Waste Management Posts Higher 1Q Profit, Revenue
26 April 2022 - 2:24PM
Dow Jones News
By Dean Seal
Waste Management Inc. said profit rose in the first quarter as
revenue jumped by more than $500 million on growth in total volumes
and the company's collection and disposal yield.
The provider of waste-management environmental services reported
net profit of $513 million for the quarter that ended March 31,
compared with $421 million in the year-earlier period. On a
per-share basis, earnings were $1.23 for the quarter, up from 99
cents a year ago.
Stripping out one-time items, Waste Management's adjusted
earnings were $1.29 a share, beating analysts' consensus forecast
of $1.14 a share, according to FactSet.
First-quarter revenue came in at $4.66 billion, up from $4.11
billion in the same period last year. Analysts polled by FactSet
had been expecting $4.45 billion in revenue.
The Houston-based company said its collection and disposal yield
rose to 5.5% for the first quarter, compared with 2.8% a year ago,
while total company volumes increased 3.6%. Profitability for its
recycling and renewable energy business lines also improved due to
increases in market prices for recycled commodities and renewable
fuel standard credits.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
April 26, 2022 08:09 ET (12:09 GMT)
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