Waste Management tops 3Q profit forecasts
HOUSTON – Waste Management Inc. (WM) Tuesday reported third-quarter earnings of $335 million. On a per-share basis, the Houston-based company said it had a profit of 74 cents.
The results exceeded Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 72 cents per share.
The garbage and recycling hauler posted revenue of $3.36 billion in the period, which did not meet Street forecasts. Five analysts surveyed by Zacks expected $3.4 billion.
For the current quarter that will end in December, Waste Management expects its per-share earnings to be 67 cents.
The company expects full-year earnings to be $2.55 per share.
Waste Management shares have increased almost 4 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed roughly 1 percent. The stock has increased 11 percent in the past 12 months.