Waste Management 1Q Falls, Hurt By Recycling
HARTFORD, Conn. (AP) ¿ Waste Management Inc., the nation's largest garbage collector, said Wednesday its first-quarter profit fell 36 percent on restructuring and other costs and as the recession cut prices of recycled goods.
The Houston-based company said in February it expected a weak first quarter. With building activity down sharply, less construction trash is carted from work sites. And as people shop and eat out less, restaurants and small businesses are generating less garbage, requiring fewer trash pickups. Meanwhile, declining markets for recycled materials hit Waste Management particularly hard.
Waste Management posted net income of $155 million, or 31 cents per share, down from $241 million, or 48 cents, in the first quarter of 2008.For the quarter ended March 31, revenue fell 14 percent to $2.81 billion, compared with $3.27 billion for the period in 2008. Excluding charges of $53 million, or 11 cents per share, for restructuring and dropping the use of SAP software, earnings would have been 42 cents per share, edging past analysts' average expectations of 41 cents per share.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV