Houston-based Waste Management posted a net income of $244 million on $3.24 billion in revenue during third-quarter 2010. During the same period in 2009, the firm posted a net income of $277 million on $3.02 billion in revenue.
For the first nine months of 2010, Waste Management reported a net income of $672 million on $9.33 billion in revenue. During the same time frame one year earlier, the company posted a net income of $672 million on $8.79 billion in revenue.
In his firm’s third-quarter earnings report, Waste Management CEO David Steiner attributed the decline in net income to unexpected maintenance expenses stemming from the company’s Wheelabrator waste-to-energy facilities and to start-up costs associated with the firm’s medical waste businesses.
“When we look at our earnings, our collection, landfill and recycling businesses all performed solidly during the quarter,” said Steiner in a press release. “Each of these business lines increased operating earnings and improved operating margins compared with the prior year period. Overall, our results for the quarter did not meet our internal expectations, but if we look just at our traditional solid waste business, we would have earned $0.60 per diluted share, in line with our expectations.”
In other Waste Management news, the company has begun operating a landfill gas-to-energy (LFGTE) project as its Petrolia Landfill in southwestern Ontario. The firm says the project is the first privately owned LFGTE facility in the region. The facility powers about 2,500 homes in the surrounding area.