Tuesday, February 7, 2023
HomeBusinessWaste Administration CEO Jim Fish touts 'fairly darned strong' 2022 outlook

Waste Administration CEO Jim Fish touts ‘fairly darned strong’ 2022 outlook


Waste Management CEO and President Jim Fish on Wednesday expressed confidence within the firm’s 2022 prospects, regardless of the continued presence of inflationary pressures.

“Our steerage that we simply gave for 2022 is fairly darned strong,” Fish mentioned in an interview on “Mad Money,” referring to projected natural income development of 6% and adjusted working EBITDA development of roughly 7%.

“That is on the very high finish of the vary that we gave a few years in the past at an investor day, and that is within the face of nonetheless a pandemic on the market and nonetheless this excessive inflation,” Fish instructed CNBC’s Jim Cramer. “It is all natural,” he added. “We actually have not purchased something of dimension within the final 12 months.”

Waste Administration is targeted on investing in know-how that automates sure positions inside the firm which have excessive turnover and its renewable pure gasoline amenities, Fish mentioned, whereas additionally returning capital to shareholders.

Waste Administration mentioned earlier Wednesday that its board intends to extend its annual dividend by 30 cents to $2.60. The board in December additionally licensed a $1.5 billion inventory buyback program.

“The enterprise is throwing off a ton of money, and we’re giving quite a lot of it again to shareholders,” Fish mentioned.

Shares of Waste Administration fell 1.1% Wednesday, ending the session at $148.12, off its lows of the day. Earlier than the market opened, Waste Administration reported adjusted earnings of $1.26 per share, which was in step with Wall Road’s estimates.

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