Waste Management, TEPPCO, Group 1 release earnings

Waste Management Inc., TEPPCO Partners LP and Group 1 Automotive Inc. all reported first-quarter net income Tuesday.

Houston-based Waste Management (NYSE: WMI) reported net income of $241 million, or 48 cents per share, on revenue of $3.3 billion, for the quarter ended March 31, 2008. That compared with net income of $238 million, or 45 cents per share, on revenue of $3.2 billion, in the prior-year period.

Analysts polled by Thomson Financial were expecting the waste hauler to have net earnings per share of 46 cents.

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Pipeline company TEPPCO Partners reported net income of $64.1 million, or 57 cents per unit, on revenue of $2.8 billion, for the three months ended March 31, 2008. That compared with net income of $138.2 million, or $1.29 per unit, on revenue of $2 billion, for the same quarter in 2007.

Analysts expected Houston-based TEPPCO (NYSE: TPP) to have net earnings per unit of 53 cents.

First-quarter 2008 results included an $8.7 million debt repayment for subsidiary TE Products Pipeline Co. LLC, and a $3.6 million charge related to financial contracts used to hedge interest rates, both made in March. First-quarter 2007 results included a $78.5 million gain from the March sale of interests in Mont Belvieu Storage Partners LP and Mont Belvieu Venture LLC.

Group 1 Automotive, a Houston automotive retailer, posted net income of $16.4 million, or 73 cents per share, on revenue of $1.5 billion, for the quarter ended March 31, 2008. That compared with net income of $17.4 million, or 72 cents per share, on revenue of $1.5 billion, for the same period a year-earlier.

Analysts expected Group 1 (NYSE: GPI) to have net earnings per share of 68 cents.

The 2007 first-quarter results included after-tax charges of $2.5 million, or 10 cents per share, for lease terminations.