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)

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