SEATTLE (Recycling Monster): WM announced financial results for the first quarter of the current year ended 31st March, 2023.
According to company press release, the operating EBITDA of WM’s collection and disposal business was $1.5 billion, or 30.6% of revenue during the quarter. This compares with $1.4 billion, or 31.3% of revenue, for the same quarter a year before. The operating EBITDA in recycling line of business recorded decline by $42 million year-on-year. Also, operating EBITDA in renewable energy business too declined by $20 million.
The collection and disposal yield stood at 6.2%, compared to 5.5% in the first quarter of 2022. The total company volumes increased by 1.2%, when compared with 3.6% a year before. The collection and disposal volumes were up by 1.1%, compared with 4.2% rise in Q1 last year.
The company reported dip in free cash flow during Q1 2023. It returned $639 million to shareholders during the quarter.
Jim Fish, WM’s President and Chief Executive Officer noted that the teams executed well to deliver 7% organic revenue growth in the collection and disposal business during the quarter. The results are in line with expectations, keeping it on track to achieve the previously announced full-year guidance for 2023, he added.
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