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Waste Management Q1 profit climbs 8.3% YOY

Waste Management Inc. said its first-quarter normalized net income came to 61 cents per share, compared with the S&P Capital IQ consensus estimate of 66 cents per share.

EPS climbed 9.4% year over year from 56 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $271.0 million, a gain of 8.3% from $250.1 million in the year-earlier period.

The normalized profit margin rose to 7.9% from 7.9% in the year-earlier period.

Total revenue grew 8.3% on an annual basis to $3.44 billion from $3.18 billion, and total operating expenses climbed 8.1% on an annual basis to $2.88 billion from $2.67 billion.

Reported net income increased 14.4% on an annual basis to $297.5 million, or 67 cents per share, from $260.2 million, or 58 cents per share.