Waste Management Inc on Tuesday posted its results for the 2014 fourth quarter as well as for the 2014 full year. Revenues for the company’s fourth quarter were $3.44 billion compared to $3.5 billion for the same period in 2013.
Net income for the fourth quarter ended at $590 million equal to $1.28 per share, compared to a $605 million net loss or -$1.29 per share for the 2013 fourth quarter.
Adjusted income excluding special items was $308 million equal to 67 cents per share for the fourth quarter of 2014 in comparison to $263 million equal 56 cents a share for the 2013 fourth quarter.
For the full 2014 year, the company reported its revenue at $14 billion, compared to 2013 when the revenue reached $13.98 billion. Earnings per share were $2.78 for the full year of 2014, with 21 cents for the full year of 2013.
On an adjusted basis, which excluded special items earnings per share ended at $2.47 for all of 2014, versus the full year of 2013 at $2.15.
CEO and President David Steiner said the company was able to build momentum during the first 9 months of 2014 and the momentum continued through the fourth quarter.
Strong pricing and tight cost controls delivered growth for the traditional solid waste business as operational income was up $36 million and operations margin was up by 130 basis points.
In addition, operating EBITDA in its traditional business of solid waste was up by $25 million and margins for EBITDA expanded 100 basis points. For the seventh straight quarter, yield was a minimum of 2% and volumes were better sequentially for the fourth straight quarter.
Cost of operations saw improvement by $97 million and as a revenue percent, was up by 170 basis points in comparison to the fourth quarter a year ago.