EXHIBIT 99.1

 

FOR IMMEDIATE RELEASE

 

 

Waste Management Announces Fourth Quarter and Full-Year 2017 Earnings

 

 

 

Full-year Income from Operations grew almost 15% driving strong growth in Net Cash Provided by Operations

The Company’s Core Solid Waste Business is the Strongest in Two Decades

 

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 15, 2018

Waste Management, Inc. (NYSE: WM) today announced financial results for its quarter ended December 31, 2017.  Revenues for the fourth quarter of 2017 were $3.65 billion, compared with $3.46 billion for the same 2016 period.  Net income for the quarter was $903 million, or $2.06 per diluted share, compared with net income of $335 million, or $0.75 per diluted share, for the fourth quarter of 2016.(a)  On an as-adjusted basis, earnings per diluted share were $0.85 for the fourth quarter of 2017, compared with $0.75 for the fourth quarter of 2016.(b)

 

The Company’s fourth quarter 2017 results have been adjusted to exclude a net benefit of $1.21 per diluted share related to the impact of the Tax Cuts and Jobs Act.(b)

 

For the full year 2017, the Company reported revenues of $14.5 billion, compared with $13.6 billion for 2016.  Earnings per diluted share were $4.41 for the full year 2017 compared with $2.65 for the full year 2016.  On an as-adjusted basis, earnings per diluted share were $3.22 for the full year 2017 versus $2.91 for the full year 2016.(b)

 

Jim Fish, President and Chief Executive Officer of Waste Management, commented, “The strong results that we saw through the first nine months of 2017 continued into the fourth quarter as we saw organic revenue growth continue to translate into operating EBITDA growth. In the fourth quarter, we achieved double-digit growth in income from operations, operating EBITDA, and adjusted earnings per diluted share, and nearly 10% growth in both adjusted income from operations and operating EBITDA.(b)

 

“Looking at the full year, 2017 was exceptional for Waste Management as our continued focus on improving core price, adding profitable volume in a disciplined manner, and controlling costs led to arguably the best year in the company’s history.  Our employees did a great job of executing our strategy, and we exceeded our expectations for all financial and operational metrics leading to record cash provided by operations and adjusted earnings per diluted share.”

 

KEY HIGHLIGHTS FOR THE FOURTH QUARTER AND THE FULL YEAR 2017

 

 

 

 

 

 

 

Revenue Growth

 

 

 

 

 

 

 

 

·

In the fourth quarter, overall revenue increased by 5.5%, or $192 million, from the same period in the prior year. The revenue growth was driven by strong yield and volume growth in the Company’s collection and disposal business, which contributed $172 million of the increase. For the full year 2017, overall revenue increased by 6.4%, or $876 million.  Yield and volume growth in the Company’s collection and disposal business increased revenue by $536 million.  Though revenue from the Company’s recycling yield and volume declined by $25 million on a year-over-year basis in the fourth quarter of 2017, full-year recycling yield and volume contributed $231 million of revenue growth.

 

 

 


The following information was filed by Waste Management Inc (WM) on Thursday, February 15, 2018 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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