HOUSTON — Waste Management Inc. (WM) on Thursday reported second-quarter profit of $274 million.
On a per-share basis, the Houston-based company said it had net income of 60 cents. Earnings, adjusted for non-recurring costs, came to 67 cents per share.
The results topped Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 63 cents per share.
The garbage and recycling hauler posted revenue of $3.32 billion in the period, also exceeding Street forecasts. Five analysts surveyed by Zacks expected $3.29 billion.
Waste Management expects full-year earnings in the range of $2.48 to $2.55 per share.
Waste Management shares have dropped nearly 7 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed nearly 3 percent. The stock has increased roughly 8 percent in the last 12 months.
Keywords: Waste Management, Earnings Report