Waste Management Sees Net Income Spike

Houston-based Waste Management experienced a 12 percent increase in profits in third-quarter 2008. The firm has reported a net income of $310 million on revenues of $3.5 billion for the quarter, both increases from a net income of $278 million on revenues of $3.4 billion for the same quarter in 2007.

For the year, the company reports a net income of $869 million on revenues of $10.3 billion, which are also increases from a net income of $859 million on revenues of $9.9 billion for the same period in 2007.

“We have delivered another solid financial performance, and accomplished our primary goals of earnings growth, operating margin expansion and strong free cash flow,” said David P. Steiner, CEO of Waste Management, in a press release. “Our financial performance continues to be driven by the success of our pricing and operational excellence programs. We are very happy with the 16.7 percent growth in adjusted earnings per share, which demonstrates the strength of our business, even in a slowing economy.”