WM Announces Plan to Increase its Dividend Rate and a Refreshed $1.5 Billion Share Repurchase Authorization
11 Dezembro 2023 - 7:38PM
Business Wire
Annual Dividend Per Share to Increase 7.1%
from $2.80 to $3.00
WM (NYSE: WM) today announced that its Board of Directors has
approved a 7.1% increase in the planned quarterly dividend rate for
2024, from $0.70 to $0.75 per share. The annual dividend rate
increase from $2.80 to $3.00 per share marks the twenty-first
consecutive year of dividend rate increases. The Company also
received authorization from its Board of Directors to repurchase up
to $1.5 billion of the Company’s common stock, superseding the
authority remaining under the prior $1.5 billion authorization
announced in 2022.
“The strong and consistent cash flow generation of our business
allows WM to continue to fund all our capital allocation
priorities. In 2023, we will pay over $1 billion in cash to our
shareholders through dividends. We have also executed share
repurchases totaling $1.3 billion in 2023. Additionally, we
continue to invest in high-return optimization projects at our
recycling facilities and grow our renewable energy business,” said
Jim Fish, President and Chief Executive Officer of WM. “We are
confident that our anticipated 2024 cash flow positions us to once
again allocate capital across these priorities, including
delivering robust returns to our shareholders and maintaining an
attractive dividend compared to both the S&P 500 and our peer
group.” Each individual future quarterly dividend will be declared
at the discretion of WM’s Board of Directors prior to payment. It
is expected that the first increased dividend will be paid in March
of 2024.
The Company, from time to time, provides estimates of financial
and other data, comments on expectations relating to future periods
and makes statements of opinion, view or belief about current and
future events. This press release contains such forward-looking
statements, including statements regarding the amount, declaration,
timing and payment of dividends in 2024, future share repurchases,
future cash generation and funding of capital allocation
priorities, investments and returns, results of acquisitions,
future business performance and future shareholder returns. You
should view these statements with caution. They are based on the
facts and circumstances known to the Company as of the date the
statements are made. These forward-looking statements are subject
to risks and uncertainties that could cause actual results to be
materially different from those set forth in such forward-looking
statements, including but not limited to, failure to implement our
optimization, automation, growth, and cost savings initiatives and
overall business strategy; failure to obtain the results
anticipated from strategic initiatives, investments, acquisitions
or new lines of business; failure to identify acquisition targets,
consummate and integrate acquisitions; environmental and other
regulations, including developments related to emerging
contaminants, gas emissions, renewable energy and environmental,
social, and governance performance and disclosure; increasing
attention to sustainability matters and heightened scrutiny of
sustainability measurements, objectives and disclosures, which
could lead to increased litigation risk related to our
sustainability efforts; significant environmental, safety or other
incidents resulting in liabilities or brand damage; failure to
obtain and maintain necessary permits due to land scarcity, public
opposition or otherwise; diminishing landfill capacity, resulting
in increased costs and the need for disposal alternatives; failure
to attract, hire and retain key team members and a high quality
workforce; increases in labor costs due to union organizing
activities or changes in wage and labor related regulations;
disruption and costs resulting from extreme weather and destructive
climate events; failure to achieve our sustainability goals or
execute on our sustainability-related strategy and initiatives;
public health risk, increased costs and disruption due to a future
resurgence of pandemic conditions and restrictions; macroeconomic
conditions, geopolitical conflict and market disruption resulting
in labor, supply chain and transportation constraints, inflationary
cost pressures and fluctuations in commodity prices, fuel and other
energy costs; increased competition; pricing actions; impacts from
international trade restrictions; competitive disposal
alternatives, diversion of waste from landfills and declining waste
volumes; weakness in general economic conditions and capital
markets, including potential for an economic recession; instability
of financial institutions; adoption of new tax legislation; fuel
shortages; failure to develop and protect new technology; failure
of technology to perform as expected; failure to prevent, detect
and address cybersecurity incidents or comply with privacy
regulations; negative outcomes of litigation or governmental
proceedings; and decisions or developments that result in
impairment charges. Please also see the Company’s filings with the
SEC, including Part I, Item 1A of the Company’s most recently filed
Annual Report on Form 10-K, as updated by subsequent Quarterly
Reports on Form 10-Q, for additional information regarding these
and other risks and uncertainties applicable to our business. The
Company assumes no obligation to update any forward-looking
statement, including financial estimates and forecasts, whether as
a result of future events, circumstances or developments or
otherwise.
ABOUT WM
WM (WM.com) is North America's leading provider of comprehensive
environmental solutions. Previously known as Waste Management and
based in Houston, Texas, WM is driven by commitments to put people
first and achieve success with integrity. The company, through its
subsidiaries, provides collection, recycling and disposal services
to millions of residential, commercial, industrial and municipal
customers throughout the U.S. and Canada. With innovative
infrastructure and capabilities in recycling, organics and
renewable energy, WM provides environmental solutions to and
collaborates with its customers in helping them achieve their
sustainability goals. WM has the largest disposal network and
collection fleet in North America, is the largest recycler of
post-consumer materials and is the leader in beneficial use of
landfill gas, with a growing network of renewable natural gas
plants and the most landfill gas-to-electricity plants in North
America. WM's fleet includes nearly 11,000 natural gas trucks – the
largest heavy-duty natural gas truck fleet of its kind in North
America. To learn more about WM and the company's sustainability
progress and solutions, visit Sustainability.WM.com.
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Waste Management
Web site www.wm.com
Analysts Ed Egl 713.265.1656 eegl@wm.com
Media Toni Werner corp_comm@wm.com
Waste Management (NYSE:WM)
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