WM reports Q1 EPS $1.75, consensus $1.50

Reports Q1 revenue $5.16B, consensus $5.21B. “We’re pleased with the strong operational and financial performance the WM team delivered in Q1,” said CEO Jim Fish. “Adjusted operating EBITDA growth was 14.6% and margin expanded 240 basis points, which was powered by optimization of costs in the Collection and Disposal business and disciplined execution on price programs. Our results are a testament to the investments we have made in talent, technology, and assets over the past several years. We outperformed our own high expectations in the first quarter, and what really stands out in our results is our ability to convert more of each revenue dollar to earnings. Achieving 29.6% adjusted operating EBITDA margin in Q1 of the year, which historically has been our lowest margin quarter of a year, gives us confidence that we are positioned to deliver full-year margin in the range of 29.7% to 30.2%, expanding more than 100 basis points from the prior year at the midpoint. Momentum in capturing cost efficiencies and execution on our pricing programs allows us to raise our prior outlook for both adjusted operating EBITDA and free cash flow by $100M.”