This call is being recorded and will be available 24 hours a day, beginning approximately 1:00 p.m. Eastern Time today until 5:00 p.m. Eastern Time on August 9. To hear a replay of the call over the Internet, access the Waste Management website at To hear a telephonic replay of the call, dial (855) 859-2056 and enter reservation code 94048819. Time sensitive information provided during today's call, which is occurring on July 26, 2012, may no longer be accurate at the time of a replay. Any redistribution, retransmission or rebroadcast of this call in any form without the express written consent of Waste Management is prohibited.

Now I turn the call over to Waste Management's CEO, David Steiner.

David P. Steiner

Hey, Ted, and good morning from Houston. In the second quarter of 2012, we earned $0.52 per share, a 4% increase when compared to the second quarter of 2011, as we grew both our revenue and our net income. Our core solid waste business continues to perform well as the combined income from operations for our collection landfill and transportation business grew 3.4%, and margins in our core business expanded by 60 basis points. Our core solid waste business has seen steady improvement, and we expect that to accelerate into 2013 as a result of our current restructuring and our field-based initiatives. We also saw a second consecutive quarter of volume growth in our core solid waste business. So our core business continued to perform well, but the overall company performance was dragged down by $0.07 per share of headwinds, primarily related to declining commodity prices. Internal revenue growth from volumes was positive in the second quarter and has shown good stability over the first 6 months of the year. We saw positive volume growth in each of our industrial, special waste and recycling operations. Our residential business was still negative, but the rate of decline has improved each of the last 6 quarters. We'd like to see more consistent growth in our MSW and Commercial business, however, our volumes in those lines are trending pretty much as we expected. As such, we still expect to achieve our full year volume guidance of flat to slightly positive, with the most likely scenario having volume slightly positive for the full year.

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