Waste Management Inc (WM) SEC Filing 10-K Annual report for the fiscal year ending Friday, December 31, 2010

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Waste Management Inc
Ticker: WM CIK: 823768

Exhibit 99.1

FOR IMMEDIATE RELEASE

Waste Management Announces Fourth Quarter and Full Year 2010 Earnings

Fourth Quarter and Full Year Revenues Increased Six Percent

HOUSTON — February 17, 2011
— Waste Management, Inc. (NYSE: WM) today announced financial results for its fourth quarter and for the year ended December 31, 2010. Revenues for the fourth quarter of 2010 were $3.19 billion compared with $3.01 billion for the same 2009 period. Net income^(a) for the quarter was $281 million, or $0.59 per diluted share, compared with $315 million, or $0.64 per diluted share, for the fourth quarter of 2009. The Company noted several items that impacted results in the 2010 and 2009 fourth quarters. Excluding these items, net income would have been $287 million, or $0.60 per diluted share, in the fourth quarter of 2010 compared with $257 million, or $0.52 per diluted share, in the fourth quarter of 2009, an increase in earnings per diluted share of over 15%.^(b)

For the full year 2010, the Company reported revenues of $12.52 billion compared with $11.79 billion for 2009. Earnings per diluted share were $1.98 for the full year 2010 compared with $2.01 for the full year 2009. During fiscal years 2010 and 2009, several items impacted the full year results. On an as-adjusted basis taking those items into account, earnings per diluted share were $2.09 for the full year 2010 and $2.00 for the full year 2009.^(b)

Results in the fourth quarter of 2010 included a net decrease of $0.01 per diluted share consisting of the following:

	•		After-tax charges of $20 million for litigation;

	•		A $7 million after-tax benefit from the accounting effect of higher ten-year Treasury rates, which are used to discount remediation reserves; and

	•		A $7 million benefit in net income primarily from income tax audit settlements.

David P. Steiner, President and Chief Executive Officer of Waste Management, commented, “We are pleased that we exceeded our expectations for the fourth quarter, driven by strong internal revenue growth from yield, which offset lower than expected volumes. Our collection, landfill, and recycling businesses continued their strong performance, as each of these business lines increased both their operating earnings and operating margins compared with the prior year period.”

KEY HIGHLIGHTS FOR THE FOURTH QUARTER 2010 AND THE FULL YEAR 2010

	•		Internal revenue growth from yield from the Company’s collection and disposal operations was 2.6% for the quarter and 2.3% for the full year.

	•		Internal revenue growth from volume was negative 1.8% for the quarter and negative 2.6% for the full year.

	•		Income from operations margin improved 280 basis points to 18.0% in the fourth quarter, compared with the prior year period. Adjusted for the items excluded in

FOR MORE INFORMATION

Waste Management

Web site
www.wm.com

Analysts
Jim Alderson
713.394.2281
jalderson@wm.com

Media
Lynn Brown
713.394.5093
lynnbrown@wm.com

The following information was filed by Waste Management Inc (WM) on Thursday, February 17, 2011 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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Ticker: WM
CIK: 823768
Form Type: 10-K Annual Report
Accession Number: 0000950123-11-015242
Submitted to the SEC: Thu Feb 17 2011 5:21:55 PM EST
Accepted by the SEC: Thu Feb 17 2011
Period: Friday, December 31, 2010
Industry: Refuse Systems