EXHIBIT 99.1

 

FOR IMMEDIATE RELEASE

 

 

 

 

 

Waste Management Announces First Quarter Earnings

 

 

 

 

 

Company Grows Cash from Operations by 10% in the First Quarter; Reaffirms Full-Year Guidance, Excluding Acquisition-Related Considerations

 

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 25, 2019

Waste Management, Inc. (NYSE: WM) today announced financial results for its quarter ended March 31, 2019. Revenues for the first quarter of 2019 were $3.70 billion compared with $3.51 billion for the same 2018 period. Net income for the quarter was $347 million, or $0.81 per diluted share, compared with $396 million, or $0.91 per diluted share, for the first quarter of 2018.(a) On an adjusted basis in the first quarter of 2019, net income was $402 million, or $0.94 per diluted share.(b) There was no adjustment to reported earnings in the first quarter of 2018.

 

The Company’s adjusted first quarter 2019 results exclude a $0.13 per diluted share charge primarily related to a non-cash impairment of an investment in a waste conversion technology business.

 

“The strong results we generated in the first quarter demonstrate that delivering an outstanding customer experience and focusing on continuous improvement produce solid growth in our business,” said Jim Fish, President and Chief Executive Officer of Waste Management.  “In the first quarter, we saw organic revenue growth of more than 6% in our collection and disposal business, which translated into about a 7% increase in operating EBITDA in that business.(c) More importantly, this strong operational performance resulted in net cash provided by operating activities increasing by 10% when compared to 2018.

 

“The focus and discipline of our employees continue to drive exceptional results.  That discipline is also evident in our recycling line of business, where the steps we took to improve the business increased operating EBITDA by $11 million when compared to the first quarter of 2018, despite a 28% decline in recycling commodity prices.  The great start to 2019 puts us well on our way to meeting our targets for the full year.”

 

 

 

 

KEY HIGHLIGHTS FOR THE FIRST QUARTER OF 2019

 

Profitability

 

·     Total Company operating EBITDA was $987 million for the first quarter of 2019, an increase of $32 million, or 3.4%, from the first quarter of 2018.  The Company achieved this increase without the benefit of the expired federal natural gas fuel credits that added $28 million to operating EBITDA in the first quarter of 2018.

·     Operating EBITDA in the Company’s collection and disposal business increased $76 million, or about 7.0%, in the first quarter of 2019 when compared to the first quarter of 2018.

 

Revenue Growth

 

·     In the first quarter of 2019, revenue growth was driven by strong yield and volume growth in the Company’s collection and disposal business, which contributed $190 million of incremental revenue.  This was partially offset by a $16 million decline in revenue from the Company’s recycling line of business on a year-over-year basis in the first quarter of 2019.

 

 

 


The following information was filed by Waste Management Inc (WM) on Thursday, April 25, 2019 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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