Waste Management (WM) Announces Plan to Increase its Dividend Rate and a New Share Repurchase Authorization

December 8, 2022 4:50 PM EST

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WM (NYSE: WM) today announced that its Board of Directors has approved a 7.7% increase in the planned quarterly dividend rate for 2023, from $0.65 to $0.70 per share. The annual dividend rate increase from $2.60 to $2.80 per share marks the twentieth consecutive year of dividend rate increases. The Company also received authorization from its Board of Directors to repurchase up to $1.5 billion of the Company’s common stock. This new authorization replaces our prior $1.5 billion authorization that was fully utilized in 2022.

“In 2022, our exceptional cash generation allowed us to fund all of our capital allocation priorities—returning cash to our shareholders through dividends and share repurchases, investing in high-return sustainability growth projects, and acquiring accretive businesses,” said Jim Fish, President and Chief Executive Officer of WM. “Over the past three years, we have increased the amount of cash returned to shareholders every year. As we look ahead to 2023, we are confident that our projected cash generation positions us to continue to allocate capital to all of our priorities, including strong shareholder returns.”

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