Sector: Industrials|Industry: Waste Management|Market Cap: $82.45B|Employees: 48K
Waste Management, Inc. is North America's leading provider of comprehensive environmental solutions, offering services throughout the U.S. and Canada. The company's core business model focuses on managing waste at each stage, from collection to disposal, while also recovering valuable resources and creating clean, renewable energy. Waste Management holds a strong market position with the largest network of landfills in North America, operating in distinct geographic areas.
The company reported a 5.5% year-over-year increase in revenue, reaching $5,159 million, primarily driven by higher yield in the Collection and Disposal businesses. However, this was partially offset by decreased revenue from the energy surcharge program and lower industrial and residential collection volumes.
Operating expenses increased by $54 million year-over-year to $3,140 million, primarily due to commodity-driven business impacts, increased volumes in WMSBS, and inflationary pressures. However, efficiency gains and cost control initiatives helped to reduce the impact on margins.
Net income attributable to Waste Management, Inc. increased to $708 million, or $1.75 per diluted share, driven by increased income from operations and a reduction in income tax expense of $37 million due to federal tax credits from RNG investments. This was partially offset by higher interest expense and net losses from unconsolidated entities.