Waste Management Gets Higher Prices for Recycled Commodities in 2Q -- Commodity Comment
July 27 2021 - 9:16AM
Dow Jones News
By Dave Sebastian
Waste Management Inc. posted higher profit and revenue for the
second quarter as the economy continued to recover. The company
said its recycling line of business improved due in part to higher
prices for the commodities it handles.
On recycling:
"Operating EBITDA in the Company's recycling line of business
improved by $56 million compared to the second quarter of 2020,"
Waste Management said.
"The improvement was driven by an increase in market prices for
recycled commodities, investments the Company is making in improved
technology and equipment at its materials recovery facilities that
are delivering a lower operating cost model and the re-opening of
facilities where operations were temporarily suspended during the
pandemic."
On renewable energy:
"Operating EBITDA in the Company's renewable energy line of
business improved by almost $14 million compared to the second
quarter of 2020, primarily driven by increases in price."
On its outlook:
"Total Company revenue growth in 2021 is expected to be 15.5% to
16.0%. Combined internal revenue growth from yield and volume in
the collection and disposal business is expected to be 5.5% or
greater, driven by the Company's disciplined pricing programs and
strong outlook for continued volume recovery."
"The Company expects to repurchase an additional $850 million of
its common stock in 2021, exhausting the full $1.35 billion of
share repurchases previously authorized."
Write to Dave Sebastian at dave.sebastian@wsj.com
(END) Dow Jones Newswires
July 27, 2021 09:13 ET (13:13 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
Waste Management (NYSE:WM)
Historical Stock Chart
From Mar 2024 to Apr 2024
Waste Management (NYSE:WM)
Historical Stock Chart
From Apr 2023 to Apr 2024
