Business
Casella Waste Systems, Inc. Announces Second Quarter Results; and Reintroduces Fiscal Year 2020 Guidance
- Financial results exceed forecast, with strong operating execution, real-time cost controls and disciplined cash flow management. RUTLAND, Vt., Aug. 03,
About this update from Casella Waste Systems, Inc.
[{"type":"text","content":"- Financial results exceed forecast, with strong operating execution, real-time cost controls and disciplined cash flow management.\n RUTLAND, Vt., Aug. 03, 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 six month period ended June 30, 2020. The Company also reintroduced guidance for the fiscal year ending December 31, 2020 (“fiscal year 2020”). Highlights for the Quarter and Year-To-Date Ended June 30, 2020: Revenues were $188.8 million for the quarter, up $1.3 million, or up 0.7%, from the same period in 2019. Overall solid waste pricing for the quarter was up 4.4%, with collection pricing up 4.3%, and landfill pricing up 6.2%, from the same period in 2019.Net income was $12.1 million for the quarter, up $0.2 million, or up 1.7%, from the same period in 2019. Adjusted EBITDA, a non-GAAP measure, was $44.0 million for the quarter, up $3.6 million, or up 8.9%, from the same period in 2019. Net cash provided by operating activities was $62.5 million for the year-to-date period, up $24.2 million, or up 63.4% from the same period in 2019.Adjusted Free Cash Flow (formerly referred to as Normalized Free Cash Flow), a non-GAAP measure, was $27.5 million for the year-to-date period, up $22.1 million from the same period in 2019. “The last several months have been a challenging time and I am extremely proud of our 2,500 dedicated employees, especially our frontline team members who have worked hard to effectively service our customers while meeting our high safety and environmental standards,” said John W. Casella, Chairman and CEO of Casella Waste Systems, Inc. “Our number one priority has been, and will continue to be, keeping our people and the communities where we operate safe and healthy. We are accomplishing this by strictly adhering to CDC recommendations and State executive orders, utilizing appropriate personal protective equipment, following exposure reduction plans for each frontline role, and increasing disinfectant procedures.\" “We entered the COVID-19 crisis as a strong company - with an experienced and well balanced team, excellent culture and core values, a solid balance sheet with sufficient liquidity, robust cash flow generation, effective risk management programs, st...