Waste Management Inc. announced financial results for its fourth quarter and for the year. Revenues for the quarter were $2.81 billion as compared with $2.79 billion in the year ago period. Net income reported for the quarter was $236 million, compared with $158 million for the fourth quarter the previous year. These results reflect quarter-over-quarter increases of 49 percent to net income. For the full year 2002, Waste Management reported operating revenues of $11.14 billion, compared with $11.32 billion in 2001. Net income for the year 2002 was $822 million, compared with $503 million for the year 2001.
"In 2002 we continued to build an infrastructure at Waste Management that will serve this company well, far into the future," commented A. Maurice Myers, chairman, president and CEO. "Our various improvement initiatives are having a positive impact on almost every aspect of our business.
Total revenue estimated at approximately $11.6 billion. Internal revenue growth is expected to be 0.4 percent in 2003, as a result of negative volumes estimated at 0.6 percent and positive price estimated at 1.0 percent, excluding impact from commodity prices projected at negative 0.3 percent.
Because the company is not projecting a rebound in the economy, and therefore expects that there will be little or no improvement in commercial and industrial waste volumes in 2003, the revenue growth is anticipated to be derived from acquisitions, including those related to the Company's Recycle America Alliance.
In response the expected slowing economy, WMI has begun implementing a plan to reduce its number of Market Areas in the U.S. and Canada from 91 to 66 and to reduce certain other overhead positions.
In conjunction with these efforts, there will be a net workforce reduction of about 700 employees and 270 contract workers. The net workforce reduction involves approximately 60 employees and 270 contract workers at the Houston corporate headquarters and 640 employees in field support positions.