Waste Management's 1Q Profit Falls 12%

By Kimberly Chin

Waste Management Inc. (WM) said profit fell 12% in the first quarter due in part to a charge related to a waste conversion technology investment.

The waste disposal and collection company reported net income of $347 million, or 81 cents a share, compared with $396 million, or 91 cents a share, a year earlier. On an adjusted basis, the company made 94 cents a share in the latest quarter.

Analysts polled by Refinitiv were expecting the company to earn 92 cents a share on a reported and adjusted basis.

Sales rose 5.3% to $3.69 billion from the year prior, driven by strong volume growth in the company's collection and disposal business. Analysts estimated $3.68 billion.

Earlier this month, Waste Management said it will buy competitor Advanced Disposal Services Inc. for about $2.9 billion in one of the biggest solid-waste company acquisitions in more than a decade.

Write to Kimberly Chin at kimberly.chin@wsj.com

(END) Dow Jones Newswires

April 25, 2019 08:03 ET (12:03 GMT)

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