Waste Management has reported $3.46 billion in revenues for the fourth quarter ended December 31, 2016, an increase of 6.6 percent compared with $3.25 billion for the same 2015 period.
The revenue increase was driven by positive yield and volume in the Company’s collection and disposal business of $118 million, Waste Management said.
Acquisitions, net of divestitures, contributed $45 million of revenue growth to the fourth quarter. Recycling yield and volume also increased $51 million.
Net income for the quarter was $335 million, compared with net income of $273 million, for the fourth quarter of 2015.
Income from operations in the fourth quarter of 2016 was $617 million compared to $502 million, or $575 million on an as-adjusted basis, for the same 2015 period.
Operating EBITDA was $930 million in the fourth quarter of 2016 compared to $803 million, or $876 million on an as-adjusted basis, in the fourth quarter of 2015.
For the full year 2016, the Company reported revenues of $13.6 billion, compared with $13.0 billion for 2015.
For the full year 2016, income from operations was $2.30 billion, or $2.41 billion on an as-adjusted basis, compared to $2.05 billion, or $2.19 billion on an as-adjusted basis, for 2015.
For the full year of 2016, operating EBITDA was $3.60 billion, or $3.71 billion on an as-adjusted basis, compared to $3.29 billion in 2015, or $3.43 billion on an as-adjusted basis.
Jim Fish, president and chief executive officer of Waste Management, said, “In 2016 we continued our focus on core price, disciplined volume growth, and cost control. Our results in each of these areas exceeded our expectations, which led to operating EBITDA growth of 8.1 percent on an as-adjusted basis.”
“The fourth quarter saw internal revenue growth from each of yield and total Company volume achieve 2.0 percent or greater. This is the first time we have achieved this result in over a decade. This revenue growth drove significant increases in net cash provided by operating activities and free cash flow.”
“We will maintain our focus on driving core price, growing high margin volumes, and controlling costs, positioning us for strong earnings and cash generation in 2017,” Fish said.
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