WM announces improved earnings and new president
WM announces improved earnings and new president
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Houston-based Waste Management Inc. (WM) says its revenue for the second quarter of 2016 was $3.43 billion, compared with $3.32 billion in the second quarter of 2015. Net income for the recently concluded quarter was $287 million, or 64 cents per share, compared with net income of $274 million, or 60 cents per share, for the second quarter of 2015.
In addition to releasing its quarterly financial results, WM also has announced that its board of directors has appointed James C. (Jim) Fish Jr. to the position of president, reporting to CEO David Steiner. Fish retains his existing role as chief financial officer (CFO) while the company conducts a search to fill that role.
Regarding its most recent financial results, Steiner comments, “Our second quarter results mirrored the strong first quarter trends, as we again exceeded our revenue, earnings, and margin targets. Importantly, our commercial collection volumes turned positive for the first time since 2005.”
In the quarter, WM’s overall revenue increased by 3.3 percent, or $110 million, with the company saying the increase “was driven by positive yield and volume in the company’s collection and disposal business of $98 million.”
What WM calls “traditional solid waste business” internal revenue growth from volume was up 0.8 percent in the second quarter of 2016. Total company internal revenue growth from volume was just 0.4 percent in the second quarter, “with lower recycling volumes accounting for the 40 basis point difference,” according to the company.
Average recycling commodity prices increased 2.3 percent in the second quarter of 2016 from the prior year period, but recycling volumes declined 2.9 percent. Results in the company’s recycling line of business improved by about one cent per diluted share when compared to the prior year period.
“All of our employees worked hard to deliver strong results by focusing on disciplined pricing, improved customer service, targeted sales growth and cost management,” says Steiner of the second quarter of 2016. “With solid momentum in our business, and the continued strong performance of our teams, we expect that our earnings will continue to show improvement in 2016 and beyond, and those earnings will continue to drive solid cash flow that we can deploy to benefit our shareholders.”
The new president Jim Fish “will maintain his responsibility for all financial affairs for Waste Management, including treasury, audit, accounting, financial planning, tax and investor relations,” says WM. “He will also continue to oversee the information technology group and several of the company’s growth areas, including strategic business development and the company’s organic growth group.”
Fish, 54, joined Waste Management in 2001, holding positions that included senior vice president for the company’s Eastern Group, vice president of price management and director of financial planning and analysis.
“I am excited to take on this role and humbled by the confidence David and the board of directors have demonstrated in me,” says Fish. “Our company’s future is bright, our business plan is solid and I look forward to continue working with our field and corporate teams to successfully execute on all aspects of that plan.”
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Source: Recycling Today
WM announces improved earnings and new president
<![CDATA[Houston-based Waste Management Inc. (WM) says its revenue for the second quarter of 2016 was $3.43 billion, compared with $3.32 billion in the second quarter of 2015. Net income for the recently concluded quarter was $287 million, or 64 cents per share, compared with net income of $274 million, or 60 cents per share, for the second quarter of 2015. In addition to releasing its quarterly financial results, WM also has announced that its board of directors has appointed James C. (Jim) Fish Jr. to the position of president, reporting to CEO David Steiner. Fish retains his existing role as chief financial officer (CFO) while the company conducts a search to fill that role. Regarding its most recent financial results, Steiner comments, “Our second quarter results mirrored the strong first quarter trends, as we again exceeded our revenue, earnings, and margin targets. Importantly, our commercial collection volumes turned positive for the first time since 2005.” In the quarter, WM’s overall revenue increased by 3.3 percent, or $110 million, with the company saying the increase “was driven by positive yield and volume in the company’s collection and disposal business of $98 million.” What WM calls “traditional solid…