WM Fourth Quarter Earnings Show Positive Momentum Waste Management Inc., Houston, announced financial re- sults for the fourth quarter of 2020 as well as the full year. The company’s fourth-quarter results continued the posi- tive momentum from the third quarter as organic revenue growth in the collection and disposal business was nearly flat year-over-year and improved 250 basis points sequential- ly and 890 basis points from the low in the second quarter. Additionally, the company maintained its focus on cost and capital management.As a result, fourth-quarter adjusted operating earnings before interest, taxes, depreciation and amortization (EBITDA) increased 4.1 percent year over year when normalized to exclude the acquisition of Advanced Disposal as well as timing differences in the government approvals of alternative fuel tax credits. This growth was achieved despite macroeconomic challenges stemming from the COVID-19 pandemic. In the fourth quarter, revenue increased $185 million in the company’s collection and disposal business compared with the fourth quarter of 2019, primarily driven by $202 million in acquisition revenue and $79 million of growth from yield partially offset by $93 million in volume declines. For the full year, revenue decreased $141 million in the company’s collection and disposal business compared with 2019, primarily driven by $669 million in volume declines partially offset by $299 million of growth from yield and $244 million in acquisition revenue. Casella Waste Systems Inc., Rutland, Vermont, has report- ed its financial results for the fourth quarter ending Dec. 31, 2020. For the quarter, revenues were $200.2 million, up $6.6 million, or up 3.4 percent, from the same period in 2019.The company credits this revenue growth to positive collection and disposal pricing, the roll-over impact from acquisitions, higher resource solutions volumes and high- er recycling commodity prices. However, these are partially offset by lower fuel surcharge and other fees along with lower solid waste volumes primarily due to the negative economic impacts of the COVID-19 pandemic. Waste Connections Announces Q4 Results Waste Connections Inc.,Ontario,Canada,has announced its results for the fourth quarter of 2020 on February 17. Rev- enue in the fourth quarter totaled $1.398 billion, up from $1.362 billion in the year ago period. Operating income was $197.1 million,which included $24.1 million of impairments and other operating items primarily related to an adjustment to the carrying values of certain acquired long-lived assets and $5.3 million of acquisition-related costs.This compares to operating income of $194.2 million in the fourth quarter of 2019, which included $32.7 million of costs primarily result- ing from impairments and other operating items. Casella’s Q4 Earnings Exceed Expectations
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Recycling Markets March 1, 2021 9
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