WM has released financial results for the quarter and year that ended December 31, 2023.
“Our operating and financial results in the second half of 2023 surpassed expectations driven by strong execution on our pricing and operating excellence programs. Our team continues to make progress in optimizing our cost structure, and our investments in people, technology, and assets accelerated margin expansion ahead of plan in the fourth quarter,” said Jim Fish, WM’s president and CEO. “During the fourth quarter, our collection and disposal business performance powered our total company adjusted operating EBITDA growth of 15 percent and record adjusted margin of 29.9 percent. Our performance in 2023, particularly the momentum built during the second half of the year, positions us well to sustain growth throughout 2024.
“In 2024, we anticipate our financial performance to be driven by disciplined pricing, enhanced operational efficiencies, prudent cost management, and contributions from our investments in our recycling and renewable energy businesses. We anticipate total company-adjusted operating EBITDA growth of almost 8 percent at the midpoint of our guidance. Our expectations for operating EBITDA growth position us to achieve all of our capital allocation priorities, including continuing to invest in sustainability growth, completing accretive acquisitions, and returning cash to our shareholders through dividends and share repurchases.”
The company also plans to invest $2.8 to $2.9 billion in recycling and renewable energy growth between 2022 to 2026. This includes the $1.325 billion already invested in 2022 and 2023. About $350 million of the increased amount is for new recycling projects with similar expected returns.
