Summary by Moomoo AI
Waste Management reported strong Q2 2024 results with revenue growing 5.5% to $5.4 billion, driven by 6.8% core price growth and higher recycled commodity values. Operating EBITDA increased 10.3% to $1.62 billion, achieving a record 30% margin. Net income rose to $680 million with EPS of $1.69.The company's Collection and Disposal business saw robust performance with adjusted operating EBITDA growing to $1.84 billion at a 37.3% margin. Through July, WM completed over $750 million in solid waste acquisitions, expanding presence in key markets including Long Island, Florida, North Carolina and Arizona. The company is progressing with regulatory reviews for its planned Stericycle acquisition.Management reaffirmed its increased full-year 2024 outlook for adjusted operating EBITDA of $6.375-6.525 billion and free cash flow of $2.0-2.15 billion. The company continues advancing its sustainability initiatives, having opened two upgraded recycling facilities in Q2 with five renewable energy projects scheduled for completion in 2024 and nine more under construction.
