Business
Casella Waste Systems, Inc. Announces Third Quarter 2022 Results and Updates Fiscal Year 2022 Guidance
Solid third quarter results demonstrated continued execution against the Company's operating initiatives, pricing programs, and disciplined growth
About this update from Casella Waste Systems, Inc.
[{"type":"text","content":"Solid third quarter results demonstrated continued execution against the Company's operating initiatives, pricing programs, and disciplined growth strategy.The Company raised its revenue, net income, Adjusted EBITDA, and net cash provided by operating activities guidance ranges for the fiscal year ending December 31, 2022 (\"fiscal year 2022\"). RUTLAND, Vt., Oct. 27, 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 nine month periods ended September 30, 2022. Highlights for the Three Months and Year-to-Date Period Ended September 30, 2022: Revenues were $295.3 million for the quarter, up $53.3 million, or up 22.0%, from the same period in 2021. Overall solid waste pricing for the quarter was up 6.6%, driven by collection pricing, up 7.2%, and disposal pricing, up 6.0%, from the same period in 2021.Net income was $22.7 million for the quarter, up $6.8 million, or up 42.9%, from the same period in 2021.Adjusted EBITDA, a non-GAAP measure, was $75.0 million for the quarter, up $13.8 million, or up 22.5%, from the same period in 2021. Net cash provided by operating activities was $152.4 million for the year-to-date period, up $18.3 million, or up 13.7%, from the same period in 2021.Adjusted Free Cash Flow, a non-GAAP measure, was $81.7 million for the year-to-date period, up $3.4 million, or up 4.3%, from the same period in 2021.Acquired 13 businesses year-to-date with approximately $48 million of annualized revenues. \"We posted another strong quarter as our operating and pricing initiatives worked well to offset inflation and drive Adjusted EBITDA growth of 22.5% year-over-year in the quarter,\" said John W. Casella, Chairman and CEO of Casella Waste Systems, Inc. \"As expected, we expanded Adjusted EBITDA margins in the third quarter despite significant declines in commodity prices, acquisition headwinds, and the negative impact from the accrual of a special bonus we will pay in December to our hourly employees in recognition of their excellent work.\" \"Our team is doing a great job navigating a complex economic environment, while offsetting historically high inflation through operating initiatives and nimble pricing programs,\" Casella said. \"We continue to invest in key operat...