Business
Casella Waste Systems, Inc. Announces Second Quarter 2022 Results and Raises Fiscal Year 2022 Guidance
Strong second quarter financial results reflected further execution against the Company's operating efficiency programs, a continuation of robust pricing, and
About this update from Casella Waste Systems, Inc.
[{"type":"text","content":"Strong second quarter financial results reflected further execution against the Company's operating efficiency programs, a continuation of robust pricing, and growth strategy.The Company raised its revenue, net income, Adjusted EBITDA, net cash provided by operating activities, and Adjusted Free Cash Flow guidance ranges for the fiscal year ending December 31, 2022 (\"fiscal year 2022\").Consolidated revenues surpass $1.0 billion for the twelve months ended June 30, 2022, marking the first time in the Company's history. RUTLAND, Vt., July 28, 2022 (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 six month periods ended June 30, 2022. Highlights for the Three Months and Year-to-Date Period Ended June 30, 2022: Revenues were $283.7 million for the quarter, up $67.8 million, or up 31.4%, from the same period in 2021. Overall solid waste pricing for the quarter was up 6.9%, driven by collection pricing, up 7.7%, and disposal pricing, up 5.7%, from the same period in 2021.Net income was $17.8 million for the quarter, up $6.0 million, or up 51.0%, from the same period in 2021.Adjusted EBITDA, a non-GAAP measure, was $68.5 million for the quarter, up $16.4 million, or up 31.4%, from the same period in 2021. Net cash provided by operating activities was $92.3 million for the year-to-date period, up $13.2 million, or up 16.8%, from the same period in 2021.Adjusted Free Cash Flow, a non-GAAP measure, was $46.2 million for the year-to-date period, up $8.6 million, or up 22.9%, from the same period in 2021.Acquired 11 businesses with approximately $47 million of annualized revenues year-to-date. “We had a strong quarter as our mature operating efficiency and pricing programs helped us to offset the impact of historically high inflation,\" said John W. Casella, Chairman and CEO of Casella Waste Systems, Inc. \"As a result of these efforts, we grew quarterly Adjusted EBITDA by 31.4% year-over-year and increased year-to-date Adjusted Free Cash Flow by 22.9% year-over-year.\" \"Our core business is performing very well and driving growth, while our execution against our acquisition strategy has resulted in incremental growth,\" Casella said. \"As of the twelve-months ended June 30, 2022, for the first...