Waste Management 1st-qtr profit falls 36 pct, with trash, prices for recycled goods down

Waste Managment 1Q fallS 36 pct, hurt by recycling

HOUSTON — Waste Management Inc., the nation’s largest garbage collector, says its first-quarter profit fell 36 as the recession hurt prices of recycled goods and lowered the amount of trash picked up.

The Houston-based company says net income totaled $155, or 31 cents per share, down from $241 million, or 48 cents, in the first quarter of 2008.

For the quarter ended March 31, revenue fell to $2.81 billion compared with $3.27 billion for the same 2008 period.

Excluding charges related to restructuring and dropping the use of SAP software, earnings would have been 42 cents per share.

Analysts expected earnings of 41 cents per share on revenue of $2.98 billion for the quarter.