Casella Waste Systems Inc. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2016. For the quarter, revenues were $144.7 million, up $1.0 million, or 0.7%, from $143.7 million reported in the same period in 2015, with revenue growth mainly driven by robust collection, disposal and recycling commodity pricing, the acquisition of three transfer stations, and higher volumes in organics line-of-business, partially offset by lower landfill and low margin transportation volumes. Net income attributable to common stockholders was $5.2 million, or $0.12 per diluted common share for the quarter, compared to net income attributable to common stockholders of $1.0 million, or $0.03 per diluted common share for the same period in 2015. Operating income was $15.6 million for the quarter, up $4.3 million from $11.3 million reported in the same period in 2015, whereas adjusted operating income was $15.6 million for the quarter, up $4.6 million from $10.9 million reported in the same period in 2015. Adjusted EBITDA was $34.8 million for the quarter, up $4.1 million from $30.7 million reported in the same period in 2015. Net cash provided by operating activities was $33.9 million in the quarter, up $4.3 million from $29.6 million reported in the same period in 2015. Capital expenditures were $13.6 million against $11.9 million reported last year.

For the six months ended June 30, 2016, revenues were $270.1 million, up $9.8 million, or 3.8%, from $260.3 million reported in the same period in 2015, mainly driven by robust collection and disposal pricing, and higher volumes in organics line-of-business, partially offset by lower disposal volumes and lower energy pricing.
Net loss attributable to common stockholders was $2.4 million, or $0.06 per diluted common share year-to-date, compared to $8.2 million, or $0.20 per diluted common share for the same period in 2015. Operating income was $17.6 million year-to-date, up $3.1 million from $14.5 million reported in the same period in 2015. Adjusted operating income was $17.6 million year-to-date, up $8.4 million from $9.1 million reported in the same period in 2015. Adjusted EBITDA was $54.1 million year-to-date, up $8.9 million from $45.2 million reported in the same period in 2015. Net cash provided by operating activities was $35.6 million year-to-date, up $11.7 million from $23.9 million reported in the same period in 2015. Capital expenditures were $23.5 million against $16.3 million reported last year.

Given strong pricing and operational efficiency performance year-to-date, the company is increasing its Adjusted EBITDA guidance for the year ending December 31, 2016 by estimating: Adjusted EBITDA between $113 million and $116 million (increased from a range of $111 million to $115 million). The company reaffirms its revenue and free cash flow guidance for the year by estimating revenues between $550 million and $560 million; and free cash flow between $20 million and $24 million. Capital expenditures are projected to be between $50 million and $54 million for the year, up from previously announced range due to higher construction costs associated with the time-sensitive construction schedule at the Ontario landfill that face d significant permitting delays in 2015.