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Waste Management warns
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February 1, 2002: 9:29 a.m. ET
Nation's largest trash hauler sees 4Q profit falling 4 cents below estimates.
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NEW YORK (CNN/Money) - Waste Management Corp., the nation's largest waste disposal firm, warned Friday that it expects fourth-quarter earnings to fall below Wall Street estimates, citing exposure to Enron's bankruptcy and the settlement of class-action lawsuits against the company.
The Houston-based company expects to post a profit, excluding items, of 30 cents a share. Analysts forecast a profit of 34 cents a share, according to First Call.
Including certain items, it expects to post fourth-quarter earnings between 24 cents and 25 cents a share and revenue of $2.79 billion, compared with earnings of 6 cents a share and revenue of $2.88 billion in the year-earlier quarter.
Separately, Waste Management (WMI: down $3.47 to $25.35, Research, Estimates) set a stock buyback for up to $1 billion in common stock.
The company in November paid a hefty $487 million to settle a lawsuit accusing it of violations of federal securities laws in connection with its 1998 merger with USA Waste Services. In 2000, Waste Management and its auditing firm, Arthur Andersen, paid $229 million to settle another class-action suit about questionable accounting practices. 
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