WM reported higher third-quarter revenue and earnings on October 27, while maintaining its annual financial guidance.
The environmental-services company said revenue for the quarter ended September 30 rose 6.3% to $6.846 billion. Net income attributable to WM increased to $820 million from $603 million a year earlier. Reported diluted earnings rose to $2.05 per share from $1.49; adjusted earnings were $2.15 per share.
Collection and Disposal volume declined 0.4%. WM attributed the decline partly to its exit from lower-margin residential business and commercial losses involving national-account brokers.
Healthcare Solutions revenue increased 3.7%. The company said operating improvements, acquisition synergies and pricing contributed to that business’s performance.
For the first nine months, operating cash flow reached $4.87 billion, up 12%. WM returned $957 million to shareholders during the third quarter through repurchases and dividends.
Management expects annual revenue and free cash flow near the high ends of their existing forecast ranges. Those expectations remain guidance rather than completed annual results.
Sources: WM — October 27 earnings release: https://investors.wm.com/node/31171/pdf