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Waste Management Inc. (WM) shares jumped nearly 4% after the company reported Tuesday that adjusted net income for the fourth quarter came to $257 million, or $0.52 per share, compared with $241.0 million, or $0.49 per share, for the year-ago quarter. Revenue for the fourth quarter totaled $3.0 billion, down from $3.1 billion a year ago. Analysts expected to see $0.48 per share and $2.9 billion.
For the full year, Waste Management posted adjusted earnings per share of $2.00, compared with $2.22 EPS for 2008. Full-year revenue came to $11.8 billion, down from $13.4 billion for 2008. Analysts expected to see $1.96 per share and $11.7 billion.
CEO David P. Steiner said, "We are proud of what we accomplished in 2009. During the economic downturn we continued producing strong cash flow and returned a big portion of it to our shareholders."
For 2010, Waste Management expects EPS to fall between $2.09 and $2.13. Analysts are looking for $2.13 per share. The company also expects to spend as much as $685 million on share repurchases.
Shares were up more than a buck Tuesday and trading around $33 in the afternoon. That's still down from the recent 52-week high of $35.00.
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