Garbage Firm May Revise, Lower Profit

Waste Management Inc. said that it may restate first-quarter earnings, lowering them by $55.4 million, or 9 cents a share, because of mistakes in calculating reserves for environmental cleanup and the value of some garbage dumps. The Houston-based company also said second-quarter profit from operations rose 53% to $371.8 million, or 58 cents a share, in the range of an earnings warning last week. Sales rose 3% to $3.33 billion, and the company benefited from higher fees for trash collection and landfill usage. Waste Management shares fell $1.25 to close at $24.19 on the New York Stock Exchange.