Waste Management Announces Plan to Increase the Quarterly Dividend Rate and for the Authorization of up to $1.5 Billion in Share Repurchases
Per Share Dividend to Increase from
The Company also received authorization from its Board of Directors to repurchase
“In 2018 we expect to generate strong free cash flow and return approximately 90% of that cash to our shareholders through dividends and share repurchases,” said
Waste Management’s Board of Directors must declare each future quarterly dividend prior to payment. The Board of Directors intends to declare the first quarter 2019 dividend in February, at which time the Company will announce the record and payment dates for this dividend. It is expected that the first increased dividend will be paid in March of 2019.
Future share repurchases will be made at the discretion of management and will depend on various relevant factors, including the Company’s net earnings, financial condition, and cash required for future business plans, growth, and acquisitions.
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 2019, future share repurchases, and future business performance and free cash flow. 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, commodity price fluctuations; increased competition; pricing actions; failure to implement our optimization and growth initiatives and overall business strategy; environmental and other regulations; disposal alternatives and waste diversion; declining waste volumes; failure to develop and protect new technology; significant environmental or other incidents resulting in liabilities and brand damage; weakness in economic conditions; failure to obtain and maintain necessary permits; labor disruptions; impairment charges; and negative outcomes of litigation or governmental proceedings. Please also see the Company’s filings with the
Free cash flow is a non-GAAP measure. Free cash flow is not intended to replace “Net cash provided by operating activities,” which is the most comparable U.S. GAAP measure. The Company defines free cash flow as net cash provided by operating activities, less capital expenditures, plus proceeds from divestitures of business (net of cash divested) and other sales of assets. This definition of may not be comparable to similarly titled measures presented by other companies.
ABOUT WASTE MANAGEMENT
Waste Management, based in
Source: Waste Management