Waste Management, Inc., headquartered in Houston, Texas, reported a net income of US$503-million on revenues of $11.32-billion during 2001, marking a turn-around from the previous year when the company suffered a net loss of $97-million on revenues of $12.49-billion. According to A. Maurice Myers, the company’s chairman, president and CEO, the company has just exited the second year of a three year turn-around and in 2002 intends to focus on cost and operational efficiencies as well as improving sales effectiveness.
Waste Stock Watch, December/January 2002, "One to Watch"
Based in Houston, Texas, Waste Management (WMI) is one of North America’s largest companies in the solid waste sector. The company operates through three service divisions: collection, disposal and recycling. Through these divisions, WMI operates 279 solid waste landfills, 5 hazardous waste landfills, 293 transfer stations, 33,000 collection and transfer vehicles, and 16 waste to energy facilities. The company’s 57,000 employees serve 25 million residential and 2 million commercial customers. In addition, WMI’s Recycle America subsidiary serves 10 million households and 200,000 commercial customers through 160 materials recovery facilities.
For the first nine months of 2001, WMI recorded US$8.53-billion vs. $9.61-billion in 2000. The company earned US$345-million or 55 cents per share vs. a loss of $136-million or 36 cents per share in 2000. In November 2001, the company settled a 1999 class action lawsuit relating to the company’s merger with USA Waste and financial statements from the first two quarters of 1999 as well as charges in the third quarter of 1999. In the settlement, the company will pay $457-million to purchasers of the company’s securities or options between June 11, 2998 and November 9, 1999.