1.9%.

·     Internal revenue growth from volume in the Company’s traditional solid waste business was 3.2% in the second quarter of 2017.  Total Company internal revenue growth from volume was 3.4% in the second quarter of 2017.

·     As a percent of revenue, operating expenses were 62.3% in the second quarter of 2017, as compared to 62.2% in the second quarter of 2016.  Operating expenses as a percentage of revenue in the Company’s traditional solid waste business improved about 70 basis points during the quarter, though that margin improvement was offset by growth in the Company’s lower margin recycling brokerage business and higher fuel costs.

·     As a percent of revenue, SG&A expenses were 9.6%, a 30 basis point improvement over the prior year quarter.

·     Net cash provided by operating activities was $813 million, compared to $762 million in the second quarter of 2016, an increase of 6.7%.

·     Capital expenditures were $299 million, compared to $312 million in the second

 

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

 

 


The following information was filed by Waste Management Inc (WM) on Wednesday, July 26, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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