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Waste Management's profit down on charges

HOUSTON (AP) -- Waste Management Inc.'s said Wednesday that first-quarter net income slipped as special charges offset stronger revenue, but the company stood by a strong full-year forecast.

The Houston-based waste management company made $168 million, or 36 cents per share, in the quarter that ended March 31. That compares with $171 million, or 37 cents per share, for the first quarter of 2012. Excluding one-time costs, it earned 40 cents per share.

Revenue increased to $3.34 billion from $3.3 billion.

Analysts polled by FactSet expected 41 cents per share on revenue of $3.36 billion.

The company said it has cut costs and improved cash flow. Waste Management said it is on track to meet its earlier forecast for profit of $2.15 to $2.20 per share for the year. Analysts forecast $2.18 per share for the year.

In afternoon trading Waste Management shares rose 80 cents, or 2.1 percent, to $39.50. The stock hit $39.88 earlier in the session, a 52-week high.