Waste Management 2Q profit rises, revenue improves

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Associated Press

Posted on July 30, 2013 at 12:02 PM

HOUSTON (AP) — Second-quarter net income for Houston-based Waste Management Inc. climbed 17 percent amid price increases and cost-control efforts.

Waste Management said Tuesday that for the period ending June 30 the garbage and recycling hauler earned $244 million, or 52 cents per share. That compares with $208 million, or 45 cents per share, a year earlier.

Stripping out an asset impairment charge, earnings were 54 cents per share.

President and CEO David Steiner says quarterly results were also hurt by legal settlements and issues that faced its recycling operations. Excluding those, earnings were 57 cents per share. Analysts polled by FactSet forecast earnings of 55 cents per share.

Operating revenue rose 2 percent to $3.53 billion from $3.46 billion.

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