Strength of
Collection and Disposal Business Drives Overall Revenue Growth of
More Than 5%
Company
Reaffirms Guidance
Waste Management, Inc. (NYSE: WM) today announced financial
results for its quarter ended June 30, 2019. Revenues for the
second quarter of 2019 were $3.95 billion compared with $3.74
billion for the same 2018 period. Net income for the quarter was
$381 million, or $0.89 per diluted share, compared with $499
million, or $1.15 per diluted share, for the second quarter of
2018.(a) On an adjusted basis, in the second quarter of 2019, net
income was $470 million, or $1.11 per diluted share.(b) On an
adjusted basis, in the second quarter of 2018, net income was $438
million, or $1.01 per diluted share.(b)
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2019 Q2 Earnings Overview (Graphic:
Business Wire)
The Company’s adjusted second quarter of 2019 results exclude: a
$0.15 per diluted share loss on the early extinguishment of debt,
$0.04 per diluted share of non-cash charges to write-off certain
assets, and $0.03 per diluted share related to the planned
acquisition of Advanced Disposal Services, Inc.
The Company’s adjusted second quarter of 2018 results exclude a
$0.07 per diluted share tax benefit related to income tax audit
settlements and a net $0.07 per diluted share benefit primarily
related to the gain on divestiture of an ancillary business.
“Our employees continued to produce outstanding results in the
second quarter, underpinned by organic revenue growth in the
collection and disposal business of more than 7%,” said Jim Fish,
President and Chief Executive Officer of Waste Management. “We
leveraged growth in our collection and disposal business to expand
operating EBITDA margins by 60 basis points.”
KEY HIGHLIGHTS FOR THE
SECOND QUARTER OF 2019
Profitability
- Total Company operating EBITDA was $1.11 billion for the second
quarter of 2019, an increase of $6 million from the second quarter
of 2018.(c) On an adjusted basis, total Company operating EBITDA
was $1.13 billion for the second quarter of 2019, an increase of
$73 million, or 6.9%, from the second quarter of 2018.(b)
- Operating EBITDA in the Company’s collection and disposal
business increased $112 million, or 9.3%, in the second quarter of
2019 when compared to the second quarter of 2018.
Revenue
Growth
- In the second quarter of 2019, revenue growth was driven by
strong yield and volume growth in the Company’s collection and
disposal business, which contributed $230 million of incremental
revenue. This was partially offset by a $38 million year-over-year
decline in revenue from the Company’s recycling line of
business.
- Core price for the second quarter of 2019 was 5.4%, compared to
5.3% in the second quarter of 2018.(d)
- Internal revenue growth from yield for the collection and
disposal business was 2.7% for the second quarter of 2019 versus
2.3% in the second quarter of 2018.
- Collection and disposal business internal revenue growth from
volume was 4.4% in the second quarter of 2019. Total Company
internal revenue growth from volume, which includes the Company’s
recycling line of business, was 4.0% in the second quarter of
2019.
Recycling
- Operating EBITDA in the Company’s recycling line of business
improved by $6 million compared to the second quarter of 2018,
despite a $38 million decline in revenue. The Company was able to
overcome pressure from a 33% year-over-year drop in recycling
commodity prices by working to develop a sustainable business model
that also meets customers’ environmental needs.
- The Company now expects the recycling business to be a $0.01 to
$0.02 per diluted share headwind in 2019 compared to 2018, due to
continued expected weakness in recycling commodity prices.
Cost
Management
- As a percentage of revenue, operating expenses were 61.9% in
the second quarter of both 2019 and 2018. On an adjusted basis,
operating expenses were 61.5% for the second quarter of
2019.(b)
- As a percentage of revenue, SG&A expenses were 9.9%, or
9.8% on an adjusted basis, in the second quarter of 2019 compared
to 9.8% in the second quarter of 2018.(b)
Free Cash Flow &
Capital Allocation
- Net cash provided by operating activities was $1.01 billion in
the second quarter of 2019, an increase of $35 million, or 3.6%,
when compared to the second quarter of 2018. The growth in net cash
provided by operating activities was driven by operating EBITDA
growth and the Company’s focus on improving working capital,
partially offset by higher taxes and interest.
- Capital expenditures were $578 million in the second quarter of
2019, a $142 million increase from the second quarter of 2018, due
to an intentional focus on accelerating certain fleet and landfill
spending to support the Company’s strong collection and disposal
growth.
- Free cash flow was $440 million in the second quarter of 2019
compared to $621 million in the second quarter of 2018.(b) The
decline in free cash flow was primarily driven by the increase in
capital expenditures in the quarter attributable to year-over-year
timing differences in fleet and landfill spending and a reduction
in proceeds from divestitures.
- The Company paid $217 million of dividends to shareholders and
repurchased $180 million of its shares in the second quarter of
2019.
- The Company spent $48 million on acquisitions of traditional
solid waste businesses during the second quarter of 2019.
Taxes
- The Company’s effective tax rate for the second quarter of 2019
was approximately 23.3%.
Fish concluded, “Through the first six months of 2019 we are on
track to achieve our full-year goals. In the second half of 2019,
we expect that our collection and disposal business will continue
to generate strong earnings and more than offset an anticipated
decline in our recycling business from depressed commodity prices.
Despite our updated expectation for a full-year recycling headwind
of $0.01 to $0.02 per diluted share we are reaffirming our
full-year 2019 guidance of adjusted earnings per diluted share of
$4.28 to $4.38, adjusted operating EBITDA of $4.40 to $4.45
billion, and free cash flow of $2.025 to $2.075 billion.” (b)
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
(a)
For purposes of this press release, all
references to “Net income” refer to the financial statement line
item “Net income attributable to Waste Management, Inc.”
(b)
Adjusted earnings per diluted share,
adjusted net income, adjusted operating EBITDA, adjusted operating
expenses, adjusted SG&A expenses and free cash flow are
non-GAAP measures. Please see “Non-GAAP Financial Measures” below
and the reconciliations in the accompanying schedules for more
information.
(c)
Management defines operating EBITDA as
GAAP income from operations before depreciation and amortization;
this measure may not be comparable to similarly-titled measures
reported by other companies.
(d)
Core price consists of price increases net
of rollbacks and fees, excluding the Company’s fuel surcharge. It
is a performance metric used by management to evaluate the
effectiveness of our pricing strategies; it is not derived from our
financial statements and may not be comparable to measures
presented by other companies. Core price is based on certain
historical assumptions, which may differ from actual results, to
allow for comparability between reporting periods and to reveal
trends in results over time.
The Company will host a conference call at 10 a.m. (Eastern)
today to discuss the second quarter results. Information contained
within this press release will be referenced and should be
considered in conjunction with the call.
The conference call will be webcast live from the Investor
Relations section of Waste Management’s website www.wm.com. To
access the conference call by telephone, please dial (877) 710-6139
approximately 10 minutes prior to the scheduled start of the call.
If you are calling from outside of the United States or Canada,
please dial (706) 643-7398. Please utilize conference ID number
4598118 when prompted by the conference call operator.
A replay of the conference call will be available on the
Company’s website www.wm.com and by telephone from approximately
1:00 PM (Eastern) today through 5:00 PM (Eastern) on Thursday,
August 8, 2019. To access the replay telephonically, please dial
(855) 859-2056, or from outside of the United States or Canada dial
(404) 537-3406 and use the replay conference ID number 4598118.
ABOUT WASTE MANAGEMENT
Waste Management, based in Houston, Texas, is the leading
provider of comprehensive waste management environmental services
in North America. Through its subsidiaries, the Company provides
collection, transfer, disposal services, and recycling and resource
recovery. It is also a leading developer, operator and owner of
landfill gas-to-energy facilities in the United States. The
Company’s customers include residential, commercial, industrial,
and municipal customers throughout North America. To learn more
information about Waste Management, visit www.wm.com or
www.thinkgreen.com.
FORWARD-LOOKING STATEMENTS
The Company, from time to time, provides estimates of financial
and other data, comments on expectations relating to future periods
and makes statements of opinion, view or belief about current and
future events. This press release contains a number of such
forward-looking statements, including but not limited to statements
regarding 2019 earnings per diluted share; 2019 operating EBITDA;
2019 free cash flow; and all statements regarding future
performance of our collection and disposal business, recycling
business or otherwise. You should view these statements with
caution. They are based on the facts and circumstances known to the
Company as of the date the statements are made. These
forward-looking statements are subject to risks and uncertainties
that could cause actual results to be materially different from
those set forth in such forward-looking statements, including but
not limited to, increased competition; pricing actions; failure to
implement our optimization, growth, and cost savings initiatives
and overall business strategy; failure to identify acquisition
targets and negotiate attractive terms; failure to consummate or
integrate the acquisition of Advanced Disposal Services, Inc. or
other acquisitions; failure to obtain the results anticipated from
the acquisition of Advanced Disposal Services, Inc. or other
acquisitions; environmental and other regulations; commodity price
fluctuations; international trade restrictions; disposal
alternatives and waste diversion; declining waste volumes; failure
to develop and protect new technology; failure of technology to
perform as expected; preventing, detecting and addressing
cybersecurity incidents; significant environmental or other
incidents resulting in liabilities and brand damage; weakness in
economic conditions; failure to obtain and maintain necessary
permits; labor disruptions; impairment charges; and negative
outcomes of litigation or governmental proceedings. Please also see
the Company’s filings with the SEC, including Part I, Item 1A of
the Company’s most recently filed Annual Report on Form 10-K as
updated by our subsequent quarterly reports on Form 10-Q, for
additional information regarding these and other risks and
uncertainties applicable to its business. The Company assumes no
obligation to update any forward-looking statement, including
financial estimates and forecasts, whether as a result of future
events, circumstances or developments or otherwise.
NON-GAAP FINANCIAL MEASURES
To supplement its financial information, the Company, in some
instances, has presented adjusted earnings per diluted share,
adjusted net income, adjusted operating EBITDA, adjusted operating
expenses, adjusted SG&A expenses and free cash flow, and has
also presented projections of adjusted earnings per diluted share,
adjusted operating EBITDA, and free cash flow; these are non-GAAP
financial measures, as defined in Regulation G of the Securities
Exchange Act of 1934, as amended. The Company reports its financial
results in compliance with GAAP but believes that also discussing
non-GAAP measures provides investors with (i) additional,
meaningful comparisons of current results to prior periods’ results
by excluding items that the Company does not believe reflect its
fundamental business performance and are not representative or
indicative of its results of operations and (ii) financial measures
the Company uses in the management of its business.
The Company’s projected full year 2019 earnings per diluted
share, and operating EBITDA are anticipated to exclude the effects
of events or circumstances in 2019 that are not representative or
indicative of the Company’s results of operations. Such excluded
items are not currently determinable, but may be significant, such
as asset impairments and one-time items, charges, gains or losses
from divestitures or litigation, and other items, including
transaction costs related to the pending acquisition of Advanced
Disposal Services, Inc. Due to the uncertainty of the likelihood,
amount and timing of any such items, the Company does not have
information available to provide a quantitative reconciliation of
adjusted projected full-year earnings per diluted share or
operating EBITDA to the comparable GAAP measures.
The Company discusses free cash flow because the Company
believes that it is indicative of its ability to pay its quarterly
dividends, repurchase common stock, fund acquisitions and other
investments and, in the absence of refinancings, to repay its debt
obligations. Free cash flow is not intended to replace “Net cash
provided by operating activities,” which is the most comparable
GAAP measure. The Company believes free cash flow gives investors
useful insight into how the Company views its liquidity, but the
use of free cash flow as a liquidity measure has material
limitations because it excludes certain expenditures that are
required or that the Company has committed to, such as declared
dividend payments and debt service requirements. The Company
defines free cash flow as net cash provided by operating
activities, less capital expenditures, plus proceeds from
divestitures of businesses and other assets (net of cash divested);
this definition may not be comparable to similarly-titled measures
reported by other companies.
The quantitative reconciliations of non-GAAP measures used
herein to the most comparable GAAP measures are included in the
accompanying schedules, with the exception of projected earnings
per diluted share and projected operating EBITDA. Non-GAAP measures
should not be considered a substitute for financial measures
presented in accordance with GAAP.
WASTE MANAGEMENT, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(In Millions, Except per Share
Amounts)
(Unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
2019
2018
2019
2018
Operating revenues
$
3,946
$
3,739
$
7,642
$
7,250
Costs and expenses:
Operating
2,443
2,313
4,741
4,497
Selling, general and administrative
391
365
800
738
Depreciation and amortization
409
384
775
731
Restructuring
—
1
2
3
(Gain) loss from divestitures, asset
impairments and unusual items, net
7
(39)
7
(42)
3,250
3,024
6,325
5,927
Income from operations
696
715
1,317
1,323
Other income (expense):
Interest expense, net
(100)
(93)
(196)
(184)
Loss on early extinguishment of debt
(84)
—
(84)
—
Equity in net losses of unconsolidated
entities
(16)
(13)
(25)
(20)
Other, net
1
—
(53)
1
(199)
(106)
(358)
(203)
Income before income taxes
497
609
959
1,120
Income tax expense
115
110
230
226
Consolidated net income
382
499
729
894
Less: Net income (loss) attributable to
noncontrolling interests
1
—
1
(1)
Net income attributable to Waste
Management, Inc.
$
381
$
499
$
728
$
895
Basic earnings per common share
$
0.90
$
1.16
$
1.71
$
2.07
Diluted earnings per common share
$
0.89
$
1.15
$
1.70
$
2.06
Weighted average basic common shares
outstanding
424.8
429.9
424.6
431.6
Weighted average diluted common shares
outstanding
427.5
432.3
427.2
434.1
WASTE MANAGEMENT, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(In Millions)
(Unaudited)
June 30,
December 31,
2019
2018
ASSETS
Current assets:
Cash and cash equivalents
$
2,250
$
61
Receivables, net
2,260
2,275
Other
326
309
Total current assets
4,836
2,645
Property and equipment, net
12,665
11,942
Goodwill
6,512
6,430
Other intangible assets, net
547
572
Other
1,426
1,061
Total assets
$
25,986
$
22,650
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable, accrued liabilities and
deferred revenues
$
2,730
$
2,676
Current portion of long-term debt
116
432
Total current liabilities
2,846
3,108
Long-term debt, less current portion
12,623
9,594
Other
4,050
3,672
Total liabilities
19,519
16,374
Equity:
Waste Management, Inc. stockholders’
equity
6,466
6,275
Noncontrolling interests
1
1
Total equity
6,467
6,276
Total liabilities and equity
$
25,986
$
22,650
WASTE MANAGEMENT, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(In Millions)
(Unaudited)
Six Months Ended
June 30,
2019
2018
Cash flows from operating activities:
Consolidated net income
$
729
$
894
Adjustments to reconcile consolidated net
income to net cash provided by operating activities:
Depreciation and amortization
775
731
Loss on early extinguishment of debt
84
—
Other
195
57
Change in operating assets and
liabilities, net of effects of acquisitions and divestitures
117
102
Net cash provided by operating
activities
1,900
1,784
Cash flows from investing activities:
Acquisitions of businesses, net of cash
acquired
(440)
(263)
Capital expenditures
(1,049)
(836)
Proceeds from divestitures of businesses
and other assets (net of cash divested)
20
96
Other, net
(96)
(7)
Net cash used in investing activities
(1,565)
(1,010)
Cash flows from financing activities:
New borrowings
3,971
83
Debt repayments
(385)
(196)
Premiums paid on early extinguishment of
debt
(84)
—
Net commercial paper borrowings
(repayments)
(1,001)
443
Common stock repurchase program
(248)
(550)
Cash dividends
(440)
(406)
Exercise of common stock options
45
33
Tax payments associated with equity-based
compensation transactions
(30)
(28)
Other, net
(6)
(26)
Net cash provided by (used in) financing
activities
1,822
(647)
Effect of exchange rate changes on cash,
cash equivalents and restricted cash and cash equivalents
2
(1)
Increase (decrease) in cash, cash
equivalents and restricted cash and cash equivalents
2,159
126
Cash, cash equivalents and restricted cash
and cash equivalents at beginning of period
183
293
Cash, cash equivalents and restricted cash
and cash equivalents at end of period
$
2,342
$
419
WASTE MANAGEMENT, INC.
SUMMARY DATA SHEET
(In Millions)
(Unaudited)
Operating Revenues by Line of
Business
Three Months Ended
Six Months Ended
June 30,
June 30,
2019
2018
2019
2018
Commercial
$
1,052
$
986
$
2,078
$
1,941
Residential
655
632
1,295
1,246
Industrial
744
708
1,424
1,345
Other
122
115
231
216
Total collection
2,573
2,441
5,028
4,748
Landfill
1,023
915
1,887
1,720
Transfer
474
437
886
812
Recycling
264
305
555
617
Other
445
439
876
866
Intercompany (a)
(833
)
(798
)
(1,590
)
(1,513
)
Total
$
3,946
$
3,739
$
7,642
$
7,250
Internal Revenue Growth
Period-to-Period Change for
the
Period-to-Period Change for
the
Three Months Ended
Six Months Ended
June 30, 2019 vs. 2018
June 30, 2019 vs. 2018
As a % of
As a % of
As a % of
As a % of
Related
Total
Related
Total
Amount
Business(b)
Amount
Company(c)
Amount
Business(b)
Amount
Company(c)
Collection and disposal
$
87
2.7
%
$
169
2.7
%
Recycling commodities
(41
)
(14.2
)
(66
)
(11.3
)
Fuel surcharges and mandated fees
2
1.1
7
2.3
Total average yield (d)
$
48
1.3
%
$
110
1.5
%
Volume
146
4.0
263
3.7
Internal revenue growth
194
5.3
373
5.2
Acquisitions
59
1.6
116
1.6
Divestitures
(40
)
(1.2
)
(82
)
(1.2
)
Foreign currency translation
(6
)
(0.2
)
(15
)
(0.2
)
Total
$
207
5.5
%
$
392
5.4
%
Period-to-Period Change for
the
Period-to-Period Change for
the
Three Months Ended June 30,
2019 vs. 2018
Six Months Ended June 30, 2019
vs. 2018
As a % of Related
Business(b)
As a % of Related
Business(b)
Yield
Volume
Yield
Volume(e)
Commercial
2.3
%
2.7
%
2.3
%
2.5
%
Industrial
4.2
1.2
4.2
2.1
Residential
3.3
(0.4
)
3.5
(0.5
)
Total collection
3.0
1.7
3.1
1.9
MSW
3.6
6.1
3.5
6.0
Transfer
3.4
6.5
3.1
7.3
Total collection and disposal
2.7
4.4
2.7
4.3
__________________________ (a)
Intercompany revenues between lines of
business are eliminated in the Condensed Consolidated Financial
Statements included herein.
(b)
Calculated by dividing the increase or
decrease for the current year period by the prior year period’s
related business revenue adjusted to exclude the impacts of
divestitures for the current year period.
(c)
Calculated by dividing the increase or
decrease for the current year period by the prior year period’s
total Company revenue adjusted to exclude the impacts of
divestitures for the current year period.
(d)
The amounts reported herein represent the
changes in our revenue attributable to average yield for the total
Company.
(e)
Workday adjusted volume impact.
WASTE MANAGEMENT, INC. SUMMARY DATA SHEET
(In Millions) (Unaudited) Free Cash Flow
(a)
Three Months Ended
Six Months Ended
June 30,
June 30,
2019
2018
2019
2018
Net cash provided by operating activities
$
1,010
$
975
$
1,900
$
1,784
Capital expenditures
(578)
(436)
(1,049)
(836)
Proceeds from divestitures of businesses and other assets (net of
cash divested)
8
82
20
96
Free cash flow
$
440
$
621
$
871
$
1,044
Three Months Ended
Six Months Ended
June 30,
June 30,
2019
2018
2019
2018
Supplemental Data Internalization of waste, based on
disposal costs
66.6%
66.1%
66.4%
65.7%
Landfill amortizable tons (in millions)
32.5
29.7
60.4
55.9
Acquisition Summary (b) Gross annualized
revenue acquired
14
10
119
168
Total consideration , net of cash acquired
41
17
435
266
Cash paid for acquisitions consummated during the period,
net of cash acquired
40
15
431
258
Cash paid for acquisitions including contingent
consideration and other items from prior periods, net of cash
acquired
48
21
442
269
Amortization, Accretion and Other Expenses for
Landfills:
Three Months Ended
Six Months Ended
June 30,
June 30,
2019
2018
2019
2018
Landfill amortization expense: Cost basis of landfill assets
$
133
$
113
$
243
$
213
Asset retirement costs
28
33
45
53
Total landfill amortization expense
161
146
288
266
Accretion and other related expense
25
25
50
49
Landfill amortization, accretion and other related expense
$
186
$
171
$
338
$
315
(a)
The summary of free cash flow has
been prepared to highlight and facilitate understanding of the
principal cash flow elements. Free cash flow is not a measure of
financial performance under generally accepted accounting
principles and is not intended to replace the consolidated
statement of cash flows that was prepared in accordance with
generally accepted accounting principles.
(b)
Represents amounts associated
with business acquisitions consummated during the applicable period
except where noted.
WASTE MANAGEMENT, INC. RECONCILIATION OF CERTAIN
NON-GAAP MEASURES (In Millions, Except Per Share
Amounts) (Unaudited) Three Months EndedJune
30, 2019 Income fromOperations Pre-taxIncome (a)
TaxExpense NetIncome (b) DilutedPer
ShareAmount As reported amounts
$
696
$
496
$
115
$
381
$
0.89
Adjustments: Loss on early extinguishment of debt _
84
20
64
0.15
Non-cash charges to write-off certain assets
23
23
6
17
0.04
Advanced Disposal acquisition-related costs (c)
6
9
1
8
0.03
As adjusted amounts
$
725
$
612
$
142
$
470
$
1.11
Depreciation and amortization
409
Adjusted operating EBITDA
$
1,134
Three Months EndedJune 30, 2018 Income
fromOperations Pre-taxIncome TaxExpense
NetIncome (b) DilutedPer ShareAmount As reported
amounts
$
715
$
609
$
110
$
499
$
1.15
Adjustments: Benefit primarily related to the gain on
divestiture of an ancillary business
(38)
(38)
(10)
(28)
(0.07)
Tax benefit related to income tax audit settlements _ _
33
(33)
(0.07)
As adjusted amounts
$
677
$
571
$
133
$
438
$
1.01
Depreciation and amortization
384
Adjusted operating EBITDA
$
1,061
2019 Projected Free Cash Flow
Reconciliation (d)
Scenario 1
Scenario 2
Net cash provided by operating activities
$
3,675
$
3,775
Capital expenditures
(1,750)
(1,750)
Proceeds from divestitures of businesses and other assets (net of
cash divested)
100
50
Free cash flow
$
2,025
$
2,075
___________________________________________________________
(a)
Pre-tax income excludes $1 million related
to net income attributable to noncontrolling interests.
(b)
For purposes of this press release table,
all references to "Net income" refer to the financial statement
line item "Net income attributable to Waste Management, Inc."
(c)
Includes impact of reducing our common
stock repurchases in 2019 from planned levels due to the pending
acquisition of Advanced Disposal Services, Inc. ("Advanced
Disposal").
(d)
The reconciliation includes two scenarios
that illustrate our projected free cash flow range for 2019. The
amounts used in the reconciliation are subject to many variables,
some of which are not under our control and, therefore, are not
necessarily indicative of actual results.
WASTE MANAGEMENT, INC. RECONCILIATION OF CERTAIN
NON-GAAP MEASURES (In Millions, Except Per Share
Amounts) (Unaudited) Three Months Ended
June 30, 2019 June 30, 2018 Adjusted Operating
Expenses and Adjusted Operating Expenses Margin Amount
As a % ofRevenues Amount As a % ofRevenues
Operating revenues, as reported
$
3,946
$
3,739
Operating expenses, as reported
$
2,443
61.9
%
$
2,313
61.9
%
Adjustment: Non-cash charges to write-off certain assets
16
Adjusted operating expenses
$
2,427
61.5
%
Three Months Ended June 30, 2019
June 30, 2018 Adjusted Selling, General &
Administrative (SG&A) Expenses and Adjusted SG&A Margin
Amount As a % ofRevenues Amount As a %
ofRevenues Operating revenues, as reported
$
3,946
$
3,739
SG&A expenses, as reported
$
391
9.9
%
$
365
9.8
%
Adjustment: Advanced Disposal acquisition-related costs
6
Adjusted SG&A expenses
$
385
9.8
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190725005367/en/
Waste Management
Web site www.wm.com
Analysts Ed Egl 713.265.1656 eegl@wm.com
Media Andy Izquierdo 832.710.5287
aizquierdo@wm.com
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