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WASTE MANAGEMENT REPORTS RECORD FIRST QUARTER NET INCOME, REVENUE

 WASTE MANAGEMENT REPORTS RECORD FIRST QUARTER NET INCOME, REVENUE
 OAK BROOK, Ill., April 16 /PRNewswire/ -- Waste Management, Inc. (NYSE: WMX) today reported record earnings for the first quarter.
 Net income for the three months ended March 31 increased 16 percent to $192,094,000, or $.39 per share, from $165,653,000, or $.34 per share, in the same quarter a year earlier. Revenue in the quarter climbed 16 percent to $2,020,078,000, from $1,744,815,000 a year earlier.
 "Our growth is continuing at a strong pace and we are expanding the availability of our environmental services worldwide," said Dean L. Buntrock, chairman and chief executive officer. "Still, the economy continued to be lackluster in the first three months of the year, affecting the progress of our hazardous waste business and our solid waste services to North American industry.
 "Although there were no clear signals that the economy was improving as the second quarter began, the company's principal businesses were performing well and should benefit from an improved economic climate." He said Waste Management was continuing in 1992 to control its costs and to work to achieve productivity gains throughout the organization.
 Waste Management's 76-percent-owned hazardous waste subsidiary, Chemical Waste Management, Inc., which had been impacted in the last year by the recessionary economy, Wednesday reported improved earnings in the quarter.
 Wheelabrator Technologies Inc., a 57-percent-owned subsidiary providing trash-to-energy, clean air and clean water systems, and environmental engineering, consulting and infrastructure design services, also reported record earnings in the quarter.
 In international operations, the earnings of Waste Management's newest publicly traded subsidiary, Waste Management International plc, showed strong growth. The subsidiary, 56-percent-owned by Waste Management and 12 percent owned by each of Chemical Waste Management and Wheelabrator Technologies, concluded its initial public offering of stock on April 14, generating gross proceeds of nearly $770 million.
 The new international subsidiary includes essentially all of the waste management operations previously conducted by Waste Management, Inc. and its subsidiaries outside North America. Providing a range of solid and hazardous waste management services, including recycling, collection, and trash-to-energy capability, Waste Management International plc operates in eight countries in Europe (Italy, Sweden, Germany, the United Kingdom, The Netherlands, Spain, France and Denmark), one country in South America (Argentina), two countries in the Pacific (Australia and New Zealand), two territories in Asia (Hong Kong and Brunei), and two countries in the Middle East (Kuwait and Saudi Arabia).
 Waste Management, Inc. is the world's leading environmental services company. Based in Oak Brook, the company provides comprehensive solid and hazardous waste services, energy recovery and environmental technologies and engineering through subsidiaries operating throughout the United States, Canada, and in Europe, South America, the Middle East and the Pacific Region.
 WASTE MANAGEMENT, INC. AND SUBSIDIARIES
 Consolidated Statements of Income
 Three months ended March 31: 1992 1991(A)
 Revenue $2,020,078,000 $1,744,815,000
 Operating expenses $1,425,804,000 $1,233,246,000
 Selling & admin. expenses 241,880,000 222,511,000
 Interest expense 57,289,000 37,700,000
 Interest income (16,841,000) (17,398,000)
 Minority interest and
 sundry income, net (10,290,000) (5,433,000)
 Income before income taxes $322,236,000 $ 274,189,000
 Provision for income taxes 130,142,000 108,536,000
 Net income $192,094,000 $ 165,653,000
 Average shares and equivalent
 shares outstanding 496,440,000 491,607,000
 Earnings per common and common
 equivalent share $.39 $.34
 (A) -- Certain amounts have been restated to conform to 1992 classifications.
 -0- 4/16/92
 /CONTACT: William Plunkett, 708-572-8898; or (analysts) James E. Koenig, 708-572-8822, both of Waste Management/
 (WMX) CO: Waste Management Inc. ST: Illinois IN: SU: ERN


TS -- NY028 -- 9156 04/16/92 10:01 EDT
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Date:Apr 16, 1992
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