Waste Management 4Q Revenue Grows Amid Higher Collection, Disposal Volumes

By Sabela Ojea

Waste Management reported a climb in revenue for the fourth quarter and said the business momentum seen during the second half of 2023 positions the company well to sustain growth throughout the current year.

The Houston-based garbage- and recycling-services provider, previously known as Waste Management, on Monday posted a net profit of $493 million, or $1.22 a share, compared with $499 million, or $1.21 a share, for the same period a year earlier.

Stripping out one-time costs, earnings per share came in at $1.74. Analysts surveyed by FactSet had forecast lower adjusted earnings per share of $1.53.

Revenue rose 5.7% to $5.22 billion, beating analysts' expectations of $5.19 billion, according to FactSet.

The company's collection and disposal volumes increased 1.9% on a workday-adjusted basis, up from 0.7% in the prior quarter, but down from 2.3% in the same period a year earlier.

"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," Chief Executive Jim Fish said.

Write to Sabela Ojea at sabela.ojea@wsj.com

(END) Dow Jones Newswires

February 12, 2024 18:38 ET (23:38 GMT)

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