Integrated waste services company Waste Management, Inc. (WM) said Tuesday that its fourth-quarter profit surged 44% from last year, beating analyst estimates.
The Houston-based company reported fourth-quarter net income of $315 million U.S., or 64 cents U.S. per share, up from $218 million U.S., or 44 cents U.S. per share, in the year-ago period.
Excluding special items, adjusted profit was 52 cents U.S. per share.
Revenue fell 3% from last year, however, to $3.01 billion U.S.
On average, Wall Street analysts expected a smaller adjusted profit of 48 cents U.S. per share.
Looking ahead, the company forecast full-year 2010 earnings of $2.09 to $2.13 U.S. per share, which would easily beat the current average analyst estimate for $1.96 U.S. per share.
Waste Management shares rose 83 cents U.S., or 2.6%, in premarket trading Tuesday.
The Bottom Line
Shares of WM have been recommended since Aug.12, when the stock was trading at $28.85 U.S. The company has a dividend yield of 3.64%, based on Friday' closing stock price of $31.83 U.S.
Waste Management, Inc. (WM) is a "recommended" dividend stock, holding a Dividend.com DARS Rating of 3.5 out of 5 stars.
