Despite bringing in more revenue, Waste Management saw its earnings drop in 2010. Last year, the firm posted a net income of $953 million on $12.51 billion in revenue. In 2009, Waste Management posted a net income of $994 million on $11.79 billion in revenue.
For fourth-quarter 2010, the firm posted a net income of $281 million on $3.19 billion in revenue. During the same period in 2009, Waste Management posted a net income of $315 million on $3.01 billion in revenue.
Waste Management attributed the decrease in profits in part to $20 million in litigation charges that the firm paid during the fourth quarter.
“We are pleased that we exceeded our expectations for the fourth quarter, driven by strong internal revenue growth from yield, which offset lower-than-expected volumes,” said David Steiner, president and CEO of Waste Management. “Our collection, landfill and recycling businesses continued their strong performance, as each of these business lines increased both their operating earnings and operating margins compared with the prior year period.”