Waste Management Inc. posted net income and revenue gains for its second quarter, aided by a stronger collection and disposal yield.
For the quarter ended June 30, the Houston-based Waste Management reported a net income increase of 15.6 percent to $244 million, or 52 cents per diluted share, compared with $208 million, or 45 cents per diluted share, in the year-ago period. Results in the 2013 quarter included an asset impairment charge of about $8 million, the company said in a news release.
Revenue for the latest quarter climbed 1.9 percent to $3.53 billion compared with $3.46 billion for the 2012 period.
For the first six months, net income advanced 9 percent to $412 million, or 88 cents per diluted share, compared with $379 million, or 82 cents per diluted share, in the 2012 first half. Revenue rose 2 percent to $6.86 billion compared with $6.75 billion a year earlier.
“We are pleased with our results for the second quarter and year to date, which are on plan, despite the greater than expected negative impact from our recycling business,” said David Steiner, Waste Management president and CEO. “Our disciplined approach to improving price, reducing costs, and managing capital expenditures is reflected in the earnings growth of our traditional solid waste business and in the improvement in free cash flow.”
He said the company expects to achieve its earnings for the year in its guidance range of between $2.15 and $2.20 per diluted share.