By Dean Seal
Waste Management Inc. said profit rose in the first quarter as revenue jumped by more than $500 million on growth in total volumes and the company's collection and disposal yield.
The provider of waste-management environmental services reported net profit of $513 million for the quarter that ended March 31, compared with $421 million in the year-earlier period. On a per-share basis, earnings were $1.23 for the quarter, up from 99 cents a year ago.
Stripping out one-time items, Waste Management's adjusted earnings were $1.29 a share, beating analysts' consensus forecast of $1.14 a share, according to FactSet.
First-quarter revenue came in at $4.66 billion, up from $4.11 billion in the same period last year. Analysts polled by FactSet had been expecting $4.45 billion in revenue.
The Houston-based company said its collection and disposal yield rose to 5.5% for the first quarter, compared with 2.8% a year ago, while total company volumes increased 3.6%. Profitability for its recycling and renewable energy business lines also improved due to increases in market prices for recycled commodities and renewable fuel standard credits.
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(END) Dow Jones Newswires
April 26, 2022 08:09 ET (12:09 GMT)Copyright (c) 2022 Dow Jones & Company, Inc.