By Ben Glickman

Waste Management posted a higher profit in the first quarter after the company benefited from higher charged prices.

The Houston-based garbage and recycling company reported a profit of $708 million, or $1.75 a share, in the quarter ended March 31, compared with $533 million, or $1.30 a share, a year earlier. Analysts polled by FactSet expected per-share earnings of $1.49.

Revenue rose 5.5%, to $5.16 billion, short of the $5.22 billion expected by analysts polled by FactSet. Core price, an operating metric which measures the company's pricing, was up 7.2%.

Waste Management said it now expects revenue to grow 5% to 5.75% in 2024 compared with the prior year, down slightly from its initial outlook of 6% to 7% growth. Analysts polled by FactSet expect full-year revenue of $21.74 billion, which would represent year-on-year growth of 6.4%.

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(END) Dow Jones Newswires

04-24-24 1749ET