WM - Why Waste Management Stock Is in the Dumps Today
2024-07-25 11:25:00 ET
Waste Management (NYSE: WM) reported second-quarter results that fell short of Wall Street expectations. Investors are moving on, sending shares of WM down 6% as of 10:45 a.m. ET.
Waste Management, which is rebranding itself as WM, is the nation's largest provider of collection, recycling, and disposal services for residential, industrial, and municipal customers. The company earned $1.69 per share in the second quarter on sales of $5.4 billion, falling short of Wall Street's estimates for $1.83 per share on sales of $5.43 billion.
Revenue was up 5.5%, fueled by a 6.8% increase in core pricing and an uptick in the value of the company's recycled commodities available for sale. Collection and disposal volumes declined by 0.3%.
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Why Waste Management Stock Is in the Dumps Today