Waste Management bags big profits for 2002

Feb. 19, 2003
Refuse hauling giant Waste Management (WM) posted increased profits, both for the fourth quarter of 2002 and for the year, largely as a result of cost-cutting efforts implemented three years ago. However, the trash-hauling company is cutting 700 full-time jobs and 270 contract positions as it reduces operations in North America. Houston-based WM reported net income of $236 million on revenues of $2.81
Refuse hauling giant Waste Management (WM) posted increased profits, both for the fourth quarter of 2002 and for the year, largely as a result of cost-cutting efforts implemented three years ago.

However, the trash-hauling company is cutting 700 full-time jobs and 270 contract positions as it reduces operations in North America.

Houston-based WM reported net income of $236 million on revenues of $2.81 billion in the fourth quarter of 2002, up from net income of $158 million on revenues of $2.79 billion. For the year, WM said net income topped $822 million on revenues of $11.1 billion, up from net income of $503 million on revenues of $11.3 billion.

President & CEO A. Maurice Myers said that the company bought back $1 billion or 6% of its outstanding stock in 2002.

"For the foreseeable future, and at current stock price levels, we continue to believe this is the best way to return value to our shareholders," he added.

For 2003, the company expects revenue to reach $11.6 billion, even though it is not projecting a rebound in the U.S. economy this year.

WM said it expects that there will be little or no improvement in commercial and industrial waste volumes in 2003, so its revenue growth will largely come from acquisitions, including those related to the Company's Recycle America Alliance.

About the Author

Sean Kilcarr | Editor in Chief

Sean previously reported and commented on trends affecting the many different strata of the trucking industry. Also be sure to visit Sean's blog Trucks at Work where he offers analysis on a variety of different topics inside the trucking industry.

Voice your opinion!

To join the conversation, and become an exclusive member of FleetOwner, create an account today!

Sponsored Recommendations

Report: The 2024 State of Heavy-Duty Repair

From capitalizing on the latest revenue trends to implementing strategic financial planning—this report serves as a roadmap for navigating the challenges and opportunities of ...

Fleet Industry Benchmarks: How does your fleet stack up?

Discover how your fleet compares to industry benchmarks and gain insights from a 2024 Benchmarking Report on maintenance spend, turnaround time, and more. Join us to identify ...

Build a Tolling Program to Manage Toll Fees and Risks

Fleets looking to effectively manage their operational costs should consider their tolling costs. Download the PrePass whitepaper, “Build a Tolling Program to Manage Toll Fees...

Reducing CSA Violations & Increasing Safety With Advanced Trailer Telematics

Keep the roads safer with advanced trailer telematics. In this whitepaper, see how you can gain insights that lead to increased safety and reduced roadside incidents—keeping drivers...