Date: January 31, 2002
Source: News Room
The price for Waste Management's (Houston, TX) stock fell nearly 13% from $28.82 to $25.13 per share on February 1 following the company's announcement that its earnings for the fourth quarter of 2001 would fall short of expectations. Waste Management reported fourth-quarter earnings per diluted share in the range of $0.30 to $0.31; analysts had projected earnings at $0.34 per share. Waste Management also said that it has initiated a stock repurchase program under which the company will buy back up to $1 billion of its shares annually for the foreseeable future.
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