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Waste Management Inc WM

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Morningstar’s Analysis

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Waste Management Reports Strong Second-Quarter Performance and Raises Full-Year Guidance

Analyst Note

| Brian Bernard, CFA, CPA |

Wide-moat Waste Management's second-quarter results exceeded our expectations. Revenue increased about 26% year over year to approximately $4.5 billion. While Waste Management faced an easy prior-year sales comparison due to the pandemic (second-quarter 2020 revenue was down 10% year over year), we were impressed by the firm's pricing gains during the quarter. Indeed, core price increased 6.2% compared with 3.4% last quarter and 1.3% during the year-ago quarter. Volume increased nearly 10% compared with a 10% decline last year, and the Advanced Disposal acquisition added another 9% to Waste Management's top-line growth. Management now expects full-year revenue to increase 15.5%-16% year over year compared with previous guidance of 12.5% to 13%.

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Company Profile

Business Description

Waste Management ranks as the largest integrated provider of traditional solid waste services in the United States, operating approximately 268 active landfills and about 350 transfer stations (includes acquired Advanced Disposal landfills and transfer stations). The company serves residential, commercial, and industrial end markets and is also a leading recycler in North America.

Contact
1001 Fannin Street
Houston, TX, 77002
T +1 713 512-6200
Sector Industrials
Industry Waste Management
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2020
Stock Type Slow Growth
Employees 48,250

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