April 24 (Reuters) - Waste management firm WM beat analysts' estimates for first-quarter profit on Wednesday, helped by higher prices and steady demand for garbage collection and disposal.

WM, which collects trash, transfers it to company landfills, and recycles it into clean, renewable energy, was able to sustain high prices due to the essential nature of its waste management services.

Core prices, a performance metric used by the company to signify price changes, increased 7.2% for the first quarter.

WM and Republic Services are two major companies — apart from municipal waste departments — that dominate garbage collection in large parts of the United States.

The Houston, Texas-based company posted adjusted quarterly profit of $1.75 per share, ahead of analysts' average expectation of $1.51 per share, according to LSEG data.

WM also benefited from the use of automation, which has reduced labor costs and increased efficiency.

The company said it expects 2024 free cash flow to be between $2 billion and $2.15 billion. It also expects annual revenue to increase 5% to 5.57% from prior year.

Its total revenue in the quarter ended March 31 rose 5.5% to $5.16 billion. (Reporting by Pratyush Thakur and Anandita Mehrotra in Bengaluru; Editing by Shilpi Majumdar)