It has been about a month since the last earnings report for Waste Management (WM). Shares have added about 2.4% in that time frame, outperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is Waste Management due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts.Waste Management Q2 Earnings In Line, ’18 EPS View UpWaste Management reported mixed second-quarter 2018 results, with earnings matching the Zacks Consensus Estimate but revenues missing the same.Adjusted earnings per share of $1.01 came in line with the Zacks Consensus Estimate and increased 24.7% year over year. Total revenues of $3.74 billion missed the consensus mark by $35 million but improved 1.7% year over year.The year-over-year top line improvement came on the back of strong yield and volume growth in the company’s collection and disposal business, which contributed $135 million of incremental revenues. This was partially offset by a decrease in revenues from the recycling line of business, which declined $85 million on a year-over-year basis in the second quarter of 2018.Revenues by SegmentThe Collection segment recorded revenues of $2.44 billion, up 4.9% from the prior-year quarter. Landfill segment’s top line increased to 5.9% to $915 million. While total revenues from the Transfer segment were up 5.6% to $437 million, the same from the Recycling segment was down 18.7% to $305 million. Other businesses’ revenues totaled $439 million, up 0.5% year over year.Operating PerformanceAdjusted operating EBITDA was $1.06 billion for the second quarter of 2018, up 3.1% from the year-ago quarter.As a percentage of revenues, operating expenses declined to 61.9% compared with 62.3% in the year-ago quarter. SG&A expenses, as a percentage of revenues, were 9.8% compared with 9.6% in the prior-year quarter.Balance Sheet and Cash Flow Waste Management exited the second quarter of 2018 with cash and cash equivalents of $47 million compared with $52 million at the end of the first quarter. As of Jun 30, long-term debt was $8.96 billion compared with $8.90 billion at the end of March 2018.In the reported quarter, net cash provided by operating activities was $975 million compared with $813 million in the year-ago quarter. Free cash flow was $621 million compared with $520 million in the prior-year quarter.The company paid dividends worth $200 million and repurchased shares worth $300 million in the second quarter. The company spent $21 million on acquisitions of traditional solid waste businesses during the reported quarter.2018 GuidanceBacked by the impressive performance oftraditional solid waste business and lower than expected tax rate, Waste Management raised its adjusted earnings per share guidance for full-year 2018. The company now expects adjusted earnings in the range of $4.05-$4.10 per share, compared with $3.97-$4.05 expected earlier.Adjusted tax rate for full-year is estimated to be around 24%. Adjusted operating EBITDA guidance of $4.20 to $4.25 billion and free cash flow guidance of $1.95 to $2.05 billion have been reaffirmed.How Have Estimates Been Moving Since Then?In the past month, investors have witnessed an upward trend in fresh estimates.VGM ScoresCurrently, Waste Management has a nice Growth Score of B, a grade with the same score on the momentum front. Following the exact same course, the stock was allocated a grade of B on the value side, putting it in the top 40% for this investment strategy.Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.Based on our scores, the stock is equally suitable for value, growth, and momentum investors.OutlookEstimates have been trending upward for the stock, and the magnitude of these revisions looks promising. Notably, Waste Management has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Waste Management, Inc. (WM): Free Stock Analysis Report To read this article on Zacks.com click here.