HOUSTON (AP) _ Waste Management Inc. (WM) on Thursday reported fourth-quarter profit of $531 million.
The Houston-based company said it had net income of $1.24 per share. Earnings, adjusted for asset impairment gains and pretax gains, came to $1.13 per share.
The results topped Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.07 per share.
The garbage and recycling hauler posted revenue of $3.84 billion in the period, also surpassing Street forecasts. Three analysts surveyed by Zacks expected $3.79 billion.
For the year, the company reported profit of $1.93 billion, or $4.45 per share. Revenue was reported as $14.91 billion.
Waste Management expects full-year earnings in the range of $4.28 to $4.38 per share.
Waste Management shares have risen 11 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed roughly 10 percent. The stock has risen 22 percent in the last 12 months.