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.