Cleanaway Waste Management Limited: FY24 Earnings Guidance

Cleanaway Waste Management Limited (ASX: CWY) has announced an earnings guidance of approximately AU$350 million in EBIT for the FY24. Depreciation and amortization expenses are expected to range from AU$370 million to AU$390 million, AU$10 million lower than the previous guidance for FY23 due to an anticipated decrease in landfill volumes. Assuming no further rate increases, net finance costs are expected to be around AU$110 million.

Mark Schubert, Cleanaway's CEO and Managing Director, expressed satisfaction with the strong start to the new financial year and noted that the actions taken in FY23 to address challenges are yielding positive results. The Queensland solids business unit is experiencing growth in volumes, improved productivity, and reduced costs, while the Health Services business unit is benefiting from performance improvement initiatives and price increases. Operational efficiency improvements are also contributing to margin expansion, including simplification of the Solids operating structure and the implementation of Cleanaway's Data & Analytics and Fleet Optimization plans.

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