News Column

Waste Management's 1Q profit beats expectations

April 24, 2014

HOUSTON (AP) Waste Management is citing cost controls and improved yields for a 36 percent spike in its first first-quarter earnings.

The Houston company reported net income of $228 million, or 49 cents per share, for the quarter that ended in March, versus $168 million, or 36 cents per share, last year. It earned 40 cents per share in the prior year on an adjusted basis.

Revenue increased nearly 2 percent to $3.4 billion from $3.34 billion, with a small boost from higher prices and fees.

Analysts polled by FactSet were anticipating earnings of 44 cents per share on revenue of $3.41 billion.

The company said business in April indicated a typical, seasonal upturn, but that it's still too early to give further guidance for the second quarter.

Shares of Waste Management Inc. added $1, a more than 2 percent increase, to reach $42.99 by midmorning Thursday, outpacing broader market gains. .

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Source: Associated Press