Waste Management improves revenue in 3rd quarter

Waste Management

Waste Management announced that its revenues for the third quarter of 2017 were $3.72 billion compared with $3.55 billion for the same 2016 period.

Net income for the quarter was $386 million, compared with net income of $302 million.

Jim Fish, president and chief executive officer of Waste Management, said that an impressive year-over-year improvement in their traditional solid waste business powered a strong third quarter.

“The combination of our strong core price results, higher volumes, and continued cost improvement focus led to adjusted earnings per diluted share growth of more than 7 percent, despite an estimated negative $0.01 per diluted share impact from hurricanes Harvey and Irma,” Fish added.

Overall revenue increased by 4.7 percent, or $168 million. The revenue increase was primarily driven by positive yield and volume in the Company’s collection and disposal business, which contributed $93 million to revenue growth, and higher recycling commodity prices, which contributed $60 million of revenue growth.

The company has raised the full-year 2017 guidance of adjusted earnings per diluted share to between $3.19 and $3.21 and free cash flow to between $1.7 and $1.75 billion, despite an anticipated negative $0.03 per diluted share impact from our recycling operations in the fourth quarter.

Fish said the company expects strong performance to continue into the fourth quarter and 2018.

Rajani Baburajan

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