Waste Mgmt beats by $0.02, misses on revs (154.63 -1.33)
- Reports Q3 (Sep) earnings of $1.63 per share, excluding non-recurring items, $0.02 better than the FactSet Consensus of $1.61; revenues rose 2.4% year/year to $5.2 bln vs the $5.27 bln FactSet Consensus.
- Core price for the third quarter of 2023 was 6.6% compared to 8.2% in the third quarter of 2022. Core price exceeded inflationary cost increases in the quarter by an estimated 100 basis points, contributing to margin and earnings growth.
- Free cash flow of $612 mln, up 41.7% yr/yr.
- The Company now expects sustainability growth capital spending of about $750 million in 2023. The decrease from prior expectations is based on a shift in the timing of spending across the next few quarters. As a result of lower anticipated capital spending, 2023 free cash flow is expected to be in the range of $1.825 and $1.925 billion.