Waste Management (WM) FY2013 results: revenue $14.0 billion, up 2.4% on the year
Waste Management Inc. (WM) reported revenue of $14.0 billion for fiscal 2013, the year ended 31 December 2013, up 2.4% on the year before. Net income was $98 million, down 88.0%, and diluted earnings per share $0.21. The figures are the company's own, from the 10-K it filed with the SEC on 18 February 2014.
Revenue
$14.0 billion
+2.4% on the year
FY2007FY2013
Operating margin
7.7%
13.6% a year earlier
FY2007FY2013
Net income
$98 million
-88.0% on the year
FY2007FY2013
Diluted EPS
$0.21
-88.1% on the year
FY2007FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
13,983
13,649
13,378
+2.4%
Cost of revenue
9,112
8,879
8,541
+2.6%
Gross profit
4,871
4,770
4,837
+2.1%
Gross margin
34.8%
34.9%
36.2%
Selling, general and administrative
1,468
1,472
1,551
-0.3%
Operating income
1,079
1,851
2,028
-41.7%
Operating margin
7.7%
13.6%
15.2%
Interest expense
500
509
503
-1.8%
Pre-tax income
494
1,303
1,520
-62.1%
Income tax
364
443
511
-17.8%
Effective tax rate
73.7%
34.0%
33.6%
Net income
98.0
817
961
-88.0%
Net margin
0.7%
6.0%
7.2%
Diluted EPS
$0.21
$1.76
$2.04
-88.1%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
2,455
2,295
2,469
+7.0%
Capital expenditure
1,267
1,510
1,324
-16.1%
Free cash flow
1,188
785
1,145
+51.3%
Free cash flow margin
8.5%
5.8%
8.6%
Cash from investing
-1,900
-1,830
-2,185
Cash from financing
-687
-530
-566
Depreciation and amortisation
1,333
1,297
1,229
+2.8%
Share-based compensation
58.0
29.0
45.0
+100.0%
Buybacks
239
n/a
575
Dividends paid
683
658
637
+3.8%
Dividend per share
$1.46
$1.42
$1.36
+2.8%
Diluted shares, weighted
470m
464m
471m
+1.2%
Shares outstanding at period end
464m
464m
460m
+0.0%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
5,707
6,354
6,070
-10.2%
Non-controlling interest
295
321
320
-8.1%
Debt
10,226
9,916
9,756
+3.1%
Other liabilities
6,262
6,506
6,423
-3.8%
Total liabilities and equity
22,490
23,097
22,569
-2.6%
Fixed assets
12,344
12,651
12,242
-2.4%
Goodwill
6,070
6,291
6,215
-3.5%
Intangible assets
529
397
457
+33.2%
Investments
177
n/a
n/a
Cash and equivalents
58.0
194
258
-70.1%
Receivables
1,699
1,737
1,631
-2.2%
Other assets
1,613
1,827
1,766
-11.7%
Total assets
22,490
23,097
22,569
-2.6%
10-K for the year ended 31 December 2013, filed 18 February 2014: the filing.