S&P 500 (NYSE:SPY) component Waste Management, Inc. (NYSE:WM) reported its results for the first quarter. Waste Management, Inc. is a provider of integrated waste services in North America. It provides collection, transfer, recycling, disposal and waste-to-energy services.
Waste Management Earnings Cheat Sheet for the First Quarter
Results: Net income for Waste Management, Inc. rose to $186 million (39 cents/share) vs. $182 million (37 cents/share) in the same quarter a year earlier. A rise of 2.2% from the year earlier quarter.
Revenue: Rose 5.7% to $3.1 billion YoY.
Actual vs. Wall St. Expectations: Estimates, which often factor in adjustments, ranged from 35 cents to 44 cents per share with a mean of 41 cents/share for WM.
Quoting Management: David P. Steiner, Chief Executive Officer of Waste Management, commented, “Our revenue continued the recent trend of year-over-year growth, increasing over 5% compared with the first quarter of 2010, primarily because of strong yield in our collection and disposal business, higher commodity prices, and improving recycling volumes.”
Last quarter’s profit increase breaks a streak of three consecutive quarters of year-over-year profit decreases. In the fourth quarter of the last fiscal year, net income fell 10.8% from the year earlier while the figure dropped 11.9% three quarters ago and 0.4% four quarters ago.
Competitors to Watch: Republic Services, Inc. (NYSE:RSG), Waste Connections, Inc. (NYSE:WCN), Stericycle, Inc. (NASDAQ:SRCL), WCA Waste Corporation (NASDAQ:WCAA), Casella Waste Systems Inc. (NASDAQ:CWST), Perma-Fix Environmental Services, Inc. (NASDAQ:PESI), Clean Harbors, Inc. (NYSE:CLH), Veolia Environnement (NYSE:VE), US Ecology Inc. (NASDAQ:ECOL), and Avalon Holdings Corp. (AMEX:AWX).
Today’s Performance: Shares of WM closed at $39.61, up 0.38% from the previous close.