The waste disposal company reported first-quarter net income of $347 million, or 94 cents per share, on revenue of $3.7 billion. Analysts were expecting the company to report earnings of 91 cents per share on revenue of $3.67 billion.
"The strong results we generated in the first quarter demonstrate that delivering an outstanding customer experience and focusing on continuous improvement produce solid growth in our business," said Jim Fish, president and CEO of Waste Management. "In the first quarter, we saw organic revenue growth of more than 6% in our collection and disposal business, which translated into about a 7% increase in operating EBITDA in that business."
The company said that revenue growth was driven by strong yield and volume growth in the company's collection and disposal business, which contributed $190 million of incremental revenue.
Shares rose 1.3% to $107.51 in premarket trading. The stock has risen more than 19% so far in 2019.