Waste Management Announces Second-Quarter Earnings

Houston-based Waste Management reports a net income of $318 million on revenues of $3.49 billion for second-quarter 2008, compared to a net income of $338 million on revenues of $3.36 billion for the same quarter in 2007.

For the year, the company reports a net income of $559 million on revenues of $6.76 billion, which is a decrease from a net income of $576 million on revenues of $6.55 billion for the first half of 2007.

According to the company, the decrease in earnings is attributed to one-time items such as decreases in diluted share benefits from income taxes.

“We are pleased with our second quarter 2008 financial performance, as we again accomplished our primary goals of strong free cash flow, and adjusted earnings and operating margin expansion,” said David Steiner, CEO of Waste Management, in a press release. “Our financial performance continues to reflect the strength of our managers and the success of our pricing and operational excellence programs.”