By Rob Curran

Shares of Waste Management Inc. fell premarket after the refuse-disposal company posted a decline in fourth-quarter earnings, reflecting a drop in collection volumes.

Shares were 3% lower at $150 each in premarket trading.

In a statement late Tuesday, the Houston company said fourth-quarter net income inched down to $499 million, or $1.21 a share, from $506 million, or $1.20 a share, a year earlier. Excluding certain one-off items, Waste Management posted adjusted earnings of $1.30 a share.

Fourth-quarter revenue rose 5.5% to $4.94 billion. Waste Management's collection and disposal volumes decreased 0.5% during the period.

For 2023, Waste Management forecast revenue growth in a range of 4% to 5.5%, driven by higher prices. The company projected collection and disposal volumes flat with 2022 levels.

Write to Rob Curran at rob.curran@wsj.com

(END) Dow Jones Newswires

February 01, 2023 07:34 ET (12:34 GMT)

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