August 7, 2014
Waste Management Inc. reported lower net income in its second quarter as it took a charge for the divestment of its operations in Puerto Rico.
For the quarter ended June 30, Houston-based Waste Management reported that net income declined 13.9 percent to $210 million, or 45 cents per diluted share, compared with $244 million, or 52 cents per diluted share, in the year-ago period. The 2014 results included an after-tax charge of $69 million primarily related to the Puerto Rico divestiture.
Revenue for the second period rose 0.8 percent to $3.56 billion from $3.53 billion, according to a news release.
For the first half, net earnings climbed 6.3 percent to $438 million, or 94 cents per diluted share, compared with $412 million, or 88 cents per diluted share, a year earlier. Revenue increased 1.4 percent to $6.96 billion from $6.86 billion in 2013.
“Our strong yield and cost controls delivered growth in income from operations, operating EBITDA (earnings before interest, taxes, depreciation and amortization), and adjusted earnings per share when compared to second quarter 2013 results, said David Steiner, Waste Management president and CEO.
“Our first half performance shows the strength of our business, and we expect that momentum to continue into the second half.”