Waste Management at Wunderlich Conference Notes

This post is part of a series of posts called “Company Notes.” These posts contain quotes and exhibits from earnings calls, conference presentations, analyst days and SEC filings. The quotes are generally pieces of information that I find interesting or helpful to understanding the company, industry or economy and are not meant to provide summaries of the full content of the call. Other posts in this series can be found by clicking here. Full transcripts can be found at Seeking Alpha.

“one of the things I liked about what Waste Management does in this regard is they treat IR as a strategic position and a career path as opposed to place to push off somebody through in the twilight.”

“we’ve all seen landfill tons drop off quite a bit over the last five or six years through a whole host of – for a host of reasons, the Green Movement is called some of that, I kind of call it the deindustrialization in the United States, that has taken waste overseas.”

“It’s hard to compare company margins. I mean, clearly these competitors do a great job of managing their businesses and we’re trying to do the same, but it’s a bit hard to compare us to anybody, its been hard to compare them to us as well. So, I think what I’ve looked at is what can we do to improve ourselves, not necessarily relative to a competitor”

“Look these guys have paychecks that they take on each week and they have to pay bills and the best way to – for us to pull efficiency out of the system is to say you’re going to take the same paycheck home, but the guy at the bottom of the totem pole the guy that is the worst performer, we all have those, that guy goes away and we take his work and redistribute it. So, you become more efficient, you still take home the same paycheck, its just we’re doing it with fewer people.”

“it’s really more the blocking and tackling piece than the automation piece that gets you the lion share of the benefit.”

“I think the good news for silver lining in this is that the next recession, which eventually will come along…we think that the next recession will not be driven by the housing sector, it will be driven by some other factor that will have less of an impact [on us]”

“we have some great relationships with energy services, companies out there. They are tough on price, but what we found is that you’re more likely to be able to pull price out of these folks if you have that kind of full service offering because they really don’t want to – it is all managed locally.”

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