Waste Management’s stock rises on earnings beat, dividend hike

Trash and rubbish collection.

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Waste Management’s (NYSE:WM) stock rose 4.4% in extended trading after the trash collection company reported a profit that beat estimates amid improvements in pricing and volume.

The company’s board also raised the yearly divided from $2.80 a share to $3 a share.

Net income was $493 million, or $1.22 a share, in the fourth quarter, compared with $499 million, or $1.21 a share, a year earlier.

Adjusted earnings of $1.74 a share beat the average estimate among Wall Street analysts of $1.53 a share.

Revenue rose 5.7% from a year earlier to $5.22 billion in the three-month period ended on December 31. The results were in line with the $5.2 billion forecast by analysts.

“In 2024, we anticipate our financial performance to be driven by disciplined pricing, enhanced operational efficiencies, prudent cost management, and contributions from our investments in our recycling and renewable energy businesses,” Jim Fish, president and chief executive, of Waste Management (WM), said in a statement.

Management forecast revenue growth of 6% to 7% for full-year 2024, and adjusted operating earnings before interest, taxes, depreciation and amortization of $6.28 billion to $6.43 billion.

Roy Walsh

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