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For Immediate Release
Waste Management Announces
Third Quarter Earnings
Net Cash Provided by Operating Activities Grows Nearly 9%, Driven by Strong Organic Revenue Growth in the Collection and Disposal Business
Waste Management Named a Sector Leader on the 2019 North America and World Dow Jones Sustainability Indices
Houston – Oct. 23, 2019 – Waste Management, Inc. (NYSE: WM) today announced financial results for its quarter ended September 30, 2019. Revenues for the third quarter of 2019 were $3.97 billion compared with $3.82 billion for the same 2018 period. Net income for the quarter was $495 million, or $1.16 per diluted share, compared with $499 million, also $1.16 per diluted share, for the third quarter of 2018.(a) On an adjusted basis net income was $502 million, or $1.19 per diluted share, in the third quarter of 2019, compared with $496 million, or $1.15 per diluted share, in the third quarter of 2018.(b)
The Company’s adjusted third quarter 2019 results exclude a $0.03 per diluted share negative impact from costs incurred in connection with the pending acquisition of Advanced Disposal Services, Inc. and our related reduction of common stock repurchases from planned levels.
“In the third quarter we continued to see our collection and disposal lines of business deliver strong revenue and earnings growth, particularly in the segments of our business that reflect the resilience of the consumer,” said Jim Fish, President and Chief Executive Officer of Waste Management. “This strong operational performance led to growth in cash from operations of almost 9%.
“Another accomplishment in the quarter that we are particularly proud of is our recognition as sector leader on the 2019 North America and World Dow Jones Sustainability Indices for the second year in a row,” Fish continued. “This distinction is a reflection of our leadership in sustainability and recognizes the continued strides we are making in this area.”
Key Highlights for the THIRD Quarter OF 2019
• Total Company operating EBITDA was $1.14 billion for the third quarter of 2019, an increase of $60 million from the third quarter of 2018.(c) On an adjusted basis, tot al Company operating EBITDA was $1.14 billion for the third quarter of 2019, an increase of more than $30 million from the third quarter of 2018.(b)
• Operating EBITDA in the Company’s collection and disposal business, adjusted on the same basis as total Company operating EBITDA, increased $94 million, or 7.8%, in the third quarter of 2019 when compared to the third quarter of 2018. As a percentage of revenue, operating EBITDA in the Company’s collection and disposal business increased 50 basis points.
The following information was filed by Waste Management Inc (WM) on Wednesday, October 23, 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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