Exhibit 99.1
(WM LOGO)
    For Further Information:
    Waste Management, Inc.
    Analysts: Jim Alderson — 713.394.2281
    Media: Lynn Brown — 713.394.5093
    Web site: http://www.wm.com
     WM #10-02
Waste Management Announces Fourth Quarter and Full Year 2009 Earnings
2010 Capital Allocation Plan to Return up to $1.3 Billion to Shareholders
HOUSTON — February 16, 2010 —
Waste Management, Inc. (NYSE: WM) today announced financial results for its fourth quarter and for the year ended December 31, 2009. Net income(a) for the quarter was $315 million, or $0.64 per diluted share, compared with $218 million, or $0.44 per diluted share, for the fourth quarter of 2008. This is an increase in earnings per diluted share of 45%. Revenues for the fourth quarter of 2009 were $3.01 billion compared with $3.11 billion for the same 2008 period. The Company noted several items that impacted results in the 2009 and 2008 fourth quarters. Excluding these items, net income would have been $257 million, or $0.52 per diluted share, in the fourth quarter of 2009 compared with $241 million, or $0.49 per diluted share, in the fourth quarter of 2008.(b)
For the full year 2009, the Company reported revenues of $11.79 billion compared with $13.39 billion for 2008. Earnings per diluted share were $2.01 for the full year 2009 compared with $2.19 for the full year 2008. During fiscal years 2009 and 2008, several items impacted the full year results. On an as-adjusted basis taking those items into account, earnings per diluted share were $2.00 for the full year 2009 and $2.22 for the full year 2008.(b)
David P. Steiner, Chief Executive Officer of Waste Management, commented, “We saw encouraging signs of improvement in the fourth quarter. Internal revenue growth from volume declined by 6.4% compared with the prior year period, which was a 250 basis point improvement from the third quarter of 2009. Our commercial and residential business lines continued to demonstrate their strength. Commercial revenue, excluding revenue from our fuel surcharge, increased 1.0% compared with the fourth quarter of 2008. Residential revenue, excluding revenue from our fuel surcharge, performed even better, increasing by 1.5% compared with the prior year period. Our collection and disposal pricing remained strong, with internal revenue growth from yield of 2.7%. Average recycling commodity prices continued to increase each month in the fourth quarter, and have almost doubled from the lows reached in January 2009. And, on the cost side, 2009 savings from the company-wide restructuring we announced in February 2009 exceeded our target of $120 million on an annualized basis.”
Results in the fourth quarter of 2009 included a net benefit of $0.12 per diluted share consisting of an $81 million income tax benefit resulting primarily from the favorable impacts of the carry-back of a capital loss and a revaluation of deferred taxes resulting from reductions in Canadian tax rates; a $20 million reduction in net income from asset impairment charges; and a $3 million reduction in net income from charges related to the restructuring announced in February 2009.

 


The following information was filed by Waste Management Inc (WM) on Tuesday, February 16, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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