SEATTLE (Recycling Monster): WM announced financial and operational results for the first quarter of 2024.

The company continued with facility upgrades during the quarter. WM had recently reopened its upgraded recycling facility in Germantown, Wisconsin. The upgrades to automate the plant were carried out at an investment of $39 million and has boosted the processing capacity to 70 tons per hour. The planned shutdowns at other recycling facilities is feared to create a headwind of around $30 million during the current year. However, this will be offset in 2025, as the facilities reopen.

According to Jim Fish, CEO of the company, the company reported 29.6% adjusted operating EBITDA margin during Q1 this year, aided by strong cost savings initiatives and pricing programs. The company expects a higher full year EBITDA in the range of 29.7% to 30.2% in 2024, he said.

The Q1 revenue, at $5.16 billion, was up significantly by 5.46% year-on-year. The Q1 net income too surged higher by almost one-third to $708 million. Meantime, WM reported adjusted operating EBITDA of $1.53billion.

The company continued to reduce workforce through attrition during the quarter. It plans to eliminate nearly 1,200 unfilled positions during the current year. Since 2022, WM has reduced its headcount by almost 2,000.