Earnings release
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FOR IMMEDIATE RELEASE Waste Management Announces First Quarter Earnings Strong Operating and Financial Results Surpass Expectations Company Increases 2021 Financial Guidance HOUSTON - Apr. 27 , 2021 - Waste Management , Inc. ( NYSE : WM ) today announced financial results for the quarter ended March 31 , 2021 . Three Months Ended March 31 , 2021 ( in millions , except per share amounts ) As Adjusted ( a ) Three Months Ended March 31 , 2020 ( in millions , except per share amounts ) FOR MORE INFORMATION Waste Management Website www.wm.com Analysts & Media Ed Egl 713.265.1656 eegl@wm.com As Reported As Reported As Adjusted ( a ) Revenue $ 4,112 $ 4,112 $ 3,729 $ 3,729 Income from Operations $ 650 $ 689 $ 573 $ 611 Operating EBITDA ( b ) $ 1,122 $ 1,161 $ 975 $ 1,013 Operating EBITDA Margin 27.3 % 28.2 % 26.1 % 27.2 % Net Income ( c ) $ 421 $ 450 $ 361 $ 395 Diluted EPS $ 0.99 $ 1.06 $ 0.85 $ 0.93 " We had an exceptionally strong start to the year with first quarter adjusted operating EBITDA growth of more than 14 % and adjusted operating EBITDA margin expansion of 100 basis points , " said Jim Fish , Waste Management's President and Chief Executive Officer . ( a ) " We achieved these results by generating strong yield , flexing down our cost structure , and executing on the integration of Advanced Disposal . With this solid performance and our confidence in the strength of our business model , we are increasing our 2021 financial guidance that we provided in February for revenue , adjusted operating EBITDA and free cash flow . " In addition to the strong performance of our core business , the integration of Advanced Disposal is going remarkably well . Based upon the success of the integration efforts so far , we believe we will capture synergies above our original expectations . We now expect to achieve $ 130 million in annual run - rate synergies from operating costs and SG & A savings , which is a more than 60 % increase from our initial estimates . The revised estimate includes between $ 75 million and $ 85 million in run - rate synergies captured during 2021 , up from our prior guidance of between $ 50 million and $ 60 million . "