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Waste Management Inc. (WM - Free Report) reported solid third-quarter 2022 results, wherein both earnings and revenues surpassed the Zacks Consensus Estimate.
Adjusted earnings per share (excluding 2 cents from non-recurring items) of $1.56 beat the Zacks Consensus Estimate by 4% and improved 23.8% year over year. Total revenues of $5.08 billion beat the consensus estimate by 1% and increased 8.8% year over year.
Over the past year, shares of Waste Management have gained 6.4% against a 7.8% decline of the industry it belongs to.
Image Source: Zacks Investment Research
Let’s check out the numbers in detail.
Quarterly Numbers in Detail
The Collection segment recorded revenues of $3.39 billion, up 13% from the prior-year quarter’s figure. The Landfill segment’s top line grew 9.1% year over year to $1.2 billion. Total revenues in the Transfer segment were up 2.2% to $562 million. The recycling segment’s revenues dropped 9.5% to $420 million. Other businesses’ revenues totaled $614 million, up 11.4% year over year.
Adjusted operating EBITDA of $1.45 billion increased 10.7% from the year-ago quarter’s level. Adjusted operating EBITDA margin rose to 28.6% from 28.1% in the prior-year quarter.
Adjusted operating income came in at $950 million, up 19.9% from the year-ago quarter’s level. Adjusted operating income margin fell to 18.7% from 17% in the year-ago quarter.
Waste Management exited third-quarter 2022 with cash and cash equivalents of $137 million compared with $894 million at the end of the prior quarter. Long-term debt (less current portion) was $13.8 billion compared with $14 billion at the end of the prior quarter.
WM generated $1.18 billion of cash from operating activities in the reported quarter, while capital expenditures were $547 million. Free cash flow was $432 million.
During the reported quarter, Waste Management returned $808 million to its shareholders, including $541 million through cash dividends and $267 million through share repurchases.
Omnicom Group Inc. (OMC - Free Report) reported impressive third-quarter 2022 results, wherein both earnings and revenues surpassed the respective Zacks Consensus Estimate.
Earnings of $1.77 per share beat the consensus mark by 7.9% and increased 7.3% year over year, driven by a strong margin performance. Total revenues of $3.4 billion surpassed the consensus estimate by 3% and increased slightly year over year.
Equifax Inc. (EFX - Free Report) reported stellar third-quarter 2022 results, wherein both earnings and revenues surpassed the respective Zacks Consensus Estimate.
Adjusted earnings (excluding 39 cents from non-recurring items) of $1.73 per share beat the Zacks Consensus Estimate by 5.5% but decreased 6.5% on a year-over-year basis. However, revenues of $1.24 billion beat the consensus estimate by 2.3% and improved 1.8% year over year on a reported basis and 4% on a local-currency basis.
The Interpublic Group of Companies, Inc. (IPG - Free Report) reported better-than-expected third-quarter 2022 results.
Adjusted earnings (excluding a penny from non-recurring items) of 63 cents per share beat the Zacks Consensus Estimate by 6.8%. The bottom line has been constant over the past year. Net revenues of $2.3 billion beat the consensus estimate by 0.3% but declined 9.7% on a year-over-year basis. Total revenues of $2.64 billion increased 3.8% year over year.
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Waste Management (WM) Q3 Earnings & Revenues Beat, Rise Y/Y
Waste Management Inc. (WM - Free Report) reported solid third-quarter 2022 results, wherein both earnings and revenues surpassed the Zacks Consensus Estimate.
Adjusted earnings per share (excluding 2 cents from non-recurring items) of $1.56 beat the Zacks Consensus Estimate by 4% and improved 23.8% year over year. Total revenues of $5.08 billion beat the consensus estimate by 1% and increased 8.8% year over year.
Over the past year, shares of Waste Management have gained 6.4% against a 7.8% decline of the industry it belongs to.
Image Source: Zacks Investment Research
Let’s check out the numbers in detail.
Quarterly Numbers in Detail
The Collection segment recorded revenues of $3.39 billion, up 13% from the prior-year quarter’s figure. The Landfill segment’s top line grew 9.1% year over year to $1.2 billion. Total revenues in the Transfer segment were up 2.2% to $562 million. The recycling segment’s revenues dropped 9.5% to $420 million. Other businesses’ revenues totaled $614 million, up 11.4% year over year.
Adjusted operating EBITDA of $1.45 billion increased 10.7% from the year-ago quarter’s level. Adjusted operating EBITDA margin rose to 28.6% from 28.1% in the prior-year quarter.
Adjusted operating income came in at $950 million, up 19.9% from the year-ago quarter’s level. Adjusted operating income margin fell to 18.7% from 17% in the year-ago quarter.
Waste Management exited third-quarter 2022 with cash and cash equivalents of $137 million compared with $894 million at the end of the prior quarter. Long-term debt (less current portion) was $13.8 billion compared with $14 billion at the end of the prior quarter.
WM generated $1.18 billion of cash from operating activities in the reported quarter, while capital expenditures were $547 million. Free cash flow was $432 million.
During the reported quarter, Waste Management returned $808 million to its shareholders, including $541 million through cash dividends and $267 million through share repurchases.
Currently, Waste Management carries a Zacks Rank #4 (Sell).You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Waste Management, Inc. Price, Consensus and EPS Surprise
Waste Management, Inc. price-consensus-eps-surprise-chart | Waste Management, Inc. Quote
Recent Releases
Omnicom Group Inc. (OMC - Free Report) reported impressive third-quarter 2022 results, wherein both earnings and revenues surpassed the respective Zacks Consensus Estimate.
Earnings of $1.77 per share beat the consensus mark by 7.9% and increased 7.3% year over year, driven by a strong margin performance. Total revenues of $3.4 billion surpassed the consensus estimate by 3% and increased slightly year over year.
Equifax Inc. (EFX - Free Report) reported stellar third-quarter 2022 results, wherein both earnings and revenues surpassed the respective Zacks Consensus Estimate.
Adjusted earnings (excluding 39 cents from non-recurring items) of $1.73 per share beat the Zacks Consensus Estimate by 5.5% but decreased 6.5% on a year-over-year basis. However, revenues of $1.24 billion beat the consensus estimate by 2.3% and improved 1.8% year over year on a reported basis and 4% on a local-currency basis.
The Interpublic Group of Companies, Inc. (IPG - Free Report) reported better-than-expected third-quarter 2022 results.
Adjusted earnings (excluding a penny from non-recurring items) of 63 cents per share beat the Zacks Consensus Estimate by 6.8%. The bottom line has been constant over the past year. Net revenues of $2.3 billion beat the consensus estimate by 0.3% but declined 9.7% on a year-over-year basis. Total revenues of $2.64 billion increased 3.8% year over year.