Dive Brief:
- Casella Waste Systems, a waste and recycling company based in Rutland, VT, released financials from the second quarter of an 8-month transition period ending on December 31.
- Revenue was $141.3 million for the quarter ending October 31, up $9 million (or a 6.8%) from the same quarter in 2013.
- Adjusted EBITDA came in at $30.7 million during the second quarter, up $1 million.
Dive Insight:
According to Casella, revenue increased as a result of larger volumes of waste, an increase in solid waste prices, acquisitions, and consumer growth.
John W. Casella, the Chairman and CEO of Casella Waste, said, “We continued to make progress against our key strategic initiatives in our second quarter, with notable gains at our landfills, where we added another 110,00 tons year-over-year. Over the last two years a number of competitor disposal facilities have permanently closed across the Northeast. We have excellent asset positioning in these markets, and have been able to capitalize on the changing dynamics to gain market share, improving pricing, and drive higher cash flows and returns.”
In August, Casella released its first quarter 2014 results, which included revenues reaching $141.4 million, slightly higher than the $141.3 million in revenue generated in the second quarter of 2014.