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Waste Management Q3 profit climbs 11.0% YOY

Waste Management Inc. said its third-quarter normalized net income was 69 cents per share, compared with the S&P Capital IQ consensus estimate of 71 cents per share.

EPS increased 13.7% year over year from 60 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $310.5 million, a gain of 11.0% from $279.6 million in the prior-year period.

The normalized profit margin climbed to 9.2% from 7.8% in the year-earlier period.

Total revenue decreased 6.7% year over year to $3.36 billion from $3.60 billion, and total operating expenses decreased 8.3% from the prior-year period to $2.75 billion from $3.00 billion.

Reported net income increased 24.6% year over year to $335.0 million, or 74 cents per share, from $268.9 million, or 58 cents per share.