Waste Management, Inc. (NYSE:WM) today announced financial results for its fourth quarter and for the year ended December 31, 2011. Revenues for the fourth quarter of 2011 were $3.41 billion compared with $3.19 billion for the same 2010 period. Net income (a) for the quarter was $266 million, or $0.58 per diluted share, compared with $281 million, or $0.59 per diluted share, for the fourth quarter of 2010. Several items impacted results in the 2011 and 2010 fourth quarters. Excluding these items, net income would have been $289 million, or $0.63 per diluted share, in the fourth quarter of 2011 compared with $287 million, or $0.60 per diluted share, in the fourth quarter of 2010, an increase in earnings per diluted share of 5% on an adjusted basis. (b)
For the full year 2011, the Company reported revenues of $13.38 billion compared with $12.52 billion for 2010. Earnings per diluted share were $2.04 for the full year 2011 compared with $1.98 for the full year 2010. During fiscal years 2011 and 2010, several items impacted the full year results. On an as-adjusted basis taking those items into account, earnings per diluted share were $2.14 for the full year 2011 and $2.09 for the full year 2010. (b)
As adjusted, results in the fourth quarter of 2011 excluded a negative $0.05 per diluted share consisting of the following:
- A $16 million after-tax charge for a litigation loss.
- A total of $7 million in after-tax impacts from charges for asset impairments, restructuring charges related to the Company’s cost improvement programs, and the results of the acquired Oakleaf operations and related integration costs.
David P. Steiner, President and Chief Executive Officer of Waste Management, commented, “We had a very good fourth quarter. Our core collection, landfill, and transfer station businesses performed well. We continued to see volumes improve sequentially and we had internal revenue growth from yield of 1.4%. We also saw accelerated improvement in our cost reduction initiatives.
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