Waste Management Announces Revenue, Net Income Growth In Second Quarter

Houston — Waste Management Inc. has announced second-quarter revenues of $3.14 billion, an increase of 7 percent from the $2.93 billion in revenues in second-quarter 2003. The company also reported a net income of $216 million, an increase of 23 percent from the $176 million in net income during the same period in 2003. Results for the second-quarter 2003 included a pre-tax restructuring charge of $23 million related to a workforce reduction completed in 2003.

"Our encouraging financial results were driven by strong revenue growth, which reflects improved general business conditions as well as the success of our sales and business development initiatives," said David P. Steiner, CEO of the company.

During the first six months of 2004, Waste Management reported operating revenues of $6.03 billion as compared with $5.67 billion during the same period in 2003. Net income for the first half of 2004 was $368 million compared with $237 million for the same period in 2003.