Waste Management Q3 Profit Declines, Lifts Adj. Earnings Outlook For FY16

(RTTNews) - Waste Management Inc. (WM) Wednesday reported a decline in third quarter earnings to $302 million from $335 million last year. Earnings per share decreased to $0.68 from $0.75 a year ago.

On an adjusted basis, earnings were $374 million or $0.84 per share.

Revenue for the quarter were $3.548 billion, up 5.6 percent from $3.360 billion in the previous year.

Looking ahead to the full year 2016, the company raised its adjusted earnings per share guidance for 2016 to at least $2.91 from its previous guidance range of $2.83 to $2.86 per share. Further, the company projects to achieve free cash flow guidance for 2016 of between $1.6 and $1.7 billion.

For the fourth quarter, the company expects to meet or exceed Wall Street estimates.