UPDATE: Waste Management Q3 Profit Beats Estimates

Waste Management (NYSE: WM) reported upbeat earnings for the third quarter.The Houston, Texas-based company reported a profit of $270 million, or $0.58 per share, versus a year-ago profit of $291 million, or $0.62 per share. Excluding special items, the company's earnings rose to $0.72 per share from $0.65 per share.Its revenue declined to $3.6 billion versus $3.62 billion. However, analysts were projecting a profit of $0.68 per share on revenue of $3.66 billion.Operating expenses as a percent of revenue narrowed to 63.8% from 64.2%.Free cash flow slipped $34 million to $418 million in the quarter, while net cash provided by operating activities was $672 million.“Once again, our strong yield and cost controls delivered growth in our traditional solid waste business as income from operations grew $13 million and income from operations margin rose by 60 basis points compared to the third quarter of 2013 results,” commented David P. Steiner, President and Chief Executive Officer of Waste Management.It now expects full-year earnings of $2.41 per share.Waste Management shares rose 0.62% to close at $48.42 yesterday.