Casella Waste Systems Inc. posted a larger net loss but increased revenues for its eight-month transition period to a traditional calendar fiscal year.
For the 2014 period ended Dec. 31, the Rutland, Vt.-based Casella reported a net loss of $5.81 million, or 15 cents per diluted share, compared with a net loss of $4.08 million, or 9 cents per diluted share, in the 2013 period.
Revenue for the 2014 period climbed 8.3 percent to $368.4 million from $340.1 million, according to a news release.
"Over the last two years, we have successfully refocused the company's strategy and made excellent progress towards our long-term goals," said John Casella, chairman and CEO of Casella Waste. "We continue to execute on each of our key management strategies with notable gains at our landfills, where we have increased annualized landfill volumes by 660,000 tons per year since fiscal year 2013.”
The company said it is adjusting to lower recycling commodity prices by changing its recycling business model through increased tipping fees at its recycling facilities.
Casella Waste reaffirmed guidance for its full fiscal year 2015 of revenue between $520 million and $530 million, and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of between $103 million and $107 million.