WM Announces Plan to Increase its Dividend Rate and a New Share Repurchase Authorization
December 08 2022 - 4:48PM
Business Wire
Annual Dividend Per Share to Increase 7.7% from
$2.60 to $2.80
WM (NYSE: WM) today announced that its Board of Directors has
approved a 7.7% increase in the planned quarterly dividend rate for
2023, from $0.65 to $0.70 per share. The annual dividend rate
increase from $2.60 to $2.80 per share marks the twentieth
consecutive year of dividend rate increases. The Company also
received authorization from its Board of Directors to repurchase up
to $1.5 billion of the Company’s common stock. This new
authorization replaces our prior $1.5 billion authorization that
was fully utilized in 2022.
“In 2022, our exceptional cash generation allowed us to fund all
of our capital allocation priorities—returning cash to our
shareholders through dividends and share repurchases, investing in
high-return sustainability growth projects, and acquiring accretive
businesses,” said Jim Fish, President and Chief Executive Officer
of WM. “Over the past three years, we have increased the amount of
cash returned to shareholders every year. As we look ahead to 2023,
we are confident that our projected cash generation positions us to
continue to allocate capital to all of our priorities, including
strong shareholder returns.”
Waste Management’s Board of Directors must declare each future
quarterly dividend prior to payment. The Board of Directors intends
to declare the first quarter 2023 dividend in February, at which
time the Company will announce the record and payment dates for
this dividend. It is expected that the first increased dividend
will be paid in March of 2023.
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 such forward-looking
statements, including statements regarding the amount, declaration,
timing and payment of dividends in 2023, future share repurchases,
future investments and returns, and future business performance and
cash generation. 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,
failure to implement our optimization, growth, and cost savings
initiatives and overall business strategy; failure to identify
acquisition targets, consummate and integrate acquisitions, and
obtain the results anticipated; environmental and other
regulations, including developments related to emerging
contaminants, gas emissions and renewable fuel; significant
environmental, safety or other incidents resulting in liabilities
or brand damage; failure to obtain and maintain necessary permits;
failure to attract, hire and retain key team members and a high
quality workforce; changes in wage and labor related regulations;
significant storms and destructive climate events; public health
risk and other impacts of pandemic conditions; macroeconomic
pressures and market disruption resulting in labor, supply chain
and transportation constraints and inflationary cost pressure;
increased competition; pricing actions; commodity price
fluctuations; impacts from geopolitical conflict, including
increased risk of cyber incidents and exacerbation of market
disruption; international trade restrictions; disposal
alternatives, waste diversion and diminishing disposal capacity;
declining waste volumes; weakness in general economic conditions
and capital markets; adoption of new tax legislation; fuel
shortages; failure to develop and protect new technology; failure
of technology to perform as expected; failure to prevent, detect
and address cybersecurity incidents or comply with privacy
regulations; negative outcomes of litigation or governmental
proceedings; and decisions or developments that result in
impairment charges. 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 WM
WM (WM.com) is North America's largest comprehensive waste
management environmental solutions provider. Previously known as
Waste Management and based in Houston, Texas, WM is driven by
commitments to put people first and achieve success with integrity.
The company, through its subsidiaries, provides collection,
recycling and disposal services to millions of residential,
commercial, industrial and municipal customers throughout the U.S.
and Canada. With innovative infrastructure and capabilities in
recycling, organics and renewable energy, WM provides environmental
solutions to and collaborates with its customers in helping them
achieve their sustainability goals. WM has the largest disposal
network and collection fleet in North America, is the largest
recycler of post-consumer materials and is the leader in beneficial
reuse of landfill gas, with a growing network of renewable natural
gas plants and the most gas-to-electricity plants in North America.
WM's fleet includes nearly 11,000 natural gas trucks – the largest
heavy-duty natural gas truck fleet of its kind in North America –
where more than half are fueled by renewable natural gas. To learn
more about WM and the company's sustainability progress and
solutions, visit Sustainability.WM.com.
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Waste Management
Web site www.wm.com
Analysts Ed Egl 713.265.1656 eegl@wm.com
Media Toni Werner corp_comm@wm.com
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