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)

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