On the solid waste side, when I was mentioning the MLK holiday, that was part of the 20 basis point margin headwind that we saw from the solid waste part of the business. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. ET. So, John can address the cost side and what we're seeing so far. While this impact was a little more than expected, overall, we're very pleased with the progress being made on creating value from these businesses. Those have been at the historic low end of our ranges and continue to be there. When you are able to hold a lot of your drivers, it makes a big difference in that customer lifetime value proposition. So that's encouraging. I wanted to just ask my follow-up on the sort of more recent, like April, late March trends. We remain confident that we can achieve our full-year pricing expectations for core price of 6.5% to 7% and yield approaching 5.5%. Good morning. And it's noteworthy that the residential line of business, as you can imagine, is one that eats a little more of the inflation, some of the other one due to the labor intensity and whatnot. The Village contracts with Waste Management for this service. The Motley Fool recommends Waste Management. Invest better with The Motley Fool. *Average returns of all recommendations since inception. Yard Waste. Our next question comes from the line of Stephanie Moore with Jefferies. View Regular Schedule. Your 62 is a good number. Bulky item pick up available 6 times per year. Residents and businesses may begin transitioning to private haulers at any time by contacting their preferred hauler. City of Federal Way - Waste Management Northwest This website is your #1 resource for information MY WM APP Manage accounts and billing, request services, view pickup schedules Automated Virtual Assistant CHAT M-F 7 am - 7 pm Sat 8 am-12 pm EMAIL pnwrsservices@wm.com Phone 253-833-3333 M-F 7 am - 7 pm Sat 8 am - 5 pm I could say the same thing about MSW volume or a couple of the other things. The investments we're making set us up to further differentiate our industry leading asset network and capabilities. Tony Bancroft -- Gabelli Funds -- Analyst. widened and simplified. So really you have high visibility on essentially getting to your margin run rate as early as 2Q. Historically, we anticipated the question. Please click here for the 2023 Waste Management pickup schedule. We still had to work those days. e-waste. Turning to SG&A, we're pleased with the progress we're making to drive leverage from a more efficient cost structure. registered entities. Join Over Half a Million Premium Members And Get More In-Depth Stock Guidance and Research, Copyright, Trademark and Patent Information. We're also seeing a pretty significant uptick in pricing for plastics, for aluminums and a little bit for OCC. And then my last one, I got to kind of go back over this margin walk, there's a ton in there. 8 a.m. to 5 p.m. (772) 546-7700. But the biggest benefit really is when you can stabilize the workforce, those frontline folks. with the new regime. At this time last year, we have received less than 50 trucks. a proper disclosure and compliance mechanism in place, it has Yeah. And then on the recycling part of the business, the Natura business is in early stages and we're making some investments there, too. Features: Schedules for trash, recycling and yard debris pickups. ("Rules"), superseding the E-waste (Management) Rules, We expected our first quarter to be the hardest comp on a year-over-year basis from commodity prices, and so we think most of that impact starts to abate beginning in Q2. Click here for more information. Thanks so much. 1. There were two primary contributors to our first-quarter results, the dilutive impact of recent acquisitions and continued inflationary cost pressure. I think, Jerry, it's also worth mentioning that our team is, over the years -- the last couple of years has really come to appreciate the fact that landfill aerospace is a precious commodity and if you think about particularly the East Coast, that space doesn't come cheaply and it's -- there's a finite life to all of those. Thank you. OK. And then on the commodity side, the other pieces of your model are RINs in nat gas and electricity. Best Dividend Stock to Buy Now: Waste Management vs. Republic Services, 3 Resilient Stocks to Help Solidify Your Portfolio, Waste Management Stock Drops After Earnings: Here's What You Need to Know, Waste Management (WM) Q4 2022 Earnings Call Transcript, 1 Dividend Stock Warren Buffett Should Buy, Why I Refuse to Chase the Maximum Social Security Benefit, U.S. Money Supply Is Doing Something It Hasn't Done in 90 Years, and It May Signal a Big Move for Stocks. And that's really, as Jim mentioned, what we're really focused on for the balance of the year. Hi. I want to point out a couple of things that happened in Q1 that we don't see as indicative of the margins that we'll expect for the remainder of the year. Or how are you thinking about that opportunity? Composting is relatively easy and takes less space than you think. include solar photo-voltaic modules or panels or cells, which are It's a great question, Noah. Subcontractors, we're still seeing a little bit of lag there, and it's really more of third-party transporters. The mill capacity that's coming online is helping with demand on the back end. The National Biodiversity Authority in Chennai has been established for the purposes of implementing the objects of the Act. But any heightened recession concerns with your customers? Thanks for the color and best of luck to 2023 year. by mandating recycling through formal sector, as entities will be Yeah. pnwrsservices@wm.com. By state law, yard waste - such as grass clippings, leaves and tree branches, may not be put in the trash. You will hear prepared comments from each of them today. You have such a high percentage of the fleet on natural gas versus peers. So neither of those really were seeing the full benefit of leverage on the SG&A front -- I'm sorry, it wasn't that they weren't seeing the benefit of the leverage on the SG&A front, we were capturing and realizing that. Our next question comes from the line of Sean Eastman with KeyBanc. But it is worth saying that we view this as a big opportunity for us and for all landfill companies once they've kind of finally decided exactly how this is going to be handled. By recycling, businesses may be able to reduce the size of their garbage container and/or the number of collection pick-ups. All customers must use approved carts provided by Waste Management. Frontline wage increases are now in the mid-single-digit range as compared to the high single to low double-digit increases that we saw in late 2021 and 2022. In the first quarter, SG&A costs were essentially flat with the same period in the prior year, and spending as a percentage of revenue improved by 40 basis points to 9.7%. This call is being recorded and will be available 24 hours a day beginning approximately 1:00 PM Eastern Time today. Voter registration, polling locations, absentee voting, & election information, Paying your bills online quick and easily, Receive email or text notifications and emergency alerts, Find current job openings and submit your application or resume online, Simple and quick access to read and download permits online. So $57 was our average in the month of March. And I said it a little bit earlier, but there's a real appreciation for the fact that especially landfill airspace is a precious commodity. Right. This means food scraps are no longer . As we move from traditional rear load to automated side loaders, we're taking a helper off the back and getting about a 30% productivity pickup, which equates to lower driver technician and truck capital needs. The mission of the Solid Waste & Recycling Division is to efficiently manage the solid waste stream and provide high quality residential solid waste management services for the citizens of Richland County in order to enhance public safety, public health and quality of life in the County. If a holiday falls on a weekday, collections for the rest of the week will be pushed back a day. employees. NOTE: this service only applies to garbage. recyclers; Residue generated during recycling process is disposed We went back and took a look before the call. On the other side, recycle pricing, as we talked about a little bit earlier, is right on our expectations. Because effectively, you're in a unique position in that you also produce RNG as your landfill. So I think we're in a good spot there regardless of what the technologies. Sarasota CountyOrdinance 2006-001outlines the mandatory recycling requirements in unincorporated portions of Sarasota. So I think you're right about the fact that there's a whole bunch of pieces in play here. And when we look at Q1, it was certainly higher than that. The second is that truck deliveries are improving. AB 341 requires all businesses that generate 4 cubic yards or more of trash per week to arrange for recycling services. Waste Management requires all garbage and recycling to be placed at roadside for pickup by 5:30 a.m.on your regularly scheduled day. The content of this article is intended to provide a general They have to talk to our customers and make sure that they're comfortable with going to trash just being in one of those totters as opposed to everything sitting on the curve. What's the temporal loss utilization look like? These entities are Composting is environmentally beneficial because it provides nutrients for your garden and is economical. From an asset utilization perspective, Michael, I think it's important that as John mentioned, it takes 35 to 40 days to get those new trucks in service and on the road. So do you think we see EBITDA margins inflect in 2Q or at least maybe approach flat and they inflect in 3Q? One area that exceeded our expectations was pricing as we continue to execute on our revenue management programs to recover cost increases and improve margins. Sustainability starts in the community. Free RecycleRight App - Better than EVER! Because I think there's some waiting issue there that people should appreciate given that 70% of your index is happening now and it's a number from last summer, not the end of the calendar year. The alternative fuel tax credit was a help of 30 basis points, and that's a help because of timing. record of e-waste collected, dismantled, recycled, and sent to So we're certainly confident in that aspect of the guidance that we provided. And then is there sort of a logical approach we can take to this combined recycling and renewable energy line that's now in the revenue build? Cartons are recyclable. The majority of that, though, really, as we all know, runs through that residential line of business. For the full year, we continue to expect flat overall volumes at the midpoint of our guidance. Phone 877-466-4668. With me this morning are Jim Fish, president and chief executive officer; John Morris, executive vice president and chief operating officer; and Devina Rankin, executive vice president and chief financial officer. The definition of term 'e-waste' has been widened to Request a Free Paper Recycling Bin. Your recycling matters and the County wants to help you recycle right! Time . Residents are advised that service delays may occur due to weather and are encouraged to register for Once you have your container, simply follow the same guidelines as . While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. And that's, in large part, what you're seeing out of transportation but also largely landfill pricing.
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