Casella Waste Systems Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2017; Reaffirms Earnings Guidance for Year Ending December 31, 2017
May 04, 2017 at 04:30 pm EDT
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Casella Waste Systems Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2017. For the quarter, the company announced revenues of $133,802,000 compared to $125,432,000 a year ago. Operating income was $6,564,000 compared to $1,974,000 a year ago. Loss before income taxes was $224,000 compared to $7,763,000 a year ago. Net loss attributable to common stockholders was $224,000 or $0.01 per basic and diluted share compared to $7,608,000 or $0.19 per basic and diluted share a year ago. Adjusted EBITDA was $23,142,000 compared to $19,263,000 a year ago. Net cash provided by operating activities was $10,676,000 compared to $1,724,000 a year ago. Additions to property, plant and equipment was $8,634,000 compared to $9,848,000 a year ago. Adjusted net income attributable to common stockholders was $250,000 or $0.01 per diluted share against loss of $7,656,000 or $0.19 per diluted share a year ago. The first quarter included a $0.5 million loss on debt extinguishment related to the remarketing of $25.0 million aggregate principal amount of Finance Authority of Maine Solid Waste Disposal Revenue Bonds.
For the year ending December 31, 2017, the company reaffirmed its guidance by estimating results in the following ranges: revenues between $577 million and $587 million; adjusted EBITDA between $124 million and $128 million; and normalized free cash flow between $32 million and $36 million.
Casella Waste Systems, Inc. is a regional, vertically integrated solid waste services company. The Company manages its solid waste operations on a geographic basis through three regional operating segments: the Eastern, Western and Mid-Atlantic regions. It manages its resource renewal operations through the Resource Solutions operating segment, which leverages its core competencies in materials processing, industrial recycling, organics and resource management service offerings to deliver a solution for its commercial, municipal, institutional and industrial customers. It operates approximately 64 solid waste collection operations, 71 transfer stations, 29 recycling and processing facilities, eight Subtitle D landfills, three landfill gas-to-energy facilities and one landfill permitted to accept construction and demolition materials. It provides integrated solid waste services in Vermont, New Hampshire, New York, Massachusetts, Connecticut, Maine, Pennsylvania, Delaware and Maryland.
Casella Waste Systems Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2017; Reaffirms Earnings Guidance for Year Ending December 31, 2017