Date: February 28, 2002
Source: News Room
Waste Management Inc. (NYSE:WMI) has announced financial results for its fourth quarter and for the year ended Dec. 31, 2001. Revenues for the quarter were $2.79 billion as compared to $2.88 billion in the year ago period. Net income reported for the quarter was $158 million or $0.25 per share, compared with $39 million, or $0.06 per share for the fourth quarter 2000. Following certain adjustments, fourth quarter 2001 net income was $198 million or $0.31 per diluted share compared with $181 million, or $0.29 per diluted share in the year ago period. The current quarter's results include the benefit of $77 million in net expense reductions resulting from settlements to lawsuits filed against numerous insurance carriers. For the full year 2001, revenues of $11.32 billion were reported, compared with $12.49 billion in 2000. Full year net income for 2001 was $503 million, or $0.80 per share, compared with a net loss of $97 million, or $0.16 loss per share, in 2000.
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