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Waste Management Q1 Profit Down, Adj. EPS Tops View; Backs FY19 Forecast

Environmental solutions company Waste Management, Inc. (WM) reported Thursday that its first-quarter net income was $347 million or $0.81 per share, compared to $396 million or $0.91 per share last year.

On an adjusted basis, net income for the latest quarter was $402 million or $0.94 per share.

Revenues for the first quarter grew to $3.70 billion from $3.51 billion last year.

On average, analysts polled by Thomson Reuters expected earnings of $0.93 per share for the quarter on revenues of $3.67 billion. Analysts' estimates typically exclude special items.

Total Company operating EBITDA was $987 million, an increase of 3.4% from the first quarter of 2018.

Looking ahead, the company said it is on track to achieve full-year 2019 guidance of adjusted earnings per share of between $4.28 and $4.38, adjusted operating EBITDA of between $4.40 and $4.45 billion, and free cash flow of between $2.025 and $2.075 billion.

Analysts expect earnings of $4.37 per share for the year.

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