Why Waste Management Stock Is Trading Down

Waste Management Inc WM shares are trading lower Wednesday after the company reported worse-than-expected financial results.

What Happened: Waste Management turned in fourth-quarter revenue of $4.93 billion, which missed average analyst estimates of $4.97 billion, according to Benzinga Pro. The waste services company reported quarterly earnings of $1.30 per share, which missed consensus estimates of $1.41 per share.

Waste Management said its collection and disposal business was a bright spot throughout 2022. The company expects it to continue to lead in 2023.

"The collection and disposal business exceeded expectations and overcame high inflation and a tight labor market to deliver double-digit adjusted operating EBITDA growth in both the fourth quarter and for the full year," said Jim Fish, president and CEO of Waste Management.

"We expect 2023 performance to be driven by another strong year in our collection and disposal business that builds upon our outstanding 2022 results."

Waste Management expects full-year 2023 revenue growth to be in a range of 4% and 5.5%. Adjusted operating EBITDA is expected to be between $5.825 billion and $5.975 billion, compared to $5.512 billion in 2022.

See Also: Is An 'Epic Comeback' On The Horizon? Why Peloton Stock Is Rising Today

WM Price Action: Waste Management has a 52-week high of $175.98 and a 52-week low of $138.58.

The stock was down 2.99% at $150.10 at time of publication, according to Benzinga Pro.

Photo: courtesy of Waste Management.

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