By Ben Glickman

 

WM logged a higher profit in the third quarter that topped analysts' estimates as the company saw organic growth and lower operating costs.

The Houston-based garbage- and recycling-services provider, previously known as Waste Management, posted a profit of $663 million, or $1.63 a share, in the third quarter, compared with $639 million, or $1.54 a share, a year earlier. Analysts polled by FactSet expected per-share earnings of $1.60.

Revenue rose 2.4%, to $5.2 billion, missing the $5.27 billion expected by analysts polled by FactSet.

The company's volumes increased 1% on a workday-adjusted basis.

Chief Executive Jim Fish said that organic growth in its collection and disposal business, as well as lower operating costs and reduced selling, general and administrative expenses boosted margins and earnings in the quarter.

 

Write to Ben Glickman at ben.glickman@wsj.com

 

(END) Dow Jones Newswires

October 24, 2023 17:28 ET (21:28 GMT)

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