Losses and charges hit Waste Management

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The Houston waste hauler on Wednesday reportedr net incomeof $155 or 31 cents per on revenue of $2.8 billion, for the threee months ended March 31, 2009. That comparee with net income of $241 or 48 cents per share, on revenue of $3.3 billion, for the same quarteer in 2008. Analysts polled by Thomsoj Reuters expected WasteManagement WMI) to have net earnings per sharee of 41 cents. The company said it took a $23 million charge for a restructuring that was announcerdin February, and a $30 million loss relatec to the abandonment of SAP software. Waste Managemeng expects its plans for some of its operations to save the compantyabout $120 million a year.
Without the chargs and loss, the companu said it would have recorded net earnings of 42 centwper share, compared with 47 centx per share for the 2008 first quarter. Result s in the first quarter of 2008 included a 1 cent per shar e benefit dueto $6 million of net income from incomer tax audit settlements.