Business
Casella Waste Systems, Inc. Announces Second Quarter 2023 Results and Updates Fiscal Year 2023 Guidance
Solid second quarter financial results, driven by the Company's operating efficiency programs and execution against its growth strategy.The Company raised its
About this update from Casella Waste Systems, Inc.
[{"type":"text","content":"Solid second quarter financial results, driven by the Company's operating efficiency programs and execution against its growth strategy.The Company raised its revenue, Adjusted EBITDA, net cash provided by operating activities, and Adjusted Free Cash Flow guidance ranges and updated its net income guidance range for the fiscal year ending December 31, 2023 (\"fiscal year 2023\"). RUTLAND, Vt., July 27, 2023 (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, 2023. Highlights for the Three Months and Year-to-Date Period Ended June 30, 2023: Revenues were $289.6 million for the quarter, up $6.0 million, or up 2.1%, from the same period in 2022.Overall solid waste pricing for the quarter was up 7.7% from the same period in 2022, primarily a result of 8.2% higher collection pricing and 7.1% higher disposal pricing.Net income was $5.5 million for the quarter, down $(12.3) million, or down (69.2)%, from the same period in 2022. Net income was negatively impacted by several non-recurring items in the quarter, including a $6.2 million legal settlement charge, an $8.2 million loss from termination of bridge financing, and other one-time costs described in the Adjusted Net Income reconciliation.Adjusted EBITDA, a non-GAAP measure, was $72.2 million for the quarter, up $3.7 million, or up 5.5%, from the same period in 2022.Net cash provided by operating activities was $83.2 million for the year-to-date period, down $(9.1) million, or down (9.8)%, from the same period in 2022.Adjusted Free Cash Flow, a non-GAAP measure, was $49.0 million for the year-to-date period, up $2.8 million, or up 6.0%, from the same period in 2022.The Company closed on the acquisition of select operations from GFL Environmental Inc. (\"GFL\") on June 30, 2023, and signed an asset purchase agreement on June 9, 2023 to acquire the assets of Consolidated Waste Services, LLC and its affiliates (dba “Twin Bridges”). \"We executed well in the second quarter against our operating initiatives and growth strategies, which helped to drive meaningful Adjusted EBITDA growth and margin expansion, despite significant recycling headwinds with commodity prices down 53% year-over-year,” said John W. Casella, ...