Waste Management’s revenue rises 5% to beat estimates
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Waste Management (NYSE:WM) on Wednesday reported revenue and earnings that beat the average estimates of Wall Street analysts.
Revenue expanded 5% from a year earlier to $4.89 billion, compared with the consensus estimate of $4.86 billion.
Net income rose 3.9% to $533 million, or $1.30 a share. When adjusted for divestitures, EPS of $1.31 beat the consensus estimate of $1.29.
“Our performance to start 2023 delivered results in line with our expectations, keeping us on track to achieve the full-year guidance provided at the end of January,” Jim Fish, Waste Management’s president and CEO, said in a statement. “In the first quarter, our teams executed well, delivering organic revenue growth in the collection and disposal business of 7.0%.”
Free cash flow shrank 53% from a year earlier to $395 million, a decrease attributed to capital expenditures, the timing of collection-vehicle deliveries, increased cash interest and higher incentive compensation payments.
Waste Management (WM) paid $289 million in dividends and spent $350 million to buy back stock during the quarter.