Revenue Grows 5.6% With Both Strong Price
and Volume
Company Again Increases Full-Year 2016 EPS
Guidance
Waste Management, Inc. (NYSE: WM) today announced financial
results for its quarter ended September 30, 2016. Revenues for the
third quarter of 2016 were $3.55 billion compared with $3.36
billion for the same 2015 period. Net income for the quarter was
$302 million, or $0.68 per diluted share, compared with net income
of $335 million, or $0.74 per diluted share, for the third quarter
of 2015.(a) On an as-adjusted basis, excluding certain items, net
income was $374 million, or $0.84 per diluted share, in the third
quarter of 2016.(b)
The Company’s as-adjusted third quarter 2016 results exclude
$0.16 per diluted share of non-cash charges related to the
impairment of certain assets and an increase to estimated
remediation reserves. The Company incurred pre-tax charges of $43
million related to the impairment of a rural landfill, and $42
million related to estimated environmental remediation at a
third-party closed site that was operated by a company in the
mid-1960s, prior to our acquisition of that company’s parent in
1998.(b)
David P. Steiner, Chief Executive Officer of Waste Management,
commented, “Our focus on improving core price, growing high margin
volumes, and containing costs continued our strong performance from
the first half of 2016, as we again exceeded our revenue, earnings,
and margin targets. In the third quarter, core price was 4.7% and
volumes were positive 1.6%, leading to a 5.6% increase in revenue.
Overall, the combined positive price, volume growth, and cost
management drove increases in adjusted operating income, adjusted
operating EBITDA, and margins when compared to the third quarter of
2015.” (b) (c)
KEY HIGHLIGHTS FOR THE THIRD QUARTER 2016
- Overall revenue increased by 5.6%, or
$188 million. The revenue increase was driven by positive yield and
volume in the Company’s collection and disposal business of $110
million. Acquisitions, net of divestitures, contributed $60 million
of revenue growth to the current quarter. Recycling yield and
volume also increased $27 million. These increases were partially
offset by $11 million in lower fuel surcharge revenue. The impact
of foreign currency was immaterial in the third quarter.
- Core price, which consists of price
increases net of rollbacks and fees, other than the Company’s fuel
surcharge, was 4.7%, up from 4.0% in the third quarter of
2015.(c)
- Internal revenue growth from yield for
collection and disposal operations was 2.1%.
- Traditional solid waste business
internal revenue growth from volume was a positive 1.6% in the
third quarter of 2016, an increase of 80 basis points from the
second quarter of 2016, and 170 basis points from the third quarter
of 2015. Total company internal revenue growth from volume was also
a positive 1.6% in the third quarter of 2016, an increase of 120
basis points from the second quarter of 2016, and 300 basis points
from the third quarter of 2015.
- Average recycling commodity prices at
the Company’s recycling facilities increased 13.6% in the third
quarter of 2016 from the prior year period. Recycling volumes
improved 0.9% in the third quarter. Results in the Company’s
recycling line of business improved by almost $0.03 per diluted
share when compared to the prior year period.
- As a percent of revenue, operating
expenses were 62.5% in the third quarter of 2016, as compared to
62.4% in the third quarter of 2015, driven primarily by increased
leachate disposal costs, which were about $0.03 per diluted share
in the quarter.
- As a percent of revenue, SG&A
expenses were 9.3% in the third quarter of 2016, compared to 9.8%
in the third quarter of 2015, an improvement of 50 basis
points.
- Net cash provided by operating
activities was $753 million, compared to $657 million in the third
quarter of 2015.
- Capital expenditures for the quarter
were $333 million, compared to $335 million in the third quarter of
2015.
- The Company had $8 million of proceeds
from the sale of assets and businesses in the quarter, $28 million
less than in the third quarter of 2015.
- Free cash flow was $428 million in the
third quarter of 2016 as compared to $358 million in the third
quarter of 2015.(b)
- The Company returned $182 million to
shareholders through dividends during the third quarter.
- The effective tax rate was 33.7%.
Adjusting for the items excluded from the Company’s as-reported
results, the tax rate was 33.5%. The Company still expects its full
year as-adjusted tax rate to be approximately 35%.(b)
Steiner concluded, “In 2016, we have seen three consecutive
quarters of strong price, positive volume, and better than expected
earnings performance. As a result, we are again raising our
adjusted diluted earnings per share guidance for 2016. Our previous
guidance for adjusted earnings per diluted share was between $2.83
and $2.86 for the full year. For the fourth quarter of 2016, we are
confident that we can meet or exceed the current Wall Street
consensus. Doing so will lead to full year adjusted earnings per
diluted share of at least $2.91, which is a more than 5% increase
from the mid-point of our initial 2016 guidance, and a more than
11% increase from 2015. We are also confident that we can achieve
our free cash flow guidance for 2016 of between $1.6 and $1.7
billion.”(b)
--------------------------------------------------------------------------------------------------------------
(a) For purposes of this press release, all references to “Net
income” refer to the financial statement line items “Net income
attributable to Waste Management, Inc.”.
(b) This press release contains a discussion of non-GAAP
measures, as defined in Regulation G of the Securities Exchange Act
of 1934, as amended. The Company reports its financial results in
compliance with GAAP, but believes that also discussing non-GAAP
measures provides investors with (i) additional, meaningful
comparisons of current results to prior periods’ results by
excluding items that the Company does not believe reflect its
fundamental business performance and are not representative or
indicative of its results of operations and (ii) financial measures
the Company uses in the management of its business. Accordingly,
net income, earnings per diluted share, operating income and
margin, operating EBITDA and margin, and tax rate have been
referred to as “adjusted” in certain instances, excluding items
identified in the reconciliations provided.
The Company’s projected full year 2016 earnings per diluted
share and full year expected adjusted tax rate are not based on
GAAP calculations and are anticipated to be adjusted to exclude the
effects of events or circumstances in 2016 that are not
representative or indicative of the Company’s results of
operations, including the items excluded from our as-adjusted
second and third quarter 2016 results. Projected GAAP earnings per
diluted share and effective tax rate for the full year would
require inclusion of the projected impact of future excluded items,
including items that are not currently determinable, but may be
significant, such as asset impairments and one-time items, charges,
gains or losses from divestitures or litigation, or other items.
Due to the uncertainty of the likelihood, amount and timing of any
such items, the Company does not have information available to
provide a quantitative reconciliation of adjusted projected full
year earnings per diluted share or expected tax rate to a GAAP
projection.
The Company also discusses free cash flow and provides a
projection of free cash flow. Free cash flow is a non-GAAP measure.
The company discusses free cash flow because the Company believes
that it is indicative of its ability to pay its quarterly
dividends, repurchase common stock, fund acquisitions and other
investments and, in the absence of refinancings, to repay its debt
obligations. Free cash flow is not intended to replace “Net cash
provided by operating activities,” which is the most comparable
U.S. GAAP measure. However, the Company believes free cash flow
gives investors useful insight into how the Company views its
liquidity. Nevertheless, the use of free cash flow as a liquidity
measure has material limitations because it excludes certain
expenditures that are required or that the Company has committed
to, such as declared dividend payments and debt service
requirements. The Company defines free cash flow as net cash
provided by operating activities, less capital expenditures, plus
proceeds from divestitures of businesses and other assets (net of
cash divested); this definition may not be comparable to similarly
titled measures reported by other companies.
The Company defines operating EBITDA as income from operations
before depreciation and amortization; this measure may not be
comparable to similarly titled measures reported by other
companies. Management uses this measure as an indicator of the
Company’s operating performance and ability to pay dividends, fund
acquisitions, capital expenditures and other investments and, in
the absence of refinancing, to repay debt obligations. Adjusted
operating EBITDA is a non-GAAP measure and is not intended to
replace net income, income from operations or net cash provided by
operating activities.
The quantitative reconciliations of non-GAAP measures used
herein to the most comparable GAAP measures are included in the
accompanying schedules, with the exception of projected earnings
per diluted share and expected tax rate. Non-GAAP measures should
not be considered a substitute for financial measures presented in
accordance with GAAP, and investors are urged to take into account
GAAP measures as well as non-GAAP measures in evaluating the
Company.
(c) Core price is a performance metric used by management to
evaluate the effectiveness of our pricing strategies; it is not
derived from our financial statements and may not be comparable to
measures presented by other companies. Core price is based on
certain historical assumptions, which may differ from actual
results, to allow for comparability between reporting periods and
to reveal trends in results over time.
The Company will host a conference call at 10:00 AM (Eastern)
today to discuss the third quarter 2016 results. Information
contained within this press release will be referenced and should
be considered in conjunction with the call.
The conference call will be webcast live from the Investor
Relations section of Waste Management’s website www.wm.com. To
access the conference call by telephone, please dial (877) 710-6139
approximately 10 minutes prior to the scheduled start of the call.
If you are calling from outside of the United States or Canada,
please dial (706) 643-7398. Please utilize conference ID number
90149575 when prompted by the conference call operator.
A replay of the conference call will be available on the
Company’s website www.wm.com and by telephone from approximately
1:00 PM (Eastern) Wednesday, October 26, 2016 through 5:00 PM
(Eastern) on Wednesday, November 9, 2016. To access the replay
telephonically, please dial (855) 859-2056, or from outside of the
United States or Canada dial (404) 537-3406, and use the replay
conference ID number 90149575.
The Company, from time to time, provides estimates of financial
and other data, comments on expectations relating to future periods
and makes statements of opinion, view or belief about current and
future events. This press release contains a number of such
forward-looking statements, including but not limited to statements
regarding 2016 earnings per diluted share; 2016 free cash flow;
2016 adjusted tax rate; and future Company performance, including
earnings improvement, cash flow and volume trends. You should view
these statements with caution. They are based on the facts and
circumstances known to the Company as of the date the statements
are made. These forward-looking statements are subject to risks and
uncertainties that could cause actual results to be materially
different from those set forth in such forward-looking statements,
including but not limited to, increased competition; pricing
actions; failure to implement our optimization, growth, and cost
savings initiatives and overall business strategy; failure to
identify acquisition targets and negotiate attractive terms;
failure to consummate or integrate such acquisitions; failure to
obtain the results anticipated from acquisitions; environmental and
other regulations; commodity price fluctuations; disposal
alternatives and waste diversion; declining waste volumes; failure
to develop and protect new technology; significant environmental or
other incidents resulting in liabilities and brand damage; weakness
in economic conditions; failure to obtain and maintain necessary
permits; labor disruptions; impairment charges; and negative
outcomes of litigation or governmental proceedings. Please also see
the Company’s filings with the SEC, including Part I, Item 1A of
the Company’s most recently filed Annual Report on Form 10-K, for
additional information regarding these and other risks and
uncertainties applicable to our business. The Company assumes no
obligation to update any forward-looking statement, including
financial estimates and forecasts, whether as a result of future
events, circumstances or developments or otherwise.
ABOUT WASTE MANAGEMENT
Waste Management, based in Houston, Texas, is the leading
provider of comprehensive waste management services in North
America. Through its subsidiaries, the company provides collection,
transfer, recycling and resource recovery, and disposal services.
It is also a leading developer, operator and owner of landfill
gas-to-energy facilities in the United States. The company’s
customers include residential, commercial, industrial, and
municipal customers throughout North America. To learn more
information about Waste Management, visit www.wm.com or
www.thinkgreen.com.
Waste Management, Inc. Condensed Consolidated
Statements of Operations (In Millions, Except Per Share
Amounts) (Unaudited)
Quarters Ended September 30, 2016 2015
Operating revenues $ 3,548 $ 3,360 Costs and expenses:
Operating 2,216 2,095 Selling, general and administrative 330 330
Depreciation and amortization 336 330 Restructuring - 2 Expense
from divestitures, asset impairments and unusual items 106
2 2,988 2,759
Income from operations 560 601
Other income (expense): Interest expense, net (94 ) (95 ) Equity in
net losses of unconsolidated entities (9 ) (9 ) Other, net -
(1 ) (103 ) (105 ) Income before
income taxes 457 496 Provision for income taxes 153
159 Consolidated net income 304 337 Less: Net income
attributable to noncontrolling interests 2 2
Net income attributable to Waste Management, Inc. $ 302
$ 335 Basic earnings per common share $ 0.68
$ 0.75 Diluted earnings per common share $
0.68 $ 0.74 Basic common shares outstanding
442.9 449.6 Diluted common
shares outstanding 445.7 452.7
Cash dividends declared per common share $ 0.41 $ 0.385
Waste Management, Inc. Earnings Per
Share (In Millions, Except Per Share Amounts)
(Unaudited) Quarters Ended September
30, 2016 2015 EPS Calculation:
Net income attributable to Waste Management, Inc. $ 302 $
335 Number of common shares outstanding at end
of period 442.0 446.5 Effect of using weighted average common
shares outstanding 0.9 3.1 Weighted average basic
common shares outstanding 442.9 449.6 Dilutive effect of
equity-based compensation awards and other contingently issuable
shares 2.8 3.1 Weighted average diluted common shares
outstanding 445.7 452.7 Basic
earnings per common share $ 0.68 $ 0.75 Diluted earnings per
common share $ 0.68 $ 0.74
Waste Management, Inc.
Condensed Consolidated Statements of Operations (In
Millions, Except Per Share Amounts) (Unaudited)
Nine Months Ended September 30,
2016 2015 Operating revenues $ 10,149 $ 9,715
Costs and expenses: Operating 6,339 6,204 Selling, general
and administrative 1,032 1,000 Depreciation and amortization 988
944 Restructuring 4 7 Expense from divestitures, asset impairments
and unusual items 107 17 8,470
8,172 Income from operations 1,679
1,543 Other income (expense): Interest
expense, net (282 ) (294 ) Loss on early extinguishment of debt (4
) (552 ) Equity in net losses of unconsolidated entities (32 ) (32
) Other, net (49 ) (2 ) (367 ) (880 )
Income before income taxes 1,312 663 Provision for income
taxes 466 184 Consolidated net income
846 479 Less: Net loss attributable to noncontrolling interests
(1 ) (1 ) Net income attributable to Waste
Management, Inc. $ 847 $ 480 Basic earnings
per common share $ 1.91 $ 1.06 Diluted
earnings per common share $ 1.89 $ 1.05 Basic
common shares outstanding 444.3 454.5
Diluted common shares outstanding 447.1
457.5 Cash dividends declared per common share $ 1.23
$ 1.155
Waste Management, Inc.
Earnings Per Share (In Millions, Except Per Share
Amounts) (Unaudited) Nine Months
Ended September 30, 2016 2015 EPS
Calculation: Net income attributable to Waste
Management, Inc. $ 847 $ 480 Number of common
shares outstanding at end of period 442.0 446.5 Effect of using
weighted average common shares outstanding 2.3 8.0
Weighted average basic common shares outstanding 444.3 454.5
Dilutive effect of equity-based compensation awards and other
contingently issuable shares 2.8 3.0 Weighted average
diluted common shares outstanding 447.1 457.5
Basic earnings per common share $ 1.91 $ 1.06
Diluted earnings per common share $ 1.89 $ 1.05
Waste
Management, Inc. Condensed Consolidated Balance Sheets
(In Millions)
September 30, December 31, 2016 2015
(Unaudited) Assets Current assets: Cash and
cash equivalents $ 30 $ 39 Receivables, net 2,040 2,094 Other
223 212 Total current assets 2,293 2,345
Property and equipment, net 10,842 10,665 Goodwill 6,227 5,984
Other intangible assets, net 617 477 Other assets 777
896 Total assets $ 20,756 $ 20,367
Liabilities and
Equity Current liabilities: Accounts payable, accrued
liabilities, and
deferred revenues
$ 2,232 $ 2,257 Current portion of long-term debt 432
253 Total current liabilities 2,664 2,510 Long-term debt,
less current portion 8,829 8,676 Other liabilities 3,880
3,814 Total liabilities 15,373 15,000
Equity: Waste Management, Inc. stockholders' equity 5,359 5,345
Noncontrolling interests 24 22 Total equity
5,383 5,367 Total liabilities and equity $ 20,756 $ 20,367
Note: Prior year information has been reclassified to
conform to 2016 presentation.
Waste
Management, Inc. Condensed Consolidated Statements of Cash
Flows (In Millions) (Unaudited)
Nine Months Ended September 30, 2016 2015
Cash flows from operating activities: Consolidated net
income $ 846 $ 479 Adjustments to reconcile consolidated net income
to net cash provided by operating activities: Depreciation and
amortization 988 944 Loss on early extinguishment of debt 4 552
Other 282 223 Change in operating assets and liabilities, net of
effects of acquisitions and divestitures 87
(226 ) Net cash provided by operating activities 2,207
1,972 Cash flows from investing
activities: Acquisitions of businesses, net of cash acquired (600 )
(473 ) Capital expenditures (962 ) (864 ) Proceeds from
divestitures of businesses and other assets (net of cash divested)
32 114 Net receipts from restricted trust and escrow accounts, and
other (20 ) 42 Net cash used in investing
activities (1,550 ) (1,181 ) Cash flows from
financing activities: New borrowings 2,536 2,060 Debt repayments
(2,210 ) (2,421 ) Premiums paid on early extinguishment of debt (2
) (555 ) Common stock repurchase program (500 ) (600 ) Cash
dividends (546 ) (523 ) Exercise of common stock options 57 53
Other, net (1 ) 3 Net cash used in financing
activities (666 ) (1,983 ) Effect of exchange
rate changes on cash and cash equivalents - (2
) Decrease in cash and cash equivalents (9 ) (1,194 ) Cash
and cash equivalents at beginning of period 39
1,307 Cash and cash equivalents at end of period $ 30
$ 113
Waste Management, Inc.Summary Data
Sheet(Dollar Amounts in Millions)(Unaudited)
Quarters
Ended September 30, June 30, September 30,
2016 2016 2015
Operating
Revenues by Lines of Business
Collection Commercial $ 881 $ 865 $ 841 Residential 630 622
630 Industrial 633 613 594 Other 110 111
92 Total Collection 2,254 2,211 2,157 Landfill
831 792 781 Transfer 397 391 359 Recycling 325 290 297 Other 432
407 387 Intercompany
(a) (691 ) (666 )
(621 ) Operating revenues $ 3,548 $ 3,425 $ 3,360
Quarters Ended September 30, 2016
September 30,2015
Analysis of
Change in Year Over Year Revenues
Amount
As a % ofTotal Company
Amount
As a % ofTotal Company
Average yield
(i) $ 74 2.2 % $ (22 ) -0.6 % Volume 53
1.6 % (46 ) -1.4 % Internal revenue
growth 127 3.8 % (68 ) -2.0 % Acquisition 65 1.9 % 53 1.6 %
Divestitures (5 ) -0.1 % (186 ) * Foreign currency translation
1 0.0 % (41 ) -1.2 % $ 188
5.6 % $ (242 ) -6.7 % Amount
As a % ofRelatedBusiness
Amount
As a % ofRelatedBusiness
(i) Average yield
Collection and disposal $ 60 2.1 % $ 52 1.8 % Recycling commodities
25 8.7 % (27 ) -8.1 % Fuel surcharges and mandated fees (11
) -8.5 % (47 ) -26.3 % Total $ 74 2.2 % $ (22 ) -0.6
%
Quarters Ended September 30, Nine Months Ended
September 30, 2016 2015 2016 2015
Free Cash Flow
Analysis (b)
Net cash provided by operating activities $ 753 $ 657 $
2,207 $ 1,972 Capital expenditures (333 ) (335 ) (962 ) (864 )
Proceeds from divestitures of businesses
and other assets (net of cash
divested)
8 36 32 114
Free cash flow $ 428 $ 358 $ 1,277 $ 1,222
* Percentage change does not provide a meaningful
comparison. (a)
Intercompany revenues between lines of
business are eliminated within the Condensed Consolidated Financial
Statements included herein.
(b)
The summary of free cash flows has been
prepared to highlight and facilitate understanding of the principal
cash flow elements. Free cash flow is not a measure of financial
performance under generally accepted accounting principles and is
not intended to replace the consolidated statement of cash flows
that was prepared in accordance with generally accepted accounting
principles.
Waste Management, Inc.Summary Data
Sheet(Dollar Amounts in Millions)(Unaudited)
Quarters Ended
September 30,
June
30,
September 30, 2016 2016 2015
Balance Sheet
Data
Cash and cash equivalents $ 30 $ 39 $ 113
Debt-to-total capital ratio: Long-term indebtedness,
including current portion $ 9,261 $ 9,530 $ 8,996 Total equity
5,383 $ 5,228 5,257 Total
capital $ 14,644 $ 14,758 $ 14,253
Debt-to-total capital 63.2 % 64.6 % 63.1 %
Capitalized interest $ 2 $ 3 $ 4
Acquisition
Summary (a)
Gross annualized revenue acquired $ 23 $ 21 $
36 Total consideration $ 32 $ 37 $ 56
Cash paid for acquisitions $ 28 $ 35 $
19
Other Operational
Data
Internalization of waste, based on disposal costs
65.8 % 65.6 % 65.7 % Total landfill disposal
volumes (tons in millions) 28.0 26.7
26.1 Active landfills 248
248 252 Sites accepting waste at the
end of each period presented 233 234
238
Amortization,
Accretion and Other Expenses for
Landfills
Included in Operating Groups:
Landfill amortization expense - Cost basis of landfill assets $
98.3 $ 96.7 $ 94.0 Asset retirement costs 18.7
18.4 24.8 Total landfill amortization expense
(b) 117.0 115.1 118.8 Accretion and other related expense
19.6 19.2 19.3 Landfill
amortization, accretion and other related expense $ 136.6 $
134.3 $ 138.1 (a) Represents amounts
associated with business acquisitions consummated during the
indicated periods except for Cash paid for acquisitions, which may
include cash payments for business acquisitions consummated in
prior quarters. (b)
The quarter ended September 30, 2016 as
compared to the quarter ended September 30, 2015 reflects a
decrease in amortization expense of approximately $1.8 million
primarily due to changes in landfill estimates identified in both
quarters, offset in part due to an increase in volume.
Waste Management,
Inc.Reconciliation of Certain Non-GAAP
Measures(Dollars In Millions, Except Per Share
Amounts)(Unaudited)
Quarter Ended September 30,
2016
Adjusted Net Income and Earnings Per Diluted Share
After-Tax Amount
Per Share Amount
Net income and diluted EPS, as-reported $ 302
$ 0.68 Adjustment to net income and diluted
EPS: Expense from divestitures, asset impairments and unusual
items 72 0.16
Adjusted net income
and diluted EPS (a) $ 374 $
0.84 Quarter Ended September 30,
2016 Adjusted Tax Expense Reconciliation and Effective Tax
Rate
Pre-tax Income
Tax
Expense
Effective Tax Rate (b)
As reported amounts $ 457 $ 153
33.7 % Adjustment: Expense from
divestitures, asset impairments and unusual items
(c)
106 34
As adjusted amounts $
563 $ 187 33.5 %
2016 Projected Free Cash Flow Reconciliation
(d) Scenario 1 Scenario 2 Net cash provided by
operating activities $ 2,950 $ 3,100 Capital expenditures (1,400 )
(1,450 ) Proceeds from divestitures of businesses and other assets
(net of cash divested) 50 50
Free
Cash Flow $ 1,600 $ 1,700
(a) Third quarter 2016 adjusted earnings per diluted
share increased $0.10, or 13.5%, as compared with $0.74 per diluted
share as-reported results for the same period prior year.
(b)
The Company calculates its Effective Tax
Rate based on actual dollars. Rounding differences occurred when
the Effective Tax Rate was calculated using Pre-tax Income and Tax
Expense amounts included in the table above, as these items have
been rounded in millions.
(c) Primarily includes pre-tax charges of i) $43 million
related to the impairment of a rural landfill and ii) $42 million
related to estimated environmental remediation at a closed site.
(d) The reconciliation includes two scenarios that
illustrate our projected free cash flow range for 2016. The amounts
used in the reconciliation are subject to many variables, some of
which are not under our control and, therefore, are not necessarily
indicative of actual results.
Waste Management,
Inc.Reconciliation of Certain Non-GAAP
Measures(Dollars In Millions)(Unaudited)
Quarter Ended September 30,
2016
Adjusted Income from Operations, Adjusted Operating EBITDA and
both as a Percent of Revenues Amount
As a % of Revenues
Operating revenues, as-reported $ 3,548
Income from operations, as-reported 560
Adjustment to income from operations: Expenses from
divestitures, asset impairments and unusual items 106
Adjusted income from operations 666 (a)
18.8 % (a) Depreciation and amortization
336
Adjusted operating EBITDA $ 1,002
(b) 28.2 % (b)
Quarter Ended September 30,
2015
Income from Operations, Operating
EBITDA and both as a Percent of Revenues
Amount
As a % of Revenues
Operating revenues, as-reported $ 3,360
Income from operations, as-reported 601
(a) 17.9 % (a) Depreciation and
amortization 330
Operating EBITDA 931
(b) 27.7 % (b) (a)
Adjusted income from operations increased $65 million, or 90 basis
points as a percent of revenues, as compared with as-reported
results for the same period prior year.
(b) Adjusted
operating EBITDA increased $71 million, or 50 basis points as a
percent of revenues, as compared with as-reported results for the
same period prior year.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20161026005848/en/
Waste ManagementAnalystsEd Egl,
713.265.1656eegl@wm.comorMediaToni Beck,
713.394.5093tbeck3@wm.comwww.wm.com
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