Waste Management's 1Q profit beats expectations
Waste Management benefits from lower costs, improved yield in 1Q; shares jump on profit beat
HOUSTON (AP) -- Waste Management is citing cost controls and improved yields for a 36 percent spike in its first first-quarter earnings.
The Houston company reported net income of $228 million, or 49 cents per share, for the quarter that ended in March, versus $168 million, or 36 cents per share, last year. It earned 40 cents per share in the prior year on an adjusted basis.
Revenue increased nearly 2 percent to $3.4 billion from $3.34 billion, with a small boost from higher prices and fees.
Analysts polled by FactSet were anticipating earnings of 44 cents per share on revenue of $3.41 billion.
The company said business in April indicated a typical, seasonal upturn, but that it's still too early to give further guidance for the second quarter.
Shares of Waste Management Inc. added $1, a more than 2 percent increase, to reach $42.99 by midmorning Thursday, outpacing broader market gains. .
