UPDATE 2-Waste Management profit tumbles 22 percent

* Adjusted EPS 52 cents; Street view 53 cents

* Revenue down 15 pct

* Sees FY 2009 EPS below Street view

* To change stock symbol to "WM" on Aug. 5 (Adds comparison with Reuters Estimates)

BOSTON, July 30 (Reuters) - Top U.S. trash hauler Waste Management Inc WMI.N posted a 22 percent drop in quarterly profit as the recession eroded demand for garbage removal and for recyclable materials.

The company also forecast 2009 adjusted earnings per share of $1.95 to $1.99, below the average Wall Street forecast of $2.07.

Second-quarter net income was $247 million, or 50 cents per share, down from $318 million, or 64 cents per share, a year earlier.

Factoring out one-time items, profit would have been 52 cents per share, just shy of analysts' average forecast of 53 cents, according to Reuters Estimates.

Revenue fell 15 percent to $2.95 billion, below Wall Street's expectation of $2.98 billion.

The company plans to resume its share buyback program, with the board authorizing the repurchase of up to $400 million in shares through the rest of the year.

Shares of Houston-based Waste Management have declined about 11 percent this year, as landlords have cut back on the frequency of garbage collection to reduce costs. The Dow Jones U.S. Waste & Disposal Services Index .DJUSPC is down 1 percent for the year.

The company said its New York Stock Exchange stock symbol will change to "WM" from "WMI" on Aug. 5. (Reporting by Scott Malone, editing by Gerald E. McCormick and John Wallace)