Waste Management (NYSE: WM) reported Q1 EPS of $0.49, $0.05 better than the analyst estimate of $0.44. Revenue for the quarter came in at $3.4 billion versus the consensus estimate of $3.41 billion.

David P. Steiner, President and Chief Executive Officer of Waste Management, commented, “We saw continued and strong momentum in both yield and cost controls in the first quarter of 2014 that helped drive a more than 35% improvement in reported net income, and more than 22% growth in earnings per share when looking at first quarter 2013 adjusted results. We also saw an increase of 170 basis points in our reported income from operations margin, or 140 basis points when compared to our first quarter 2013 adjusted results. Our yield was 2.6%, the highest level since 2011 and the fourth consecutive quarter over 2.0%. We also achieved SG&A cost savings of $15 million compared to the first quarter of 2013. During the first quarter, our net cash provided by operations improved to $584 million, our capital expenditures were constant at $266 million, and we had $166 million of divestiture proceeds, all of which resulted in free cash flow of $484 million, our highest amount since 2008.

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