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Waste Management’s (NYSE:WM) stock surged 4.4% in after-hours trading following the company’s report of an earnings beat, fueled by enhancements in pricing and volume.
The company’s board also announced a year-over-year dividend increase from $2.80 to $3.00 per share.
For the fourth quarter, net income stood at $493 million, or $1.22 per share, contrasting with $499 million, or $1.21 per share, from the previous year.
Adjusted earnings of $1.74 per share outperformed the Wall Street consensus of $1.53 per share.
Revenue climbed 5.7% year-over-year to $5.22 billion for the three-month period ending on December 31, aligning with analysts’ forecast of $5.2 billion.
“In 2024, we anticipate our financial performance to be driven by disciplined pricing, enhanced operational efficiencies, prudent cost management, and contributions from our investments in our recycling and renewable energy businesses,” said Jim Fish, president and chief executive of Waste Management (WM).
Management forecasted full-year 2024 revenue growth of 6% to 7% and adjusted operating earnings before interest, taxes, depreciation, and amortization of $6.28 billion to $6.43 billion.
