Dive Brief:
- Casella Waste Systems released its financial results for the eight-month period transitioning the company to a traditional calendar fiscal year.
- Revenue for the 2014 transition period, ending Dec. 31, was $368.4 million, up 8.3% from the same timeframe in 2013. Operating income was $22.1 million during the transition period, an increase of $0.2 million from 2013.
- The waste and recycling firm’s net loss came in at $5.81 million for the 2014 transition period, compared with $4.08 million the year before.
Dive Insight:
John Casella, the CEO and chairman of Casella Waste Systems, attributed some loss to difficulties with its recycling segment, an issue that has affected other companies as well.
Casella said: "We have taken action to begin to reshape our recycling business model through increased tipping fees at our recycling facilities and pricing increases to our collection customers to reflect the dramatically lower recycling commodity values.”