Waste Management 2007 profits up

Waste Management, Inc. (WMI) announced financial results for its fourth quarter and for the year ended December 31, 2007.

Revenues for the fourth quarter 2007 were $3.36 billion compared with $3.28 billion in the 2006 period, an increase of 2.4%. Net income for the quarter was $309 million, or $0.61 per diluted share, compared with $246 million, or $0.46 per diluted share, for the fourth quarter 2006, or a 32.6% increase in earnings per diluted share.

WMI noted several items that impacted the results in the 2006 and 2007 fourth quarters. Excluding these items, net income would have been $276 million, or $0.54 per diluted share, in the fourth quarter of 2007 compared with $252 million, or $0.47 per diluted share, in the fourth quarter of 2006, or a 14.9% increase in earnings per diluted share.

Income from operations as a percent of revenue, as adjusted for these items, increased 150 basis points to 16.9% in the fourth quarter of 2007 compared with 15.4% in the fourth quarter of 2006.

For the full year 2007, the Company reported revenues of $13.31 billion compared with $13.36 billion in 2006. Earnings per diluted share were $2.23 for the full year 2007 compared with $2.10 for the full year 2006. Income from operations as a percent of revenue increased 170 basis points to 16.9% for the full year of 2007.