Waste Management Profit Jumps
Bloomberg News
Trash hauler Waste Management Inc. said second-quarter net income rose to $191 million from $300,000 in the year-earlier quarter.
Net income was 30 cents a share, compared with break-even on a per-share basis a year earlier. Revenue fell 11% to $3.27 billion, partly because of the sale of businesses in Hong Kong, Sweden, Mexico and Britain.
Costs fell 17% last quarter to $2.47 billion from a year earlier. Chief Executive Maurice Myers, hired in November 1999, has improved accounting and reduced expenses, and the company’s stock has gained 42% in the last year. Shares fell 29 cents to close at $29.78 on the NYSE.
