WM’s third quarter hurt by lower recycled commodity prices
Company sees improving trends into 2013
Waste Management, Inc. announced financial results for its quarter ended September 30, 2012. Revenues for the third quarter of 2012 were $3.46 billion compared with $3.52 billion for the same 2011 period.
The company was negatively impacted by a decline in recycling commodity prices, which decreased revenues by $176 million. Net income for the quarter was $214 million, or $0.46 per diluted share, compared with $272 million, or $0.58 per diluted share, for the third quarter of 2011.
Net income would have been $285 million, or $0.61 per diluted share, in the third quarter of 2012 compared with $295 million, or $0.63 per diluted share, in the third quarter of 2011, if not for the following after-tax charges:
- $32 million, or $0.07 per diluted share, related to the previously announced organizational restructuring and a labor union dispute; and
- $39 million, or $0.08 per diluted share, from impairments of investments in unconsolidated entities and related assets.