Rutland, Vt.-based Casella Waste Systems reported a net loss of $2.9 million on $139.8 million in revenue for the first quarter of its 2011 fiscal year. The quarter ended on July 31.
By comparison, the firm reported a net loss of $2.8 million on $132.5 million in revenue for the first quarter of its 2010 fiscal year.
“Overall, operating results in the first quarter tracked well against our fiscal year plan, with our New York landfills yielding better than expected results, energy prices at [the Maine Energy waste-to-energy facility] lower year-over-year as expected, and solid waste pricing weaker than expected,” said John W. Casella, chairman and CEO of Casella Waste Systems, in a press release.
The CEO attributed the 5.6 percent increase in revenue to increasing waste volumes and higher prices for recyclable materials. He also cited the firm’s $7.8 million sale in July of a Rochester, Mass., construction and demolition debris transfer station; a Cape Cod, Mass., transfer station; and the firm’s Cape Cod hauling assets and related equipment.
“Entering the second quarter we completed the implementation of a systematic customer-by-customer profitability analysis to more effectively target pricing and we adopted sales commission structures to drive implementation,” Casella said in the release. “These steps are expected to improve our solid waste pricing to get us back on track to meet our fiscal year pricing objectives.”
The firm adds that it expects to collect between $532 million and $542 million in revenue in its 2011 fiscal year.