“s” : “rsg,wm”,”k” : “a00,a50,b00,b60,c10,g00,h00,l10,p20,t10,v00″,”o” : “”,”j” : “”
Zacks Equity Research, On Thursday August 25, 2011, 3:50 pm EDT
Integrated waste management company Waste Management Inc. (NYSE: WM – News) issued $ 500 million unsecured notes yielding 2.6% interest per year and maturing on September 1, 2016. The notes were offered at $ 99.991 (per $ 100.00 principal). The new note offering secured a ‘BBB’ rating from Fitch Rating.
Waste Management intends to utilize the proceeds of the new debts issue to fund the $ 425 million acquisition cost of Oakleaf Global Holdings and use the remaining proceeds for general corporate purposes.
Long-term debts of the company were $ 8.83 billion as of June 30, 2011, and the debt-capitalization ratio was 58.9%. With the new issuance, the debt-capitalization ratio of the company increased to 60.2%.
Interest expenses of the company in the second quarter 2011 rose by $ 3 million year over year mainly due to higher debt levels from the year-earlier quarter. With the issue of new debts, interest expenses of the company will rise further in the coming quarters.
Earlier, in February 2011, the company issued $ 400 million notes yielding 4.6% interest per year and maturing on March 1, 2021. The company utilized the proceeds to repay $ 147 million 7.65% Senior Notes due in March 2011 and used the balance for general corporate purposes.
The adjusted earnings of Waste Management at the end of second-quarter 2011 were 54 cents per share, which surpassed the year-ago comparable period results of 51 cents per share, but came short of our expectation by a penny.
During the earnings call the company lowered the earnings per share guidance for 2011 to the range of $ 2.14 to $ 2.18 from the prior outlook of $ 2.24 and $ 2.30 per share. Waste Management stands to benefit from its cost reduction and growth initiatives but weaker volumes expected in the second half of the year is the prime reason for the lower earnings expectation.
The Zacks Consensus Estimates for third quarter fiscal 2011, fiscal year 2011 and fiscal year 2012 are currently 62 cents per share, $ 2.14 per share and $ 2.41 per share, respectively.
Based in Houston, Texas, Waste Management is a provider of comprehensive waste management services in North America. The company is also a leading developer, operator and owner of waste-to-energy and landfill gas-to-energy facilities in the United States.
Follow Yahoo! Finance on ; become a fan on Facebook.
Yahoo! Finance: Waste Management Industry News
From our Blog
- Why You Need a Dumpster September 21, 2016
- Neighborhood Togetherness Matters & Clean Up Does, Too September 19, 2016
- What Waste Should You Recycle And Throw In The Trash? August 3, 2016
- Dumpster Rentals for Business Owners August 1, 2016
- Picking a Dumpster for Your Next Roofing Project July 19, 2016
- Consequences of Illegal Dumping and Littering July 13, 2016
- How To Dispose Of Debris? June 14, 2016
- When Is A Good Time To Clean Out Your Waste? June 13, 2016
- How to Dispose of Construction Waste May 2, 2016
- Why You Should Share Rental Dumpsters With Your Neighbors April 29, 2016
2011 2012 Announces best Call Clean Company Conference Connections Covanta diving dumpster dumpsters Energy Ewaste Garb garbage Harbors Holding Identity Inc. Industry Landfill Management Plant power Present Progressive Recycling Release Rental Reports Republic Second Services Solutions Stericycle stock Third TRASH TriTech Veolia Waste yard Year
- Dumpster Diving for Gourmet Pig Feed – Novella Carpenter July 10, 2011
- A Shout Out To Eating Garbage: Dumpster Diving on CBC September 17, 2011
- MythBusters – Dumpster Diving Trailer July 16, 2011
- Kris Kemp: Dumpster Diver August 21, 2011
- What should happen after my character gets beat up? June 6, 2011
- Frugal TV – Dumpster Diving for Coupons June 11, 2011
- Dumpster Dive (Director Commentary) September 24, 2011
- Dumpster Divers Spark Palin Probe September 11, 2011
- Can Opener? We don’t need no stinking can opener! June 19, 2011
- Auburn-Placer 1 yard dumpster June 8, 2011