Company Surpasses Expectations
Waste Management, Inc. WM shares are trading higher Tuesday after the company posted better-than-expected fourth-quarter results after the bell on Monday.
The Details:
Waste Management revealed quarterly adjusted earnings of $1.74 per share, surpassing the analyst consensus estimate of $1.53 by 13.73%. This also marked a 33.85% increase over earnings of $1.30 per share from the same period last year.
The company reported quarterly sales of $5.22 billion, surpassing the analyst consensus estimate of $5.19 billion by 0.44% and representing a 5.71% increase over sales of $4.93 billion year-over-year.
Management’s Optimism
“Our operating and financial results in the second half of 2023 surpassed expectations driven by strong execution on our pricing and operating excellence programs. Our team continues to make progress in optimizing our cost structure, and our investments in people, technology, and assets accelerated margin expansion ahead of plan in the fourth quarter,” said Jim Fish, CEO of Waste Management.
Prospects for 2024
Waste Management expects Total Company adjusted operating EBITDA for 2024 to be in the range of $6.275 billion to $6.425 billion. This represents an increase of about $450 million at the midpoint of the range and includes about $115 million of adjusted operating EBITDA growth from sustainability growth investments.
Market Reaction
According to Benzinga Pro, Waste Management shares are up 5.33% at $198.30 at the time of publication.
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