waste management inc (WM) Key Developments
Waste Management Unveils a New Compressed Natural Gas (CNG) Public Fueling Station in Chino, California
Mar 18 15
Waste Management unveiled a new compressed natural gas (CNG) public fueling station in Chino, California. The fueling station will refuel WM's local fleet and sell CNG to commercial fleets and retail consumers who have CNG-equipped vehicles. WM now runs 24 CNG trucks in Chino and plans to replace any remaining diesel trucks before the end of the year so that its entire fleet will run on CNG.
Waste Management, Inc. Declares Quarterly Cash Dividend, Payable on March 20, 2015
Feb 24 15
Waste Management, Inc. announced the declaration of a quarterly cash dividend of $0.385 per share payable March 20, 2015 to stockholders of record on March 9, 2015.
Waste Management and Waste Management Holdings, Inc. Announce Cash Tender Offer to Purchase Any and All of the Outstanding Aggregate Principal Amount of the Senior Notes
Feb 18 15
Waste Management, Inc. announced that, together with its wholly owned subsidiary, Waste Management Holdings, Inc., it has commenced a cash tender offer to purchase any and all of the outstanding aggregate principal amount of the senior notes: $448,975,000 7.10% Notes due 2026; $577,205,000 7.00% Senior Notes due 2028; $222,930,000 7.375% Senior Notes due 2029; $496,000,000 7.75% Senior Notes due 2032; and $600,000,000 6.125% Senior Notes due 2039. The offers are made pursuant to an Offer to Purchase dated and a related Letter of Transmittal and Notice of Guaranteed Delivery. As of February 17, 2015, the amount outstanding of the notes in the aggregate is $2.345 billion. The consideration per each $1,000 principal amount of notes validly tendered and accepted for payment pursuant to the tender offer will be determined in the manner described in the Offer to Purchase by reference to the applicable fixed spread specified for the series in the table above over the yield based on the bid side price of the applicable U.S. Treasury Security specified above for each series of notes, as calculated by the dealer managers at 2:00 p.m., New York City time, on February 24, 2015. Holders whose notes are purchased will also receive accrued and unpaid interest thereon from the applicable last interest payment date up to, but not including, the settlement date. The tender offer will expire at 5:00 p.m. New York City Time on February 24, 2015, unless extended. Holders of notes must validly tender and not validly withdraw their notes before 5:00 p.m. New York City Time on the tender offer expiration date to be eligible to receive the consideration for each series of notes. The offer for each series of notes is conditioned upon the satisfaction of certain conditions, including the completion of a contemporaneous notes offering by Waste Management on terms and conditions (including, but not limited to, the amount of proceeds raised in such offering) satisfactory to Waste Management. No offer is conditioned upon any minimum amount of notes being tendered or the consummation of any other offer. Each offer may be amended, extended, terminated or withdrawn separately. Waste Management has retained Deutsche Bank Securities Inc., Goldman, Sachs & Co., J.P. Morgan Securities LLC and Credit Suisse Securities (USA) LLC to serve as the Dealer Managers for the tender offer. Deutsche Bank Securities Inc. Waste Management has also retained Global Bondholder Services Corporation to serve as the Depositary and Information Agent for the tender offer.
Waste Management Seeks Acquisitions
Feb 18 15
David Steiner, Chief Executive Officer of Waste Management, Inc. (NYSE:WM) said on a call with investors that Waste Management will consider reinvesting the proceeds received from divestitures in acquisitions or share buybacks in the middle of 2015.
Waste Management, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Provides Earnings Guidance for the Year 2015; Announces Asset Impairments for the Fourth Quarter of 2014
Feb 17 15
Waste Management, Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company's operating revenues were $3,437 million compared to $3,500 million a year ago. Income from operations was $752 million compared to loss from operations of $410 million a year ago. Income before income taxes was $599 million compared to loss before income taxes of $603 million a year ago. Net income was $598 million compared to net loss of $599 million a year ago. Net income attributable to the company was $590 million compared to net loss attributable to the company of $605 million a year ago. Diluted earnings per common share were $1.28 compared to loss per share of $1.29 a year ago. Net cash provided by operating activities was $520 million compared to $597 million a year ago. Capital expenditures were $370 million compared to $447 million a year ago. Adjusted net income was $308 million or $0.67 per diluted share compared to $263 million or $0.56 per diluted share a year ago. Adjusted income from operations was $584 million compared to $530 million a year ago. Adjusted operating EBITDA was $891 million compared to $857 million a year ago.
For the year, the company's operating Revenue was $13,996 million compared to $13,983 million a year ago. Income from operations was $2,299 million compared to $1,079 million a year ago. Income before income taxes was $1,751 million compared to $494 million a year ago. Net income was $1,338 million compared to $130 million a year ago. Net income attributable to Waste Management, Inc. was $1,298 million compared to $98 million a year ago. Diluted earnings per common share were $2.79 compared to $0.21 a year ago. Net cash provided by operating activities was $2,331 million compared to $2,455 million a year ago. Capital expenditures were $1,151 million compared to $1,271 million a year ago. Adjusted net income was $1,151 million or $2.48 per diluted share compared to $1,008 million or $2.15 per diluted share a year ago. Adjusted net cash provided by operating activities was $2,541 million, adjusted income from operations was $2,252 million, adjusted operating EBITDA was $3,544 million, adjusted earnings per diluted share was $2.48 and adjusted free cash flow (excl. proceeds from divestitures and tax overpayments) was $1,390 million.
The company provided earnings guidance for the year 2015. For the year 2015, the company expects net cash provided by operating activities to be in the range of $2,600 million to $2,800 million, capital expenditures to be in the range of $1,200 million to $1,300 million, free cash flow to be in the range of $1,450 million to $1,600 million and free cash flow (excl. proceeds from divestiture) to be in the range of $1,400 million to $1,500 million. Adjusted earnings per diluted share are expected to be between $2.48 and $2.55, an increase of between 8% and 11% when 2014 is adjusted for divestiture earnings. The tax rate is expected to be approximately 36.0%.
The company also announced asset impairments of $338 million for the fourth quarter of 2014 compared to $935 million a year ago.