Business
Casella Waste Systems, Inc. Announces Fourth Quarter and Fiscal Year 2019 Results; and Provides Fiscal Year 2020 Guidance
RUTLAND, Vt., Feb. 20, 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., Feb. 20, 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 and twelve month periods ended December 31, 2019. The Company also provided guidance for the fiscal year ending December 31, 2020.\n Highlights for the Three and Twelve Months Ended December 31, 2019: Revenues were $193.6 million for the quarter, up $18.9 million, or up 10.8%, from the same period in 2018. Revenues were $743.3 million for the fiscal year, up $82.6 million, or 12.5%, from fiscal year 2018. Overall solid waste pricing for the quarter was up 5.0%, driven by robust collection pricing, up 4.8%, and strong landfill pricing, up 7.6%, from the same period in 2018.Net income was $9.1 million for the quarter, up $22.7 million from the same period in 2018. Net income was $31.7 million for the fiscal year, up $25.2 million from fiscal year 2018.Adjusted Net Income* was $10.2 million for the quarter, up $6.1 million, or up 146.2%, from the same period in 2018. Adjusted Net Income was $40.6 million for the fiscal year, up $13.5 million, or up 49.6%, from fiscal year 2018.Adjusted EBITDA* was $41.1 million for the quarter, up $7.3 million, or up 21.5%, from the same period in 2018. Adjusted EBITDA was $156.5 million for the fiscal year, up $18.5 million, or 13.4%, from fiscal year 2018.Net cash provided by operating activities was $116.8 million for the fiscal year, down $(4.0) million, or (3.3)%, from fiscal year 2018.Normalized Free Cash Flow* was $55.5 million for the fiscal year, up $8.4 million, or 17.9%, from fiscal year 2018. “We had another great quarter and year, as we continued to execute well against our key strategies as part of our 2021 plan,” said John W. Casella, Chairman and CEO of Casella Waste Systems, Inc. “We remain focused on driving cash flow growth by increasing landfill returns, improving collection profitability, creating incremental value through resource solutions, using technology to drive profitable growth and efficiencies, and prudently allocating capital for strategic growth.” “During 2019 we continued to make substantial progress executing against our strategic growth initiative, as we acquired nine businesses with approximately $53 million of annualized revenues,” Casella said. “...