Waste Management (WM) - Get Waste Management, Inc. Report beat third-quarter earnings expectations and revenue was in line with consensus. The company also said it was on track to meet its full-year guidance.
The stock, however, was down 1.49% to $115.18 on Wednesday.
The Houston-based company reported third-quarter net income was $495 million, or $1.16 a share, compared with $499 million, or $1.16, a year earlier.
Adjusted net income was $502 million, or $1.19 a share, compared with $496 million, or $1.15, last year. Analysts were expecting EPS of $1.14, according to FactSet.
Revenue of $3.97 billion was in line with expectations of $4 billion, according to FactSet, and compared with $3.82 billion for the same period a year ago.
"We are pleased with the performance of our collection and disposal business through the first three quarters of the year, which positions us to achieve our full-year goals," CEO Jim Fish said in a release.
He said the company's original 2019 guidance "anticipated significantly higher contributions from our commodity-sensitive businesses than we have seen," adding that "the strong results from the collection and disposal business have overcome this impact."
The company expects to achieve full-year 2019 results within its guidance range of adjusted operating EBITDA of $4.40 to $4.45 billion, free cash flow of $2.025 to $2.075 billion, and adjusted earnings per share of $4.28 to $4.38. Analysts are expecting full-year EPS of $4.30, according to FactSet.
Waste Management shares have risen about 37% over the past year.
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