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Waste Management Posts Higher 1Q Profit, Revenue

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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