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Allan Gerlat

August 7, 2014

1 Min Read
Waste Management Net Income Falls in Second Quarter

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.”

 

About the Author(s)

Allan Gerlat

News Editor, Waste360

Allan Gerlat joined the Waste360 staff in September 2011 as news editor. He was the editor of Waste & Recycling News for the first 16 years of its history, and under his guidance the publication won 27 national and regional awards.

Before Waste & Recycling News, Allan worked at another Crain Communications publication, Rubber & Plastics News, which covers rubber product manufacturing. He began with the publication as associate editor and eventually became managing editor, a position he held for nine years.

Allan is a graduate of Ohio University, where he earned a BS in journalism. He is based in Sagamore Hills, in northeast Ohio.

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