Waste Management Inc. (NYSE: WM) reported Tuesday that its fourth-quarter profit rose almost 45 percent as lower costs offset a decline in revenue, according to Associated Press.
The company’s results beat Wall Street expectations.
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The company earned $315 million, or 64 cents per share, during the three months ended Dec. 31, up from $218 million, or 44 cents per share, a year ago.
Excluding one-time items, such as an income tax benefit, an asset impairment charge and $3 million in restructuring charges, the company earned 52 cents per share.
Revenue dropped 3 percent to $3 billion from $3.1 billion a year ago.
Analysts surveyed by Thomson Reuters expected earnings of 48 cents per share on $2.95 billion in sales. Such estimates typically exclude one-time items.
For the full year, Waste Management earned $994 million, or $2.01 per share, down from $1.09 billion, or $2.19 per share, in 2008. Yearly revenue fell 12 percent to $11.8 billion from $13.4 billion in 2008.
Shares rose $1.03, or 3.2 percent, to $32.87 in afternoon trading.
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