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Waste Management 3Q profit rises

October 27, 2011

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HOUSTON—Garbage collector and recycler Waste Management Inc.'s third-quarter profit rose 11 percent, boosted by higher prices, cost cuts and revenue contributed by a recent acquisition.

Houston-based Waste Management said Thursday that it earned $272 million, or 58 cents per share, up from $244 million, or 51 cents per share, for the same quarter last year.

Excluding asset impairment, restructuring accounting and acquisition charges, the company said its adjusted profit was $295 million, or 63 cents per share, compared with an adjusted $264 million, or 55 cents per share, in the same period last year.

Revenue rose 8.9 percent to $3.52 billion from $3.24 billion. About $106 of the revenue growth came from the company's recent acquisition of Oakleaf Global Holdings.

The adjusted profit beat Wall Street predictions. Analysts, on average, expected a profit of 61 cents per share on $3.41 billion in revenue, according to a FactSet poll.

Waste Management said the quarter's profit got a boost from pricing programs, higher commodity prices and recycling volumes, acquisitions and fuel surcharges. The quarter's results also included a $28 million benefit related to cost cuts, the company said.

Waste Management also backed its full-year profit prediction of $2.14 to $2.18 per share. Analysts polled by FactSet expect a 2011 profit of $2.15 per share.

In morning trading, Waste Management shares fell 96 cents, or 2.8 percent, to $33.72.