Waste Management reports 15 percent drop in earnings

Fourth quarter financial results released today by Houston-based Waste Management reveal that the company’s fourth-quarter earnings fell 15 percent compared to one year ago. Profits fell to $246 million, or 46 cents per share, from $290 million, or 52 cents per share at the end of 2005. During the same period, revenue fell from $3.37 billion to $3.28 billion.

For all of 2006, Waste Management said earnings fell slightly to $1.15 billion, or $2.10 a share, from $1.18 billion, or $2.09 a share, in 2005.

In a press release, the company attributed the drop to a leveling off of the business generated by extensive hurricane cleanups in 2005.