Tags: waste | management

As Industry Slows, Even Garbage Collectors Suffer

Thursday, 12 Feb 2009 10:04 AM

Waste Management Inc, the largest U.S. trash hauler, posted a 29 percent drop in quarterly profit hurt by volume declines in its industrial collection, transfer and recycling businesses and forecast a weaker 2009 for those businesses.

The Houston-based company also said it would restructure its field operations by consolidation, reduce its market areas to 25 from 45 and eliminate duplicative functions.

As part of a restructuring program costing $50 million, the company said it would eliminate pay hikes for its salaried staff. Fourth-quarter net income fell to $218 million, or 44 cents a share, from $309 million, or 61 cents a share, a year ago.

Revenue fell 7 percent to $3.11 billion, a shade below analysts expectation of $3.16 billion.

The company said it expects to achieve 2009 free cash flow of $1.3 billion to $1.4 billion through pricing, expense control and capital discipline.

Shares of the company closed up 15 cents at $28.45 Wednesday on the New York Stock Exchange.

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Waste Management Inc, the largest U.S. trash hauler, posted a 29 percent drop in quarterly profit hurt by volume declines in its industrial collection, transfer and recycling businesses and forecast a weaker 2009 for those businesses.The Houston-based company also said it...
waste,management
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2009-04-12
Thursday, 12 Feb 2009 10:04 AM
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