Business
Casella Waste Systems, Inc. Announces Third Quarter 2021 Results; and Raises Fiscal Year 2021 Guidance
Third quarter financial results exceeded expectations, with solid operating execution, cost efficiencies and strong cash flow growth.The Company raised its
About this update from Casella Waste Systems, Inc.
[{"type":"text","content":"Third quarter financial results exceeded expectations, with solid operating execution, cost efficiencies and strong cash flow growth.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, 2021 (\"fiscal year 2021\"). RUTLAND, Vt., Oct. 28, 2021 (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 nine month periods ended September 30, 2021. Highlights for the Three Months and Year-to-Date Ended September 30, 2021: Revenues were $242.0 million for the quarter, up $39.3 million, or up 19.4%, from the same period in 2020. Overall solid waste pricing for the quarter was up 4.1%, driven by collection pricing, up 4.6%, and landfill pricing, up 3.7%, from the same period in 2020.Net income was $15.9 million for the quarter, up $0.8 million, or up 4.9%, from the same period in 2020. Provision for income taxes was $6.6 million for the quarter, up $6.2 million from the same period in 2020.Adjusted EBITDA, a non-GAAP measure, was $61.2 million for the quarter, up $10.0 million, or up 19.4%, from the same period in 2020. Net cash provided by operating activities was $134.1 million for the year-to-date period, up $22.2 million, or up 19.8%, from the same period in 2020.Adjusted Free Cash Flow, a non-GAAP measure, was $82.3 million for the year-to-date period, up $22.3 million, or up 37.2%, from the same period in 2020.Acquired nine businesses with approximately $86 million of annualized revenues year-to-date. \"We had another strong operational quarter, as we continued to execute well against our long-term strategic plan,” said John W. Casella, Chairman and CEO of Casella Waste Systems, Inc. “As a result, we increased revenues by 19.4% and Adjusted EBITDA by 19.4% year-over-year in the quarter and we increased year-to-date Adjusted Free Cash Flow by 37.2% year-over-year.\" “These positive results are a testament to the hard work, adaptability and dedication of our team, our asset positioning in the disposal capacity constrained northeast market, and strong execution against our operating and cost efficiency programs,” Casella said. “Our solid waste pricing continued to im...