Waste Management sees FY13 adjusted EPS $2.15-$2.20, consensus $2.29 Internal revenue growth from yield on the collection and disposal business is expected to be between 1.0% and 1.5%. Internal revenue growth from volume is expected to be between 0.5% and 1.0%. Recycling commodity sales prices are expected to have a negative 2c impact on EPS in 2013, compared with the prior year. Sees FY tax rate approx. 35%, CapEx $1.3B-$1.4B. Expects to grow free cash flow by 33% to 45% in 2013 to $1.1B-$1.2B. Says board has indicated dividend will increase in 2013 to $1.46 per share annually.
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Waste Management upgraded at Stifel As noted earlier, Stifel upgraded Waste Management to Buy from Hold. The firm upgraded the stock after learning that the company is looking to reduce its workforce by 600 employees. The firm expects the company's traditional baseline free cash flow to reach $1.4B and grow 4%-6% over the long-term. Target $55.