waste management inc (WM) Key Developments
Waste Management's Energy Services Division Wins Environmental Services Contract with American Electric Power
Nov 13 13
Waste Management, Inc. announced that its Energy Services division has been awarded a contract to provide coal combustion product marketing and onsite landfill management services to American Electric Power (AEP) at three of its power plants in the Texas-Oklahoma region. Under the contract, Waste Management's FlyAshDirect division will market fly ash, a substance generated during the combustion of coal, for reuse.
Waste Management, Inc. Declares Quarterly Cash Dividend, Payable on December 20, 2013
Nov 12 13
Waste Management, Inc. announced the declaration of a quarterly cash dividend of $0.365 per share, payable on December 20, 2013 to stockholders of record on December 4, 2013.
Waste Management, Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2013; Provides Earnings Guidance for the Fourth Quarter and Full Year of 2013; Announces Asset Impairments for the Third Quarter of 2013
Oct 29 13
Waste Management, Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2013. For the quarter, operating revenues were $3,621 million against $3,461 million for the same period a year ago. Income from operations was $577 million against $500 million for the same period a year ago. Income before income taxes was $452 million against $348 million for the same period a year ago. Net income attributable to the company was $291 million against $214 million for the same period a year ago. Basic and diluted earnings per common share were $0.62 against $0.46 for the same period a year ago. Adjusted net income was $306 million or $0.65 per diluted share against $285 million or $0.61 per diluted share for the same period a year ago. Adjusted income from operations was $608 million against $575 million for the same period a year ago. Net cash provided by operating activities increased by $162 million to $736 million in the third quarter from the prior year period. Capital spending was $323 million in the quarter. Revenue increased by 4.6% primarily from acquisitions and internal revenue growth from yield. Results in the third quarter of 2013 included approximately $15 million of after-tax costs, primarily from asset impairments. Overall income from operations grew $33 million. And the overall income from operations margin grew 20 basis points. The company also grew overall operating EBITDA by $46 million and overall operating EBITDA margin by 10 basis points. Free cash flow for the quarter was $452 million, an increase of $272 million compared to the third quarter of 2012.
For the nine months, operating revenues were $10,483 million against $10,215 million for the same period a year ago. Income from operations was $1,489 million against $1,367 million for the same period a year ago. Income before income taxes was $1,097 million against $954 million for the same period a year ago. Net income attributable to the company was $703 million against $593 million for the same period a year ago. Diluted earnings per common share were $1.50 against $1.28 for the same period a year ago. Net cash provided by operating activities was $1,858 million against $1,718 million for the same period a year ago. Capital expenditures were $824 million against $1,132 million for the same period a year ago. Year-to-date, free cash flow was $1.15 billion as compared to $614 million for the first nine months of 2012, an improvement of $533 million.
For the fourth quarter recycling operations, the company had most recently projected a positive $0.01 impact on earnings per share when compared to 2012.
The company still expects to spend between $1.3 billion and $1.4 billion on capital expenditures during the year. The company on track to achieve full-year goals, despite an estimated $0.13 per share of full-year headwinds from recycling operations, which is $0.11 more than anticipated at the beginning of the year. Adjusted diluted earnings per share guidance range of between $2.15 and $2.20 for the full year, and generate free cash flow between $1.2 and $1.3 billion, excluding proceeds from divestitures.
The company reported asset impairments and unusual items of $10 million compared to $39 million for the same period a year ago.
Waste Management, Inc. to Build Pipeline-Ready Natural Gas Facility in Illinois
Oct 23 13
Waste Management, Inc. has announced that it will build a new facility to create pipeline-ready natural gas from its Milam Landfill in Fairmont City, Illinois. The processed renewable natural gas will be injected into the pipelines of Ameren Illinois for withdrawal at other locations, including some Waste Management facilities. Once there, it will be used to fuel truck fleets and other equipment that run on compressed natural gas, or CNG. Waste Management is calling the plant the Renewable Natural Gas Facility and expects it to begin delivering gas to the pipelines in late summer 2014. Like wind and solar, landfill gas is a renewable source of energy endorsed by the US Environmental Protection Agency as an alternative to fossil fuels. It's produced as waste naturally decomposes inside a landfill. Once captured, the gas is filtered and compressed and can be used to fuel an engine or a turbine to generate electricity. At the new Renewable Natural Gas Facility, the landfill gas will be further processed to produce pipeline-quality natural gas. This type of project represents an important alternative source of renewable energy that provide straight from landfills. At the landfill, on-site emissions will be reduced by the Renewable Natural Gas Facility. Since the gas will be treated, rather than burned onsite, Waste Management anticipates about a 60% reduction in emissions of carbon monoxide, nitrogen oxides, and particulate matter. Pabor said the facility will be designed to process approximately 3,500 standard cubic feet per minute (SCFM) of incoming landfill gas, equivalent to 105 million British thermal units per hour. This is as much gas as it takes to fuel about 400 of Waste Management's CNG collection trucks each day and represents more than 10% of the natural gas that is used in Waste Management's entire existing CNG fleet. Waste Management of Illinois currently has more than 100 CNG trucks in its fleet displacing about one million gallons per year of diesel fuel. "For every diesel truck older than a 2006 model that replace with a natural gas one, eliminate 22 metric tons of greenhouse gas emissions per year. These trucks also emit nearly zero air particulates, cut greenhouse gas emissions by nearly 25% and are far quieter than their predecessors. The Milam Renewable Natural Gas Facility will be the company's third plant to convert landfill gas to natural gas. In California, Waste Management has collaborated in the world's larger plant to convert landfill gas to ultra-low-carbon liquefied natural gas (LNG). The greenhouse gas emissions associated with this fuel are more than 80% lower than those of diesel. It's the cleanest fuel available for heavy-duty trucks. The facility produces 13,000 gallons of LNG per day and helps to power the company's fleet in California. In Ohio, the company processes about 3,000 SCFM of landfill gas and delivers it to a natural gas pipeline. Pabor said that there are now 134 projects on Waste Management landfills that use landfill gas to generate electricity, produce renewable gas, or displace fossil fuel. Altogether, these projects put enough landfill gas to work to produce the equivalent of more than 680 megawatts of power capacity, enough to power almost half a million homes, and displace the equivalent of more than 2.5 million tons of coal per year.
Waste Management, Inc. Presents at Advanced Biofuels Leadership Conference, Oct-09-2013
Oct 8 13
Waste Management, Inc. Presents at Advanced Biofuels Leadership Conference, Oct-09-2013 . Venue: Intercontinental San Francisco Hotel, San Francisco, California, United States. Speakers: Roy Johnston, Director, Corporate Venturing.