Texas-based Waste Management Inc. has taken a hit with its financial results for the fourth quarter and year end for 2013.
The company attributed the loss, in part, to “diluted share impact from impairments primarily related to goodwill in the company’s waste-to-energy business, as well as certain post-collection assets and investments.”
Revenues for the fourth quarter of 2013 were $3.50 billion compared with $3.43 billion for the same 2012 period, the company announced February 18, 2014. Net loss for the quarter was $605 million, or a negative $1.29 per diluted share, compared with net income of $224 million, or $0.48 per diluted share, for the fourth quarter of 2012.
“In the fourth quarter, however, we had a year-over-year increase of $0.09 per share from accruals related to incentive compensation and risk management,” stated David Steiner, president and CEO of Waste Management.
“Absent this,” he added, “our strong year-over-year earnings momentum would have continued in the quarter. And our momentum continued into 2014, with preliminary January results showing year-over-year income from operations increasing 12% and income from operations margin growing about 110 basis points compared to January 2013.”
For the full year 2013, the company reported revenues of $13.98 billion compared with $13.65 billion for 2012. Earnings per diluted share were $0.21 for the full year 2013 compared with $1.76 for the full year 2012. On an as-adjusted basis, excluding certain items, earnings per diluted share were $2.15 for the full-year 2013 versus $2.08 for the full-year 2012.
For Waste Managenent’s full financial results, please click here.