Recycling Firm Beats Expectations in Race of Volatile Commodity Prices : VIDEO: Interview with Waste Management CEO Jim Fish as Firm Publishes Q1 Results
In an interview with CNBC’s Jim Cramer, Waste Management’s president and CEO Jim Fish discussed the company’s latest results, including an 8% growth and the company’s strategy for dealing with volatility in the commodities markets.
Waste Management, Inc. (NYSE: WM) announced financial results for its quarter ended 31 March, 2017 which showed revenues for the first quarter of 2017 were $3.44 billion compared with $3.18 billion for the same 2016 period.
Net income for the quarter was $298 million, or $0.67 per diluted share, compared with $258 million, or $0.58 per diluted share, for the first quarter of 2016.
On an as-adjusted basis, excluding certain items, net income was $291 million, or $0.66 per diluted share, in the first quarter of 2017.
The Company’s as-adjusted first quarter 2017 results exclude a $0.07 per diluted share tax benefit related to equity-based compensation and a non-cash charge of $0.06 per diluted share related to the impairment of an equity investment in a waste diversion technology company.
In a statement, Fish said: “We met or exceeded all of our internal targets. On an as-adjusted basis, we saw earnings growth of almost 14%.
Operating EBITDA grew 8.0% due to strength in both our traditional solid waste business and our recycling business, which in turn drove strong first quarter cash flows.
This performance led to us exceeding our internal targets for operating EBITDA and free cash flow.”
Speaking with Cramer he also discussed the company’s move to CNG refuse collection vehicles which now constitute some 50% of its fleet.
The interview can be viewed below.
https://youtu.be/T0Nwxj9MZU4
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