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Waste Management Inc (WM) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

Waste Management Inc

HISTORY TOOLS
CIK: 823768 Ticker: WM

 

For Immediate Release EXHIBIT 99.1

 

Waste Management Announces

First Quarter Earnings
 		  

 

2020 Guidance Suspended Due to COVID-19 Uncertainty

Resilient Business Model and Strong Balance Sheet Position the Company Well in Challenging Environment

 

 

 

FOR MORE INFORMATION

 

Waste Management

 

Web site

www.wm.com

 

Analysts

Ed Egl

713.265.1656

eegl@wm.com

 

Media

Andy Izquierdo

832.710.5287

aizquierdo@wm.com

 

 

Houston — May 6, 2020

— Waste Management, Inc. (NYSE: WM) today announced financial results for the quarter ended March 31, 2020. Revenues for the first quarter of 2020 were $3.73 billion compared with $3.70 billion for the same 2019 period. Net income for the quarter was $361 million, or $0.85 per diluted share, compared with $347 million, or $0.81 per diluted share, for the first quarter of 2019.(a) On an adjusted basis, net income was $395 million, or $0.93 per diluted share, in the first quarter of 2020, compared with $402 million, or $0.94 per diluted share, in the first quarter of 2019.(b)

 

The Company’s adjusted first quarter 2020 results exclude a $0.05 per diluted share negative impact from advisory costs incurred in connection with the pending acquisition of Advanced Disposal Services, Inc., $0.02 per diluted share primarily from the non-cash impairment of an unconsolidated investment, and $0.01 per diluted share from costs incurred to support its plan to implement a new enterprise resource planning system.

 

COVID-19 update

 

As COVID-19 disruptions escalated in the United States and Canada during March, Waste Management took steps to protect its workforce and continue to provide reliable service to its customers.

 

“I am extremely proud of how our team has worked together to proactively address the challenges we’ve faced as a result of the coronavirus pandemic,” said Jim Fish, President and Chief Executive Officer of Waste Management. “Our top priority as a leadership team has been the health, safety and financial wellbeing of our 45,000 team members. In turn, our team members have continued to provide essential services to customers and communities across North America.

 

“As a leader in the industry, we also have a responsibility to work with our customers as they defend the health of their businesses,” Fish continued. “This is particularly true for small businesses, the lifeblood of our economy.”

 

COVID-19 Response and Impacts

 

Waste Management has responded to the COVID-19 pandemic by:

 

·         Protecting frontline employees by supplementing customary practices and daily operational routines with social distancing and personal protective equipment enhancements.

 

The following information was filed by Waste Management Inc (WM) on Wednesday, May 6, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Waste Management Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Cash Flows (Parenthetical)
Condensed Consolidated Statements Of Changes In Equity
Condensed Consolidated Statements Of Changes In Equity (Parenthetical)
Condensed Consolidated Statements Of Comprehensive Income
Condensed Consolidated Statements Of Operations
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) (Tables)
Accumulated Other Comprehensive Loss - Changes (Detail)
Accumulated Other Comprehensive Loss - Tax Impact (Detail)
Acquisitions
Acquisitions And Divestitures (Detail)
Asset Impairments And Unusual Items
Asset Impairments And Unusual Items - Quarter (Detail)
Basis Of Presentation
Basis Of Presentation (Detail)
Basis Of Presentation (Policies)
Basis Of Presentation (Tables)
Basis Of Presentation - Credit Loss (Detail)
Basis Of Presentation - Credit Loss Adoption (Detail)
Basis Of Presentation - Revenue Recognition (Details)
Commitments And Contingencies
Commitments And Contingencies - Quarter (Details)
Common Stock Repurchase Program
Common Stock Repurchase Program (Detail)
Condensed Consolidating Financial Statements
Condensed Consolidating Financial Statements (Tables)
Condensed Consolidating Financial Statements - Balance Sheets (Detail)
Condensed Consolidating Financial Statements - Cash Flows (Detail)
Condensed Consolidating Financial Statements - Statements Of Comprehensive Income (Detail)
Condensed Consolidating Financial Statements - Statements Of Operations (Detail)
Debt And Interest Rate Derivatives
Debt And Interest Rate Derivatives (Tables)
Debt And Interest Rate Derivatives - Borrowings And Repayments (Detail)
Debt And Interest Rate Derivatives - Components Of Debt (Detail)
Debt And Interest Rate Derivatives - Debt Classification And Utilization (Detail)
Debt And Interest Rate Derivatives - Interest Rate Derivative (Details)
Earnings Per Share
Earnings Per Share (Detail)
Earnings Per Share (Tables)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Debt (Detail)
Fair Value Measurements - Recurring (Detail)
Income Taxes
Income Taxes - Quarter Information (Detail)
Landfill And Environmental Remediation Liabilities
Landfill And Environmental Remediation Liabilities (Tables)
Landfill And Environmental Remediation Liabilities - Changes (Detail)
Landfill And Environmental Remediation Liabilities - Summary (Detail)
Segment And Related Information
Segment And Related Information (Tables)
Segment And Related Information - Information (Detail)
Segment And Related Information - Revenues Mix (Detail)
Segment And Related Information - Summary (Detail)
Subsequent Event
Variable Interest Entities
Variable Interest Entities (Detail)
Ticker: WM
CIK: 823768
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-20-005352
Submitted to the SEC: Wed May 06 2020 1:17:24 PM EST
Accepted by the SEC: Wed May 06 2020
Period: Tuesday, March 31, 2020
Industry: Refuse Systems

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