By Kelly Cloonan
Waste Management reported a decline in first quarter profit but is still on track to meet its outlook for this year.
The Houston-based garbage-and-recycling company on Monday posted a profit of $637 million, $1.58 per share, compared with $708 million and $1.75 per share, a year earlier.
On an adjusted basis, the company recorded earnings per share of $1.67, which missed the $1.90 estimate of analysts surveyed by FactSet.
Revenue rose 17% to $6.02 billion, short of the $6.39 billion analysts had forecast, according to FactSet.
Sales in the company's legacy business rose 4.7%. Waste Management's new medical waste and secure information destruction businesses performed well during their first full quarter as part of the company, Chief Executive Officer Jim Fish said.
"These solid first quarter results, as well as the strength and resiliency of our business model, give us confidence we are on pace to achieve our 2025 outlook," Fish said.
The company previously guided for revenue of $25.55 billion to $25.8 billion for this year, up from $22.06 billion in 2024.
The stock fell 1.5% to $225.56 in after-hours trading. Through the close of market trading shares are up 9% in the last year.
Write to Kelly Cloonan at kelly.cloonan@wsj.com
(END) Dow Jones Newswires
April 28, 2025 18:48 ET (22:48 GMT)
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