EXHIBIT 99.1

 

FOR IMMEDIATE RELEASE

 

 

 

 

 

Waste Management Announces First Quarter Earnings

 

 

 

 

 

Strong Income from Operations growth of 9%

led to Operating Cash growth of 12%

 

 

FOR MORE INFORMATION

 

Waste Management

 

Web site

www.wm.com

 

Analysts

Ed Egl

713.265.1656

eegl@wm.com

 

Media

Tiffiany Moehring

720.346.5372

tmoehrin@wm.com

 

 

HOUSTON – April 20, 2018 Waste Management, Inc. (NYSE: WM) today announced financial results for its quarter ended March 31, 2018. Revenues for the first quarter of 2018 were $3.51 billion compared with $3.44 billion for the same 2017 period. Net income for the quarter was $396 million, or $0.91 per diluted share, compared with $298 million, or $0.67 per diluted share, for the first quarter of 2017.

(a) On an as-adjusted basis in the first quarter of 2017, net income was $291 million, or $0.66 per diluted share.(b)

 

Jim Fish, President and Chief Executive Officer of Waste Management, commented, “We delivered strong operating and financial results in the first quarter.  We saw organic revenue growth of 6% in our collection and disposal business, which drove the almost 8% increase in the Company’s operating EBITDA for the quarter.(c) This strong operational performance resulted in robust net cash provided by operating activities and free cash flow, which allowed us to return $456 million to our shareholders in dividends and share repurchases and to spend $248 million on acquisitions.

 

“The traditional solid waste business is in exceptional health, and we achieved outstanding results despite significant challenges presented by external market factors in the recycling line of business.  The great start to 2018 shows how well we are executing upon our strategic plan, and we will continue with the focus and discipline required to produce strong results in the face of the challenging recycling environment.”

 

 

KEY HIGHLIGHTS FOR THE FIRST QUARTER 2018

 

 

 

 

 

Revenue Growth

 

 

 

 

 

 

 

·

In the first quarter, revenue growth was driven by strong yield and volume growth in the Company’s collection and disposal business, which contributed $160 million of incremental revenue.  This was partially offset by a decline in revenue from the Company’s recycling line of business, which fell by $77 million on a year-over-year basis in the first quarter of 2018.

 

 

 

·

Core price, which consists of price increases net of rollbacks and fees, excluding the Company’s fuel surcharge, was 4.9%, compared to 5.1% in the first quarter of 2017 and 4.8% in the fourth quarter of 2017.(d)

 

 

 

·

Internal revenue growth from yield for collection and disposal operations was 2.3% for the first quarter versus 2.0% in the first quarter of 2017.

 

 

 

·

Traditional solid waste internal revenue growth from volume was 3.0%, or 3.4% on a workday adjusted basis, in the first quarter of 2018.  Total Company internal revenue growth from volume, which includes our recycling and other ancillary businesses, was 2.6%, or 3.0% on a workday adjusted basis, in the first quarter.

 

 

 


The following information was filed by Waste Management Inc (WM) on Friday, April 20, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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