Date: October 28, 2024
Source: WM
WM reported strong Q3 2024 results with revenue growing 7.9% to $5.609 billion and adjusted operating EBITDA increasing 11% to $1.711 billion. The company achieved a record margin of 30.5%, driven by core price growth of 6.5% and improved operational efficiency. Net income rose to $760 million with diluted EPS of $1.88. The company expects full-year revenue growth of about 6%, above prior guidance, and adjusted operating EBITDA near $6.5 billion. Free cash flow is tracking toward the high end of guidance at $2.15 billion.
Higher recycled commodity prices helped drive profitability. The company touted having completed eight recycling projects, adding 1.5 million tons of annual recycling capacity. WM has invested $790 million on acquisitions so far this year and says it's on track to reach the $1 billion by the end of the year. In June WM announced its acquisition of medical waste solutions company Stericycle and now says it's on track to complete the deal in the fourth quarter from which it expects $125 million in annual cost synergies.
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