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FOR IMMEDIATE RELEASE
Waste Management Announces Third Quarter Earnings |
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Strong Organic Revenue Growth Produced Robust Earnings and Cash Generation
HOUSTON October 25, 2018 Waste Management, Inc. (NYSE: WM) today announced financial results for its quarter ended September 30, 2018. Revenues for the third quarter of 2018 were $3.82 billion, compared with $3.72 billion for the same 2017 period. Net income for the quarter was $499 million, or $1.16 per diluted share, compared with $386 million, or $0.87 per diluted share, for the third quarter of 2017.(a) On an as-adjusted basis, excluding certain items, net income was $496 million, or $1.15 per diluted share, in the third quarter of 2018, compared with $398 million, or $0.90 per diluted share, in the third quarter of 2017.(b)
The Companys as-adjusted third quarter 2018 results exclude a $0.06 per diluted share benefit primarily resulting from favorable adjustments related to tax reform and changes in state tax laws and non-cash charges of $0.05 per diluted share primarily related to the impairment of a disposal asset.
The recurring theme for the first two quarters of 2018 was one of historically strong solid waste performance more than overcoming a weak recycling market, said Jim Fish, President and Chief Executive Officer of Waste Management. In the third quarter, we generated strong operating EBITDA growth, and we expect that growth to accelerate in the fourth quarter and into 2019.(c) Our collection and disposal business generated strong organic revenue growth of 6.4% as a result of our strengthening core price and volume.(d) Additionally, we demonstrated disciplined cost control, particularly on the SG&A line. We executed very well on our plans to refine our recycling pricing model, and we saw tangible benefits from the investments we are making in our employees.
KEY HIGHLIGHTS FOR THE THIRD QUARTER 2018 |
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
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Revenue Growth |
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In the third quarter, revenue growth was driven by strong yield and volume growth in the Companys collection and disposal business, which contributed $200 million of incremental revenue. This was partially offset by a decline in revenue from the Companys recycling line of business, which fell by $52 million year-over-year in the third quarter of 2018. |
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Core price, which consists of price increases net of rollbacks and fees, excluding the Companys fuel surcharge, was 5.4%, compared to 4.7% in the third quarter of 2017.(c) |
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Internal revenue growth from yield for collection and disposal operations was 2.5% for the third quarter of 2018 versus 2.0% in the third quarter of 2017. |
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Traditional solid waste internal revenue growth from volume was 3.2%, or 3.4% on a workday adjusted basis, in the third quarter of 2018. Total Company internal revenue growth from volume, which includes our recycling and other ancillary businesses, was 4.2%, or 4.4% on a workday adjusted basis, in the third quarter. |
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Waste Management Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:
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competition may negatively affect our profitability or cash flows, our pricing strategy may have negative effects on volumes, and inability to execute our pricing strategy while retaining and attracting customers may negatively affect our average yield on our collection and disposal business
The increase in dividend payments is primarily due to our quarterly per share dividend increasing from $0.425 in 2017 to $0.465 in 2018 offset, in part, by a reduction in our common stock outstanding during 2018 as a result of our common stock repurchase program.
efforts by labor unions to organize our employees may increase operating expenses and we may be unable to negotiate acceptable collective bargaining agreements with those who have chosen to be represented by unions, which could lead to labor disruptions, including strikes and lock-outs, which could adversely affect our financial condition, results of operations and cash flows
The $71 million increase is primarily attributable to higher volumes in the current year period, partially offset by decreased cost of goods sold due to lower market prices for recycling commodities
decrease in our income tax expense and effective income tax rates for the three and nine months ended September 30, 2018, compared with the prior year periods, was primarily due to i the enactment of tax reform, which reduced the federal corporate income tax rate from 35% to 21% effective January 1, 2018 and ii other adjustments to our deferred taxes.
Corporate and Other Decreased expenses...Read more
we may reduce or suspend...Read more
we could be subject to...Read more
Partially offsetting these increases was...Read more
These and other such risks...Read more
weak economic conditions may negatively...Read more
some of our customers, including...Read more
there is risk of incurring...Read more
we are increasingly dependent on...Read more
Solid Waste Our Traditional Solid...Read more
a cybersecurity incident could negatively...Read more
integration of acquisitions and/or new...Read more
diesel fuel price increases or...Read more
increasing customer preference for alternatives...Read more
possible changes in our estimates...Read more
possible charges as a result...Read more
The Company continues to maintain...Read more
Commercial Paper Program During...Read more
we are subject to operational...Read more
However, our income from operations...Read more
Acquisitions We spent $342...Read more
The increase is primarily attributable...Read more
we could face significant liabilities...Read more
acquisitions, investments and/or new service...Read more
The increase is primarily attributable...Read more
Revenues were $3,822 million compared...Read more
Debt Borrowings Repayments The...Read more
The Company continues to focus...Read more
Financial Statements, Disclosures and Schedules
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Ticker: WM
CIK: 823768
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-18-007858
Submitted to the SEC: Thu Oct 25 2018 11:30:08 AM EST
Accepted by the SEC: Thu Oct 25 2018
Period: Sunday, September 30, 2018
Industry: Refuse Systems