Waste Management Inc. (NYSE: WM) topped analysts’ expectations for revenue and earnings in the second quarter of 2019. Shares were up 1.1% in morning hours on Thursday.
Total revenues rose nearly 6% year-over-year to $3.95 billion, surpassing estimates of $3.94 billion. Revenue growth was driven by strong yield and volume growth in the collection and disposal business.
Net income was $381 million, or $0.89 per share, compared to $499 million, or $1.15 per share, in the prior-year period. Adjusted net income was $470 million, or $1.11 per share. Analysts had forecast EPS of $1.08.
Total company internal revenue growth from volume, including the recycling business, was 4%. Collection and disposal business internal revenue growth from volume was 4.4%. Internal revenue growth from yield for the collection and disposal business was 2.7% versus 2.3% in the year-ago quarter. Core price was 5.4% compared to 5.3% last year.
During the quarter, the company saw a 4% revenue growth in its total collection business, helped by increases across all its divisions. The landfill business saw a 11% growth in revenue while the transfer business saw an 8% increase. The recycling business posted a 13% drop in revenue.
Despite an updated expectation for a full-year recycling headwind of $0.01-0.02 per share, the company is reaffirming its full-year 2019 guidance for adjusted EPS of $4.28-4.38. Adjusted operating EBITDA is expected to be $4.40 billion to $4.45 billion, and free cash flow is expected to be $2.025 billion to $2.075 billion.
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