EXHIBIT 99.1

 

For Immediate Release
 
Waste Management Announces
First Quarter Earnings

 

 

 

 

 

FOR MORE INFORMATION

 

Waste
Management

 

Website

www.wm.com

 

 

Strong Operating and Financial Results Surpass Expectations

 

Company Increases 2021 Financial Guidance

 

 

Houston — Apr. 27, 2021 —

Waste Management, Inc. (NYSE: WM) today announced financial results for the quarter ended March 31, 2021.

        Analysts & Media
  Three Months Ended   Three Months Ended Ed Egl
  March 31, 2021   March 31, 2020 713.265.1656
  (in millions, except per share amounts)   (in millions, except per share amounts) eegl@wm.com
         
  As Reported As Adjusted(a)   As Reported As Adjusted(a)
             
Revenue $4,112 $4,112   $3,729 $3,729  
             
Income from Operations $650 $689   $573 $611  
             
Operating EBITDA(b) $1,122 $1,161   $975 $1,013  
             
Operating EBITDA Margin 27.3% 28.2%   26.1% 27.2%  
             
Net Income(c) $421 $450   $361 $395  
             
Diluted EPS $0.99 $1.06   $0.85 $0.93  
   
“We had an exceptionally strong start to the year with first quarter adjusted operating EBITDA growth of more than 14% and adjusted operating EBITDA margin expansion of 100 basis points,” said Jim Fish, Waste Management’s President and Chief Executive Officer.(a) “We achieved these results by generating strong yield, flexing down our cost structure, and executing on the integration of Advanced Disposal. With this solid performance and our confidence in the strength of our business model, we are increasing our 2021 financial guidance that we provided in February for revenue, adjusted operating EBITDA and free cash flow.  
   
“In addition to the strong performance of our core business, the integration of Advanced Disposal is going remarkably well. Based upon the success of the integration efforts so far, we believe we will capture synergies above our original expectations. We now expect to achieve $130 million in annual run-rate synergies from operating costs and SG&A savings, which is a more than 60% increase from our initial estimates. The revised estimate includes between $75 million and $85 million in run-rate synergies captured during 2021, up from our prior guidance of between $50 million and $60 million.”  

 


The following information was filed by Waste Management Inc (WM) on Tuesday, April 27, 2021 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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