ISRI Specifications (Cont’d from Page 1)
The“ISRI Scrap Specifications Circular”was updated most recently in May, following approval by the ISRI Board of Directors at its Winter Meeting, to incorporate new speci- fications for inbound residential single-stream and inbound residential dual-stream material.The purpose of these spec- ifications is to give material recovery facilities (MRFs) and municipalities a common vernacular to negotiate the items that comprise the material stream derived from a curbside collection program.The specifications describe not only the items that should be part of the system but also prohibitives and other materials that could be considered contaminants. In conjunction with ISRI’s commodity divisions, the Spec- ifications Working Group is conducting a comprehensive review of all existing ISRI specifications and guidelines as a key first step, to be followed by a request for proposals to up- grade the specifications digital interface on the ISRI website. Waste Management Releases Financial Report Waste Management Inc., Houston, announced financial re- sults for the second quarter of 2020.Revenues were $3.56 bil- lion compared with $3.95 billion for the same period in 2019. WM and Advanced Disposal also recently revised acquisi- tion terms along with an agreement to sell substantially all anticipated regulatory divestitures to GFL Environmental. Both transactions are expected to close by the end of the third quarter. Additionally,WM has recently entered into a supplemen- tal $3 billion revolving credit facility maturing July 27, 2021, to be used for general corporate purposes, including fund- ing a portion of the Advanced Disposal acquisition and refi- nancing. Highlights for Q2: • Revenue declined $331 million in collection and disposal. • Core price for Q2 was 1.3 percent compared with 4.2 percent in Q2 of 2019. • Q2 pricing results were muted relative to historical re- sults and the initial full-year expectations because of proac- tive customer-centric steps to temporarily suspend price increases and certain fees for customers impacted by the COVID-19 pandemic. • Total company volumes declined 10.3 percent in Q2. •Volumes declined almost 11 percent in the commercial line of business, 16 percent in industrial and 18 percent in landfill, primarily related to the COVID-19 pandemic. • Interruptions related to the COVID-19 pandemic had a negative revenue impact of approximately $400 million. Updated 2020 outlook: •Total revenue for 2020 is expected to decline between 4 percent and 5 percent compared with 2019. •WM expects adjusted operating earnings before interest, taxes, depreciation and amortization (EBITDA) margin to be in the range of 28 percent to 28.5 percent. • Capital expenditures are projected to be between $1.55 and $1.65 billion. •WM expects to generate free cash flow approaching $2 billion, exclusive of transaction and advisory costs incurred for the acquisition of Advanced Disposal.
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Recycling Markets August 10, 2020 3
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