Waste Management trimmed its full-year revenue forecast as lower volume expectations offset stronger pricing and higher energy surcharges.
The Houston-based garbage-and-recycling company on Tuesday posted net income of $785 million, or $1.95 a share, compared with $726 million, or $1.80 a share, a year earlier.
Adjusted earnings were $2.02 a share, topping analysts' expectations of $1.98 a share, according to FactSet.
Revenue rose 4%, to $6.68 billion, compared with analyst estimates of $6.71 billion. The company said revenue growth was driven by 5.7% core pricing, higher recycling and renewable-energy volumes, and increased energy surcharges, though collection and disposal volume declined 1.8% from a year earlier.
Waste Management narrowed its full-year revenue outlook to $26.3 billion to $26.5 billion, about 0.6% lower than its prior forecast, citing weaker volume expectations. The new range is roughly in line with analysts' consensus estimate of $26.5 billion.