Waste Management Reports Higher 1Q Profit Despite Covid-19 Effects
May 06 2020 - 8:04AM
Dow Jones News
By Matt Grossman
Waste Management Inc. on Wednesday reported improved
first-quarter results in line with analysts' expectations, although
the Covid-19 pandemic was a drag on some of its operations.
The Houston-based waste-services company recorded a profit of
$361 million in the quarter, or 85 cents a share, up from $347
million, or 81 cents a share, for the same period a year
earlier.
On an adjusted basis, earnings were 93 cents a share, Waste
Management said. Analysts were expecting adjusted earnings of 92
cents a share, according to FactSet.
Revenue for Waste Management was $3.73 billion in the quarter,
up less than 1% from the $3.7 billion of revenue reported a year
earlier. Analysts were expecting revenue of $3.72 billion.
During the pandemic, industrial waste collection has declined,
especially later in March and during April, Waste Management said.
Conversely, residential collections have grown in volume, which
adds cost for Waste Management without generating more revenue, the
company said.
Waste Management said the pandemic had a negative revenue impact
of $40 million in the quarter.
Citing uncertainty from the health crisis, the company also
withdrew its guidance for the full year.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
May 06, 2020 07:49 ET (11:49 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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