Waste Management Inc

Позитивное:

• Рекордная генерация свободного денежного потока и возврат капитала акционерам. Цитата: «Together, these results drove free cash flow of over $3 billion, up more than 42% through the first nine months of the year, with operating EBITDA conversion of 50%. We remain focused on converting earnings growth into cash efficiently while funding the investments that support safe, dependable operations and attractive long-term returns. We allocated more than 90% of that free cash flow to shareholder returns during the first nine months of the year, repurchasing $1.58 billion of our shares and paying $1.14 billion in dividends.» транскрипт
• Раннее достижение целевых показателей по интеграции Healthcare Solutions, включая снижение SG&A до 15,2% и рост базовой цены до 5,5%. Цитата: «We had two year-end targets for the business as we exit 2026: core price at 5.5% and SG&A of between 15% and 16% of revenue. We achieved both of those targets earlier than expected, with third quarter core price coming in right at 5.5% and SG&A at 15.2% of revenue.» транскрипт

Негативное:

• Слабость объемов в сегменте сбора и утилизации из-за планового отказа от части контрактов в жилом секторе и потери брокерских аккаунтов. Цитата: «Collection and disposal volume was modestly negative, primarily reflecting continued intentional residential losses, which have improved each quarter this year, and the national account broker losses in commercial that we discussed last quarter.» транскрипт
• Давление на маржу из-за резкого роста цен на дизельное топливо и непредвиденных расходов на управление рисками. Цитата: «These core business contributions were offset by primarily a couple of headwinds, 40 basis points from higher fuel costs, and 40 basis points from increased risk management costs within our corporate and other segment.» транскрипт