FOR IMMEDIATE RELEASE

 

 

 

EXHIBIT 99.1

 

 

 

 

Waste Management Announces Third Quarter Earnings

 

 

 

Double-Digit Growth in Net Income and Net Cash Provided by Operating Activity

 

Company Raises Full Year Earnings and Cash Flow Guidance

 

 

 

 

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 — October 26, 2017 Waste Management, Inc. (NYSE: WM) today announced financial results for its quarter ended September 30, 2017. Revenues for the third quarter of 2017 were $3.72 billion compared with $3.55 billion for the same 2016 period. Net income for the quarter was $386 million, or $0.87 per diluted share, compared with net income of $302 million, or $0.68 per diluted share, for the third quarter of 2016.

(a) On an as-adjusted basis, net income was $398 million, or $0.90 per diluted share, in the third quarter of 2017, compared with $374 million, or $0.84 per diluted share, in the third quarter of 2016.(b)

 

The Company’s as-adjusted third quarter 2017 results exclude pre-tax charges of $11 million related to the withdrawal from an underfunded multiemployer pension plan and $9 million related to an increase in environmental remediation reserves.(b)

 

Jim Fish, President and Chief Executive Officer of Waste Management, commented, “An impressive year-over-year improvement in our traditional solid waste business powered a strong third quarter, continuing the positive momentum we have seen all year.  Operating EBITDA grew more than 17% when compared to the third quarter of 2016, or almost 7% on an as-adjusted basis.(b) This is the second consecutive quarter of record-high adjusted operating EBITDA.  More importantly, that operating EBITDA performance converted into strong cash flow growth. Our net cash provided by operating activities was also the highest that we have seen in our history.  The combination of our strong core price results, higher volumes, and continued cost improvement focus led to adjusted earnings per diluted share growth of more than 7%, despite an estimated negative $0.01 per diluted share impact from hurricanes Harvey and Irma.(b)

 

 

KEY HIGHLIGHTS FOR THE THIRD QUARTER 2017

 

·     Overall revenue increased by 4.7%, or $168 million. The revenue increase was primarily driven by positive yield and volume in the Company’s collection and disposal business, which contributed $93 million to revenue growth, and higher recycling commodity prices, which contributed $60 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%.(c)

·                  Internal revenue growth from yield for collection and disposal operations was 2.0%.

·                  Internal revenue growth from volume in the Company’s traditional solid waste business was 1.6% and 2.0% on a workday adjusted basis.  Total Company internal revenue growth from volume was 0.7% and 1.1% on a workday adjusted basis.

 

 

 


The following information was filed by Waste Management Inc (WM) on Thursday, October 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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