By Dave Sebastian

Waste Management Inc. (WM) said its third-quarter profit decreased as costs rose, though revenue climbed.

The company posted net income of $495 million, or $1.16 a share, compared with $499 million, or $1.16 a share, in the year-ago quarter. Analysts polled by FactSet were expecting $1.13 a share.

On an adjusted basis, earnings were $1.19 a share, up from $1.15 a share in the year-earlier period. Analysts were looking for $1.14 a share.

Operating revenue for the quarter rose to $3.97 billion from $3.82 billion a year ago, driven by volume growth in the company's collection and disposal business. Analysts expected $4 billion in revenue.

Costs and expenses rose to $3.23 billion from $3.12 billion in the prior year.

Write to Dave Sebastian at dave.sebastian@wsj.com

(END) Dow Jones Newswires

October 23, 2019 07:30 ET (11:30 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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