Waste Management, Inc. today announced financial results for its quarter ended September 30, 2016. Revenues for the third quarter of 2016 were $3.55 billion compared with $3.36 billion for the same 2015 period.
Net income for the quarter was $302 million, or $0.68 per diluted share, compared with net income of $335 million, or $0.74 per diluted share, for the third quarter of 2015.On an as-adjusted basis, excluding certain items, net income was $374 million, or $0.84 per diluted share, in the third quarter of 2016.
The Company’s as-adjusted third quarter 2016 results exclude $0.16 per diluted share of non-cash charges related to the impairment of certain assets and an increase to estimated remediation reserves. The Company incurred pre-tax charges of $43 million related to the impairment of a rural landfill, and $42 million related to estimated environmental remediation at a third-party closed site that was operated by a company in the mid-1960s, prior to our acquisition of that company’s parent in 1998.
David P. Steiner, Chief Executive Officer of Waste Management, commented, “Our focus on improving core price, growing high margin volumes, and containing costs continued our strong performance from the first half of 2016, as we again exceeded our revenue, earnings, and margin targets. In the third quarter, core price was 4.7% and volumes were positive 1.6%, leading to a 5.6% increase in revenue. Overall, the combined positive price, volume growth, and cost management drove increases in adjusted operating income, adjusted operating EBITDA, and margins when compared to the third quarter of 2015.”