Hauling trash away is Waste Management's
The company earned $310 million, or $0.63 a share, versus $278 million, or $0.54 a share, for the same quarter a year ago, while expectations were set for only $0.62. The company achieved an income increase of 11.4% after special items -- despite higher diesel fuel costs -- on revenues that, at $3.53 billion, were 3.6% higher than a year ago.
Of Waste Management's lines of business, Collection Services, which constitutes about 63% of the total, was up just 1% year over year. In fact, most of the company's lines checked in with results that were flattish with year-ago numbers.
The most noteworthy event during the quarter involved the company's attempted intervention in a merger agreement that had been carved out between Allied Waste
At some point in this quarter, Allied and Republic will merge. The resulting company will be about two-thirds the size of Waste Management from a revenue perspective. The other publicly held members of the group, California's Waste Connections
Waste Management's shares closed Thursday about 20% below their 52-week high and more than 6% above their Wednesday finish. From my perspective, the company's solid results in the latest quarter, coupled with it 3.7% forward dividend yield, make it worth watching amid the current loop-de-loop volatility of the equities markets.
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