Waste Management releases Q1 earnings information
Waste Management Inc. announced its financial results for the first quarter of 2014, which highlighted a 1.8 percent, or $60 million, revenue growth.
Improvement was reported in income operations, free cash flow, margins and others, said David Steiner, president and CEO of Waste Management. “We’re encouraged by our strong start, and we expect the momentum to continue as we enter our seasonal upturn.”
The company’s yield programs were credited to driving margin expansion. During the first quarter, the collection and disposal yield was 2.6 percent, Steiner reported. “It is the seventh, consecutive quarter of sequential yield improvement.”
“We need yield at about two percent to see margin expansion,” Steiner said. “And we will execute our yield programs to continue to drive that expansion.”
The company’s waste-to-energy operations were briefly highlighted during the announcement. During the first quarter, operating results were relatively flat, compared to 2013, Steiner said. “Overall, results benefited from a spike in electricity prices in the quarter which were driven by the colder than normal winter,” he added. “In April, we are seeing electricity prices moderate as warmer weather has arrived on the East Coast. So we expect earnings from our waste-to-energy operations to be similar to 2013 in the remaining three quarters.”