WM 3Q Profit Rises on Organic Growth, Lower Operating Costs
By Ben Glickman
WM logged a higher profit in the third quarter that topped analysts' estimates as the company saw organic growth and lower operating costs.
The Houston-based garbage- and recycling-services provider, previously known as Waste Management, posted a profit of $663 million, or $1.63 a share, in the third quarter, compared with $639 million, or $1.54 a share, a year earlier. Analysts polled by FactSet expected per-share earnings of $1.60.
Revenue rose 2.4%, to $5.2 billion, missing the $5.27 billion expected by analysts polled by FactSet.
The company's volumes increased 1% on a workday-adjusted basis.
Chief Executive Jim Fish said that organic growth in its collection and disposal business, as well as lower operating costs and reduced selling, general and administrative expenses boosted margins and earnings in the quarter.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
October 24, 2023 17:28 ET (21:28 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
For Bond Investors, Delayed Rate Cuts Demand a Different Playbook
-
What’s Happening In the Markets This Week
-
How the Tokyo Stock Exchange Is Pushing for Better Shareholder Returns
-
Magnificent 7 Stocks Earnings Updates: AI Remains the Focus
-
Where We See Opportunities After an Ugly Month for Stocks
-
After Earnings, Is Alphabet Stock a Buy, a Sell, or Fairly Valued?
-
When Will the Fed Start Cutting Interest Rates?
-
What’s the Difference Between the CPI and PCE Indexes?
-
10 Questions for Berkshire Hathaway’s 2024 Annual Meeting
-
After Earnings, Is Ford Stock a Buy, a Sell, or Fairly Valued?
-
3 Dividend Stocks for May 2024
-
Amgen Earnings: Obesity Drug Update Is Highly Encouraging
-
What’s Going on With Apple, Tesla, and Alphabet?
-
Apple Earnings: A Weak 2024, but Optimism for 2025
-
4 Utility Stocks to Play the AI Data Center Boom
-
Albemarle Earnings: We Expect Improved Results In the Rest of Year Following Cyclically Low Profits