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Waste Management Q1 profit climbs 6.3% YOY

Waste Management Inc. said its first-quarter normalized net income amounted to 47 cents per share, compared with the S&P Capital IQ consensus estimate of 49 cents per share.

EPS rose 8.3% year over year from 43 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $215.8 million, an increase of 6.3% from $202.9 million in the year-earlier period.

The normalized profit margin rose to 7.1% from 6.0% in the year-earlier period.

Total revenue decreased 10.5% year over year to $3.04 billion from $3.40 billion, and total operating expenses decreased 11.6% from the prior-year period to $2.59 billion from $2.92 billion.

Reported net income came to a loss of $128.4 million, or a loss of 28 cents per share, compared with income of $228.8 million, or 49 cents per share, in the prior-year period.