October 29, 2013
Waste Management Inc. posted a large increase in net earnings for its third quarter, aided by strong solid waste results.
The Houston-based Waste Management said in a news release that for the quarter ended Sept. 30 net income jumped 36 percent to $291 million, or 62 cents per diluted share, compared with $214 million, or 46 cents per diluted share, in the 2012 period.
Revenue rose 5 percent for the third period to $3.62 billion, compared with $3.46 billion a year earlier.
For the first nine months, net profits climbed 19 percent to $703 million, or $1.50 per diluted share, compared with $593 million, or $1.28 per diluted share, in the year-ago period. Revenue advanced 3 percent to $10.5 billion from $10.2 billion in 2012.
The positive performance came despite struggles faced by the company’s recycling and waste-to-energy business. “These strong results were driven by our continued focus on increasing internal revenue growth from yield and controlling costs,” said David Steiner, Waste Management president and CEO.