Business
Casella Waste Systems, Inc. Announces First Quarter Results; and Withdraws Fiscal Year 2020 Guidance Given Uncertainties of COVID-19
RUTLAND, Vt., May 07, 2020 (GLOBE NEWSWIRE) -- Casella Waste Systems, Inc. (NASDAQ: CWST), a regional solid waste, recycling and resource management services
About this update from Casella Waste Systems, Inc.
[{"type":"text","content":"RUTLAND, Vt., May 07, 2020 (GLOBE NEWSWIRE) -- Casella Waste Systems, Inc. (NASDAQ: CWST), a regional solid waste, recycling and resource management services company, today reported its financial results for the three month period ended March 31, 2020. The Company also withdraws guidance for the fiscal year ending December 31, 2020.\n Highlights for the Three Months Ended March 31, 2020: Revenues were $182.9 million for the quarter, up $19.2 million, or up 11.8%, from the same period in 2019. Overall solid waste pricing for the quarter was up 5.8%, driven by robust collection pricing, up 5.2%, and strong disposal pricing, up 7.7%, from the same period in 2019.Net income was $1.0 million for the quarter, up $2.7 million from the same period in 2019. Adjusted Net Income* was $2.5 million for the quarter, up $3.0 million from the same period in 2019. Adjusted EBITDA* was $33.5 million for the quarter, up $6.9 million, or up 25.9%, from the same period in 2019. Net cash provided by operating activities was $14.8 million for the quarter, up $10.0 million, or up 209.6% from the same period in 2019.Normalized Free Cash Flow* was $4.0 million for the quarter, up $12.5 million from the same period in 2019. “During the first quarter, we continued to execute well against our key long-term strategies as part of our 2021 plan,” said John W. Casella, Chairman and CEO of Casella Waste Systems, Inc. “Our solid waste pricing programs were ahead of budget as we advanced 5.2% pricing in the collection line-of-business and 10.1% pricing at the landfills, with overall solid waste price increasing by 5.8%. Solid waste volumes were down (2.7)% in the quarter, as we continued to focus on shedding unprofitable work, advancing pricing in excess of inflation, and we began to experience early negative volume impacts from COVID-19 as the shelter-in-place orders forced businesses to close and construction to come to a halt.” “We continue to make substantial progress executing against our strategic growth initiative, as we acquired four businesses with approximately $13 million of annualized revenues in 2020,” Casella said. “Our acquisition pipeline remains robust, and while we believe that there is substantial opportunity to drive additional cash flow growth across our footprint, we do expect acquisition activity to slow in the near term as we focus on manag...