Thu, Jul 25, 6:32 PM (44 days ago)
Waste Management, Inc. reported a 5.5% increase in revenue to $5.4 billion for Q2 2024, driven by higher yield in Collection and Disposal businesses and increased market value for recycled commodities. Operating expenses rose by $105 million, mainly due to higher recycling rebates, increased volumes in the Strategic Business Solutions (WMSBS) business, and higher landfill operating costs, offset by lower diesel fuel prices and efficiency gains. Selling, general, and administrative expenses increased by $34 million due to higher labor costs and professional fees related to the planned acquisition of Stericycle. Income from operations was $1 billion, reflecting an 18.7% margin. Net cash provided by operating activities increased to $2.5 billion, while free cash flow was $1.2 billion. The company temporarily suspended share repurchases due to the Stericycle acquisition, which is expected to close by Q4 2024.