Economic downturn hits profits at US’ largest waste management company.
Waste Management Inc, North America’s largest trash hauler, said fourth-quarter profit fell 29 percent because of a drop in U.S. construction and lower prices for recycled materials.
Net income declined to $218 million, or 44 cents a share, from $309 million, or 61 cents, a year earlier, Houston-based Waste Management said today in a statement. Sales decreased 7.5 percent to $3.1 billion.
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