Waste Management Tops Views, Gives Upbeat Outlook -- Earnings Review
By Imani Moise
Waste Management Inc. (WM) reported earnings before the opening bell Thursday. Here's what you need to know:
EARNINGS: Profit rose to $2.06 a share from 75 cents a share a year earlier. The quarter was helped by a one-time tax benefit related to the recent tax overhaul that added $1.21 a share. On an adjusted basis, earnings rose to 85 cents a share, ahead of the 83 cents forecast by Thomson Reuters.
REVENUE: Sales also topped expectations. Revenue grew 5.5% to $3.65 billion, driven by yield and volume growth in Waste Management's collection and disposal business. Analysts were expecting sales of $3.57 billion.
OUTLOOK: Waste Management provided an upbeat outlook for 2018. The company expects earnings of $3.97 to $4.05 a share, compared with a consensus of $3.67 a share.
STOCK MOVE: Shares, up 16% so far this year, rose 3.2% to $85.26 during premarket trading.
Write to Imani Moise at firstname.lastname@example.org
(END) Dow Jones Newswires
February 15, 2018 08:04 ET (13:04 GMT)Copyright (c) 2018 Dow Jones & Company, Inc.