Waste Management Inc.’s net income fell 2 percent in its first quarter, primarily because of restructuring costs.
For the quarter ended March 31, the Houston-based company reported net income falling to $168 million, or 36 cents per diluted share, compared with $171 million, or 37 cents per diluted share, in the year-ago period. The 2013 quarter includes about $18 million in after-tax costs from a combination of restructuring charges and impairments of investments in unconsolidated entities, the company said in a news release.
Waste Management’s revenues for the first quarter rose 1.2 percent to $3.34 billion compared with $3.30 billion in the 2012 period.
"We saw strong momentum in both yield and costs in the first quarter, and have plans in place to accelerate that momentum through 2013,” said David Steiner, Waste Management president and CEO. He said the company plans to raise landfill prices by an average of 5 percent to 7 percent where allowed by contract; has implemented a new regulatory cost recovery fee for collection and modified its fuel surcharge; and is putting in place a new recycling rebate structure to reflect lower commodity prices.