Waste Management Down Premarket After 4Q Earnings Drop
February 01 2023 - 07:49AM
Dow Jones News
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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