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For Immediate Release
Waste Management Announces Fourth Quarter and Full-Year 2019 Earnings
Company Grows Full-Year Net Cash Provided by Operating Activities by 8.5%
Named to CDP’s ‘A List’ for Leading Effort Toward a Low-Carbon Future
Houston — Feb. 13, 2020 — Waste Management, Inc. (NYSE: WM) today announced financial results for its quarter ended December 31, 2019. Revenues for the fourth quarter of 2019 were $3.85 billion, compared with $3.84 billion for the same 2018 period. Net income for the quarter was $447 million, or $1.05 per diluted share, compared with net income of $531 million, or $1.24 per diluted share, for the fourth quarter of 2018.(a) On an adjusted basis, earnings per diluted share were $1.19 for the fourth quarter of 2019, compared with $1.13 for the fourth quarter of 2018.(b)
The Company’s adjusted fourth quarter 2019 results exclude negative impacts of $0.07 per diluted share for non-cash charges to write off certain assets, $0.05 per diluted share from interest and advisory costs incurred in connection with the pending acquisition of Advanced Disposal Services, Inc., and $0.02 per diluted share from costs incurred to support our plan to implement a new enterprise resource planning system.
For the full year 2019, the Company reported revenues of $15.46 billion, compared with $14.91 billion for 2018. Earnings per diluted share were $3.91 for the full year 2019 compared with $4.45 for the full year 2018. On an adjusted basis, earnings per diluted share were $4.40 for the full year 2019 versus $4.20 for the full year 2018.(b)
“In 2019, we continued our focus on optimizing our traditional solid waste business, developing our people and investing in technology to better serve our customers,” said Jim Fish, President and Chief Executive Officer of Waste Management. “Our strong results demonstrate that we are investing in the right areas. Our collection and disposal business operating EBITDA grew by 8.5% in 2019 and operating EBITDA margin expanded by 70 basis points. This strong operating EBITDA growth translated into an 8.5% increase in net cash provided by operations in 2019.(c)
“We also are pleased to have been recognized for the fourth consecutive year on CDP’s ‘A-List’ for leading effort toward a low-carbon future. We have had a longstanding commitment to environmental transparency and are proud of the progress we have achieved on reducing emissions and mitigating climate risk,” Fish said.
Key Highlights for the FOURTH Quarter AND THE FULL YEAR 2019
· Total Company operating EBITDA was $1.05 billion for the fourth quarter of 2019 and $4.28 billion for the full year. Adjusted operating EBITDA was $1.12 billion for the fourth quarter of 2019 and $4.38 billion for the full year. On a year-over-year basis, adjusted operating EBITDA grew $28 million, or 2.6%, in the fourth quarter and $167 million, or 4.0%, for the year. Adjusted operating EBITDA margin improved 70 basis points in the fourth quarter and 10 basis points for the full year.(b)
FOR MORE INFORMATION
The following information was filed by Waste Management Inc (WM) on Thursday, February 13, 2020 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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