Waste Management, Inc. reported strong financial performance for the third quarter and the first nine months of 2024, reflecting significant revenue growth and improved profitability compared to the same periods in 2023. For the three months ended September 30, 2024, operating revenues reached $5,609 million, a 7.9% increase from $5,198 million in Q3 2023. For the nine months ended September 30, 2024, revenues totaled $16,170 million, up from $15,209 million in the prior year, marking a 6.3% increase.
The company's income from operations for Q3 2024 was $1,119 million, compared to $1,021 million in Q3 2023, while for the nine-month period, it rose to $3,144 million from $2,790 million. Consolidated net income for Q3 2024 was $760 million, up from $662 million in the same quarter of 2023, and for the nine months, it increased to $2,147 million from $1,807 million. Basic earnings per share for Q3 2024 were $1.89, compared to $1.64 in Q3 2023, and for the nine months, it rose to $5.35 from $4.46.
The growth in revenue was primarily driven by higher yields in the Collection and Disposal segments and increased market values for recycled commodities. The Collection and Disposal segment reported net operating revenues of $5,084 million for Q3 2024, up from $4,821 million in Q3 2023. The Recycling Processing and Sales segment also saw a revenue increase, benefiting from improved commodity pricing.
Strategically, Waste Management completed solid waste and recycling acquisitions totaling $780 million during the nine months ended September 30, 2024, significantly higher than $139 million in the same period of 2023. The company announced a merger agreement to acquire Stericycle for approximately $7.2 billion, expected to close in Q4 2024. This acquisition aims to enhance Waste Management's environmental solutions in the healthcare market.
On the balance sheet, total assets increased to $34,730 million as of September 30, 2024, up from $32,823 million at the end of 2023. Cash and cash equivalents rose to $614 million from $458 million. However, total debt also increased to $16,653 million from $16,229 million, with approximately $1.9 billion of debt maturing within the next 12 months.
Operating expenses for Q3 2024 were $3,399 million, up from $3,188 million in Q3 2023, driven by higher recycling rebates, wage increases, and acquisition costs. Despite these increases, the company managed to maintain a strong operating margin, with income from operations representing 20.0% of revenues in Q3 2024, compared to 19.6% in the prior year.
About WASTE MANAGEMENT INC
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