2023-04-26 18:06:12 ET
- Waste Management press release ( NYSE: WM ): Q1 Non-GAAP EPS of $1.31 beats by $0.02 .
- Revenue of $4.89B (+4.9% Y/Y) beats by $30M .
- Core price for the first quarter of 2023 was 7.4% compared to 7.3% in the first quarter of 2022.
- Collection and disposal yield was 6.2% compared to 5.5% in the first quarter of 2022.
- Total Company volumes increased 1.2%, or 0.9% on a workday adjusted basis, compared to 3.6% in the first quarter of 2022, or 3.2% on a workday adjusted basis.
- Collection and disposal volumes increased 1.1%, or 0.8% on a workday adjusted basis, compared to 4.2% in the first quarter of 2022, or 3.8% on a workday adjusted basis.
- Operating EBITDA in the Company’s collection and disposal business, adjusted on the same basis as total Company operating EBITDA, was $1.5 billion, or 30.6% of revenue, for the first quarter of 2023, compared to $1.4 billion, or 31.3% of revenue, for the first quarter of 2022.
- Operating EBITDA in the Company’s recycling line of business declined by $42 million compared to the first quarter of 2022, largely in line with expectations. The decline was primarily driven by the approximately 60% decrease in market prices for single-stream recycled commodities.
- Operating EBITDA in the Company’s renewable energy business declined as expected by $20 million compared to the first quarter of 2022, primarily driven by decreases in the value of renewable fuel standard credits and lower energy prices.
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Waste Management Non-GAAP EPS of $1.31 beats by $0.02, revenue of $4.89B beats by $30M