Waste Management (WM, Financials) reported its fourth-quarter and full-year 2024 earnings, citing revenue growth, improved margins, and the integration of Stericycle.

The company expects another year of double-digit growth in adjusted operating earnings in 2025.

For the quarter ended Dec. 31, revenue rose 13% to $5.89 billion from $5.22 billion a year earlier. Full-year revenue increased 8% to $22.06 billion, up from $20.42 billion in 2023.

Net income for the fourth quarter was $598 million, or $1.48 per diluted share, compared with $493 million, or $1.22 per diluted share, in the prior-year quarter. On an adjusted basis, net income was $688 million, or $1.70 per share, compared with $703 million, or $1.74 per share, in the same period last year.

Full-year net income reached $2.75 billion, or $6.81 per diluted share, versus $2.30 billion, or $5.66 per share, in 2023. Adjusted net income was $2.92 billion, or $7.23 per share, up from $2.52 billion, or $6.19 per share.

Operating earnings before interest, taxes, depreciation, and amortization increased 10% in 2024 to $6.33 billion from $5.65 billion. The company's operating EBITDA margin improved to 28.7% from 27.6%.

CEO Jim Fish said the company benefited from pricing discipline, operational efficiencies, and its expansion into medical waste and secure information destruction services following the $7.2 billion Stericycle acquisition. The company expects to realize $250 million in synergies from the deal by 2027, with $100 million expected in 2025.