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Earnings Roundup / Waste Management

Net income falls on recycling drop

February 13, 2009|Times Wire Reports

Waste Management Inc. said fourth-quarter profit slid 29% on declines in its recycling business and one-time charges, though it still beat analysts' forecasts. The nation's No. 1 waste hauler also announced a restructuring plan intended to save $100 million a year.

The company said net income for the quarter fell to $218 million, or 44 cents a share, compared with $309 million, or 61 cents, in the year-earlier period. Sales were $3.11 billion, down 7% from $3.36 billion in the fourth quarter of 2007.

The firm's shares rose 81 cents to $29.26.

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