Waste Management Inc

WM: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$671.00	Swhrj	Ktttfkrt

Waste Management Earnings: Strong Profit Margin Expansion Drives Earnings Growth

Brian Bernard

Oct 25, 2023

Waste Management, the wide-moat leader in U.S. solid waste collection and disposal, reported good third-quarter financial results. Total revenue increased 2.4% year over year to $5.2 billion, which was modestly below our estimate due to easing core price growth (6.6% this quarter versus 8.2% during the year-ago quarter). Nevertheless, price increases outpaced cost inflation, and WM’s adjusted EBITDA margin expanded 100 basis points to 29.6%, 60 basis points above our estimate. Adjusted EPS of $1.63 increased 4.5% year over year.

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