Waste Management (WM) closed the latest trading day at $209.31, indicating a +0.05% change from the previous session's end. The stock's change was more than the S&P 500's daily loss of 0.6%. Meanwhile, the Dow experienced a drop of 0.39%, and the technology-dominated Nasdaq saw a decrease of 1.12%. The garbage and recycling hauler's stock has climbed by 4.03% in the past month, exceeding the Business Services sector's gain of 3.16% and the S&P 500's gain of 3.15%. The investment community will be paying clo ...

Makiko Tanigawa/DigitalVision via Getty Images A stock for the defensive VAL 87,40% 39,36% S&P 500 (*SPX) Level % Change . S&P 500 Earnings Per Share (I:SP500EPS) % Change 87.40% 50.00% 39.36% 0.00% -50.00% -100.0% 2020 2021 2022 2023 2024 Seeking AlphaQ Aug 22, 2024, 2:46 PM EDT Powered by YCHARTS Data by YCharts On a recent episode of "We Study Billionaires" with Jecemy Grantham, he brought up the 1980s stock market bubble in Japan, the bubble of all bubbles. Basically, his data suggests that the market i ...

Dublin, Aug. 20, 2024 (GLOBE NEWSWIRE) -- The "Waste Recycling Services - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering. The global market for Waste Recycling Services is estimated at US$61.2 Billion in 2023 and is projected to reach US$77.9 Billion by 2030, growing at a CAGR of 3.5% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions. The growth in the ...

Market Overview - The Europe steel wire market is projected to reach USD 13.07 billion by 2030, expanding at a CAGR of 7.9% from 2024 to 2030, driven by increased spending in renewable energy and rising construction activities, particularly high-rise buildings [1][5] Industry Structure - The European steel wire industry is organized with a distinct purchasing pattern, where prices and volumes are negotiated through long-term contracts. There is a growing emphasis on sustainability and decarbonization, which is influencing market dynamics [2] Key Applications - The automotive industry is a major end user of steel wires, utilizing them for various applications including load movement, equipment positioning, and auto parts production. The anticipated increase in auto production in the Asia Pacific is expected to boost market growth [3] - In waste management, baling wires are essential for bundling and securing waste materials, with low-carbon steel wires being favored for general waste compaction due to cost-effectiveness [4] Regional Insights - Germany dominated the European steel wire market in 2023 and is expected to maintain its leadership through 2030, driven by significant investments in high-rise building construction, particularly in Frankfurt [5] - The UK is projected to experience significant growth in revenue and volume, with investments in the energy sector likely to increase demand for steel wires across various applications [7] Competitive Landscape - The market is highly competitive, with established players innovating their product offerings. For example, Voestalpine has introduced a "green" wire rod made from hydrogen-reduced pure iron and scrap [6] - Companies are strategically enhancing their supply chains and pursuing acquisitions or collaborations to strengthen their market position and implement sustainable production practices [7]

Waste Management, Inc. (NYSE:WM) Q2 2024 Earnings Conference Call July 25, 2024 10:00 AM ET Company Participants Ed Egl - Senior Director, IR Jim Fish - President and CEO John Morris - EVP and COO Devina Rankin - EVP and CFO Tara Hemmer - SVP and CSO Conference Call Participants Tyler Brown - Raymond James Hilary Leon - Morgan Stanley Jerry Revich - Goldman Sachs Noah Kaye - Oppenheimer Bryan Burgmeier - Citi Kevin Chen - CIBC James Schumm - TD Cowen Stephanie Moore - Jefferies Brian Butler - Stifel Sabahat ...

Part I [Item 1. Financial Statements](index=2&type=section&id=Item%201.%20Financial%20Statements) This section presents Waste Management, Inc.'s unaudited Condensed Consolidated Financial Statements, including Balance Sheets, Statements of Operations, Cash Flows, and Equity, for periods ended June 30, 2024 Condensed Consolidated Balance Sheet Highlights (in Millions) | Account | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Total Assets** | **$33,999** | **$32,823** | | Total current assets | $4,439 | $3,804 | | Property and equipment, net | $17,420 | $16,968 | | Goodwill | $9,363 | $9,254 | | **Total Liabilities** | **$26,548** | **$25,927** | | Total current liabilities | $4,136 | $4,226 | | Long-term debt, less current portion | $16,501 | $15,895 | | **Total Equity** | **$7,451** | **$6,896** | Condensed Consolidated Statements of Operations Highlights (in Millions, except per share data) | Metric | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2023 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | | :--- | :--- | :--- | :--- | :--- | | **Operating revenues** | **$5,402** | **$5,119** | **$10,561** | **$10,011** | | Income from operations | $1,009 | $944 | $2,025 | $1,769 | | **Net income attributable to Waste Management, Inc.** | **$680** | **$615** | **$1,388** | **$1,148** | | Diluted earnings per common share | $1.69 | $1.51 | $3.44 | $2.81 | Condensed Consolidated Statements of Cash Flows Highlights (in Millions) | Cash Flow Activity | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $2,521 | $2,074 | | Net cash used in investing activities | $(2,359) | $(1,339) | | Net cash used in financing activities | $(464) | $(919) | [Notes to Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed disclosures for financial statement amounts, covering basis of presentation, accounting policies, liabilities, debt, income taxes, segment performance, and acquisitions [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=30&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial performance, condition, and strategy, analyzing Q2 and H1 2024 results, liquidity, and capital resources, with focus on revenue growth, inflation management, and strategic investments - The company's strategy focuses on leveraging its asset network, investing in automation and technology to improve efficiency, and growing its sustainability-related segments like Renewable Energy and Recycling[230](index=230&type=chunk) - On June 3, 2024, the company entered into an agreement to acquire Stericycle, Inc. for a total enterprise value of approximately **$7.2 billion**, aiming to expand its environmental solutions in the healthcare market[211](index=211&type=chunk) - Macroeconomic pressures, including inflation and high interest rates, continue to affect the business. The company is mitigating these through pricing efforts, operating efficiencies, and cost controls[221](index=221&type=chunk)[234](index=234&type=chunk) [Results of Operations](index=36&type=section&id=Results%20of%20Operations) This section details operational performance, analyzing revenue changes by yield and volume, operating expenses, and segment profitability, noting Q2 2024 revenue growth of **5.5%** to **$5.4 billion** and increased income from operations Period-to-Period Change in Revenues (Q2 2024 vs. Q2 2023) | Component | Amount (in millions) | % Change | | :--- | :--- | :--- | | **Average Yield** | **$264** | **5.2%** | | Collection and Disposal | $205 | 4.6% | | Recycling, Renewable Energy & Other | $59 | 12.1% | | **Volume** | **$5** | **0.1%** | | Acquisitions | $18 | 0.3% | | Foreign currency translation | $(4) | (0.1)% | | **Total Revenue Change** | **$283** | **5.5%** | Operating Expenses as a Percentage of Revenues | Period | Operating Expenses (in millions) | % of Revenues | | :--- | :--- | :--- | | Q2 2024 | $3,291 | 60.9% | | Q2 2023 | $3,186 | 62.2% | - Operating expenses as a percentage of revenue improved to **60.9%** in Q2 2024 from **62.2%** in Q2 2023, driven by efficiency gains, improved employee retention, and lower diesel fuel prices, which offset higher recycling rebates and subcontractor costs[224](index=224&type=chunk)[244](index=244&type=chunk) - Income from operations for the Collection and Disposal segment increased by **15.9%** in Q2 2024, driven by strong pricing and gains on asset sales. Corporate and Other operating income decreased significantly, primarily due to a **$54 million** charge related to a waste diversion technology investment[270](index=270&type=chunk) [Liquidity and Capital Resources](index=47&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity with net cash from operating activities at **$2.52 billion** and capital expenditures at **$1.34 billion**, while total debt reached **$16.7 billion** as of June 30, 2024, with share repurchases temporarily suspended Free Cash Flow Reconciliation (Non-GAAP, in Millions) | Metric | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $2,521 | $2,074 | | Capital expenditures | $(1,335) | $(1,180) | | Proceeds from divestitures | $58 | $46 | | **Free cash flow** | **$1,244** | **$940** | - As of June 30, 2024, the company had approximately **$3.8 billion** of debt maturing within the next 12 months, but has classified **$3.6 billion** as long-term due to its intent and ability to refinance, supported by its revolving credit facility and a July 2024 senior notes issuance[290](index=290&type=chunk)[4](index=4&type=chunk) - During the first six months of 2024, the company used **$262 million** for share repurchases and paid **$608 million** in cash dividends. Share repurchases have been temporarily suspended due to the planned Stericycle acquisition[190](index=190&type=chunk) Part II [Item 1. Legal Proceedings](index=54&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to detailed disclosures on legal proceedings, including environmental matters, litigation, and other contingencies, as outlined in Note 6 of the Condensed Consolidated Financial Statements - Information regarding the company's legal proceedings is located in the Environmental Matters and Litigation sections of Note 6 to the Condensed Consolidated Financial Statements[204](index=204&type=chunk) [Item 1A. Risk Factors](index=54&type=page&id=Item%201A.%20Risk%20Factors) This section updates the company's risk factors, primarily focusing on the planned Stericycle acquisition, including completion uncertainty, integration challenges, and increased post-acquisition indebtedness - The consummation of the Stericycle acquisition is not assured and is subject to customary closing conditions, including regulatory and Stericycle stockholder approvals[294](index=294&type=chunk) - There is a risk that the company may not realize the anticipated strategic benefits and cost synergies from the Stericycle acquisition due to integration challenges and potential underperformance of the acquired business[301](index=301&type=chunk)[302](index=302&type=chunk) - The company intends to incur additional debt to finance the acquisition, which will increase its overall indebtedness and could make it more difficult to service or refinance its debts[307](index=307&type=chunk)[303](index=303&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=56&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section details the company's common stock repurchases during Q2 2024, noting **0.3 million** shares repurchased and the temporary suspension of the program due to the pending Stericycle acquisition Issuer Purchases of Equity Securities (Q2 2024) | Period | Total Shares Purchased (millions) | Average Price Paid per Share | | :--- | :--- | :--- | | April 1 – 30 | 0.3 | $207.33 | | May 1 – 31 | — | — | | June 1 – 30 | — | — | | **Total** | **0.3** | **—** | - As of June 30, 2024, the company had authorization for **$1,238 million** of future share repurchases but has suspended the program due to the planned Stericycle acquisition[309](index=309&type=chunk)[53](index=53&type=chunk) [Item 4. Controls and Procedures](index=54&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2024, with no material changes to internal control over financial reporting identified during the quarter - Based on their evaluation, the principal executive and financial officers concluded that the company's disclosure controls and procedures were effective as of June 30, 2024[201](index=201&type=chunk) - There were no changes in the company's internal control over financial reporting during the quarter ended June 30, 2024, that have materially affected, or are reasonably likely to materially affect, internal controls[202](index=202&type=chunk)

The reported revenue represents a surprise of -0.24% over the Zacks Consensus Estimate of $5.41 billion. With the consensus EPS estimate being $1.82, the company has not delivered EPS surprise. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance. Since these metrics play a crucial ro ...

Waste Management (WM) came out with quarterly earnings of $1.82 per share, in line with the Zacks Consensus Estimate. This compares to earnings of $1.51 per share a year ago. These figures are adjusted for non-recurring items. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. What's Next for Waste Management? It will be interesting to see how estimates for the ...

[WM Q2 2024 Earnings Release](index=1&type=section&id=WM%20Announces%20Second%20Quarter%202024%20Earnings) [Financial & Operational Highlights](index=1&type=section&id=KEY%20HIGHLIGHTS%20FOR%20THE%20SECOND%20QUARTER%20OF%202024) WM reported strong Q2 2024 results, driven by robust growth in its core Collection and Disposal business, with revenue increasing by 5.5% to $5.4 billion and adjusted operating EBITDA growing 10.3% to $1.62 billion, expanding margin by 130 basis points to a record 30.0% Q2 2024 Key Financial Metrics (As Adjusted vs. Q2 2023) | Metric | Q2 2024 (Adjusted) | Q2 2023 (Adjusted) | Change | | :--- | :--- | :--- | :--- | | Revenue | $5,402 million | $5,119 million | +5.5% | | Operating EBITDA | $1,618 million | $1,467 million | +10.3% | | Operating EBITDA Margin | 30.0% | 28.7% | +130 bps | | Net Income | $732 million | $617 million | +18.6% | | Diluted EPS | $1.82 | $1.51 | +20.5% | - Total company revenue growth of **5.5%** was primarily driven by a core price of **6.8%**[5](index=5&type=chunk) - Strategic expansion continues with over **$750 million** in solid waste acquisitions closed through July and progress on the planned acquisition of Stericycle[1](index=1&type=chunk)[2](index=2&type=chunk) - The company is advancing its sustainability investments, having opened two upgraded recycling facilities in the quarter and with five renewable energy projects scheduled for completion in 2024[2](index=2&type=chunk) - Based on strong first-half performance, the company is confident it will meet or exceed the midpoint of its full-year financial outlook provided in April[5](index=5&type=chunk) [Financial Statements](index=6&type=section&id=Financial%20Statements) The consolidated financial statements show a year-over-year increase in revenues and net income for both the second quarter and the first half of 2024, with total assets growing to $34.0 billion from $32.8 billion at year-end 2023, and net cash from operating activities increasing significantly by 21.6% in the first half of the year [Condensed Consolidated Statements of Operations](index=6&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) Q2 2024 vs Q2 2023 Income Statement Highlights | Metric (in millions, except EPS) | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2023 | | :--- | :--- | :--- | | Operating Revenues | $5,402 | $5,119 | | Income from Operations | $1,009 | $944 | | Net Income | $680 | $615 | | Diluted EPS | $1.69 | $1.51 | H1 2024 vs H1 2023 Income Statement Highlights | Metric (in millions, except EPS) | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | | :--- | :--- | :--- | | Operating Revenues | $10,561 | $10,011 | | Income from Operations | $2,025 | $1,769 | | Net Income | $1,388 | $1,148 | | Diluted EPS | $3.44 | $2.81 | [Condensed Consolidated Balance Sheets](index=7&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) Balance Sheet Summary (in millions) | Account | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Total Current Assets | $4,439 | $3,804 | | Total Assets | $33,999 | $32,823 | | Total Current Liabilities | $4,136 | $4,226 | | Long-Term Debt | $16,501 | $15,895 | | Total Liabilities | $26,548 | $25,927 | | Total Equity | $7,451 | $6,896 | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) H1 2024 vs H1 2023 Cash Flow Summary (in millions) | Activity | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $2,521 | $2,074 | | Net cash used in investing activities | $(2,359) | $(1,339) | | Net cash used in financing activities | $(464) | $(919) | - Net cash provided by operating activities for the first half of 2024 increased **21.6%** to **$2.52 billion**, driven by strong operating EBITDA growth and working capital benefits[5](index=5&type=chunk)[22](index=22&type=chunk) [Supplemental Data & Segment Performance](index=9&type=section&id=SUMMARY%20DATA%20SHEET) The supplemental data provides a detailed breakdown of revenue sources and growth drivers, with the core Collection and Disposal business remaining the primary revenue generator, showing a 4.6% yield increase in Q2, and total company internal revenue growth of 5.3% driven by strong pricing which offset a slight volume decline, while free cash flow grew 32.3% in the first half of the year [Revenue by Business Line & Internal Growth](index=9&type=section&id=Operating%20Revenues%20by%20Line%20of%20Business) Q2 2024 Net Operating Revenues by Line of Business (in millions) | Line of Business | Q2 2024 Net Revenue | Q2 2023 Net Revenue | | :--- | :--- | :--- | | Total Collection | $3,701 | $3,568 | | Landfill | $873 | $846 | | Transfer | $348 | $320 | | **Total Collection and Disposal** | **$4,922** | **$4,734** | | Recycling Processing and Sales | $405 | $316 | | WM Renewable Energy | $69 | $62 | Q2 2024 vs. 2023 Internal Revenue Growth | Component | Change as % of Total Company Revenue | | :--- | :--- | | Average Yield | 5.2% | | Volume | 0.1% | | **Internal Revenue Growth** | **5.3%** | | Acquisitions | 0.3% | | **Total Revenue Growth** | **5.5%** | - In the Collection and Disposal business, yield was **4.6%** while volume declined by **0.3%** in Q2 2024[5](index=5&type=chunk)[28](index=28&type=chunk) [Free Cash Flow & Other Key Metrics](index=11&type=section&id=Free%20Cash%20Flow) Free Cash Flow Reconciliation (in millions) | Metric | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $2,521 | $2,074 | | Capital expenditures (ex-sustainability) | $(947) | $(963) | | Proceeds from divestitures | $58 | $46 | | **Free cash flow (w/o sustainability investments)** | **$1,632** | **$1,157** | | Capital expenditures (sustainability) | $(388) | $(217) | | **Free cash flow** | **$1,244** | **$940** | - Total Company free cash flow in the first half of the year, including sustainability investments, grew **32.3%** to **$1.24 billion**[5](index=5&type=chunk)[32](index=32&type=chunk) - In Q2 2024, the company acquired businesses with **$77 million** in gross annualized revenue for a total consideration of **$237 million**[32](index=32&type=chunk) [Reconciliation of Non-GAAP Measures](index=13&type=section&id=RECONCILIATION%20OF%20CERTAIN%20NON-GAAP%20MEASURES) The company provides detailed reconciliations of GAAP to non-GAAP financial measures to exclude items not reflective of fundamental business performance, with Q2 2024 adjustments increasing reported net income of $680 million to an adjusted net income of $732 million, and raising diluted EPS from $1.69 to $1.82 Q2 2024 GAAP to Non-GAAP Reconciliation Summary (in millions, except EPS) | Metric | As Reported | Adjustments | As Adjusted | | :--- | :--- | :--- | :--- | | Income from Operations | $1,009 | $66 | $1,075 | | Net Income | $680 | $52 | $732 | | Diluted EPS | $1.69 | $0.13 | $1.82 | Q2 2024 Adjusted Operating EBITDA by Segment (in millions) | Segment | Adjusted Operating EBITDA | | :--- | :--- | | Collection and Disposal | $1,838 | | Recycling Processing and Sales | $60 | | WM Renewable Energy | $27 | | Corporate and Other | $(307) | | **Total** | **$1,618** | - Key adjustments in Q2 2024 included **$7 million** in Stericycle transaction costs and a **$58 million** net loss from divestitures, asset impairments, and unusual items[36](index=36&type=chunk) 2024 Projected Free Cash Flow (in millions) | Metric | Low End (Scenario 1) | High End (Scenario 2) | | :--- | :--- | :--- | | Net cash from operating activities | $5,000 | $5,250 | | Capital expenditures | $(3,050) | $(3,200) | | Proceeds from divestitures | $50 | $100 | | **Free Cash Flow** | **$2,000** | **$2,150** | [Forward-Looking Statements & Other Information](index=4&type=section&id=FORWARD-LOOKING%20STATEMENTS) This section contains standard cautionary language regarding forward-looking statements, outlining various risks and uncertainties that could cause actual results to differ from projections, and explains the rationale for using non-GAAP financial measures to provide additional insight into the company's core business performance and liquidity - The company identifies risks including failure to implement business strategy, failure to consummate the Stericycle acquisition, regulatory changes, macroeconomic conditions, and competition[10](index=10&type=chunk) - Non-GAAP measures are used to provide additional, meaningful comparisons of current results to prior periods by excluding items not considered reflective of fundamental business performance[11](index=11&type=chunk)

However, the task of finding cutting-edge growth stocks is made easy with the help of the Zacks Growth Style Score (part of the Zacks Style Scores system), which looks beyond the traditional growth attributes to analyze a company's real growth prospects. While there are numerous reasons why the stock of this garbage and recycling hauler is a great growth pick right now, we have highlighted three of the most important factors below: While the historical EPS growth rate for Waste Management is 9.8%, investors ...