Business challenges companywide resulted in a third-quarter loss for Casella Waste Systems Inc., although it was smaller than the year-ago period.
For the Rutland, Vt.-based Casella Waste’s fiscal third quarter ended Jan. 31, the company reported a net loss of $11.5 million, or 29 cents per common share, compared with a net loss of $24.6 million, or 92 cents per common share, in the year-ago period.
Revenue for the quarter rose 0.4 percent to $115 million compared with $114.6 million in the 2012 quarter, according to a news release.
For the latest fiscal nine-month period, the net loss totaled $40.9 million, or $1.26 per common share, compared with $28.5 million, or $1.07 per share, in the year-ago period. Revenue dropped 4.1 percent to $356.5 million compared with $371.6 million a year earlier.
“We continued to face operating challenges throughout our business in the third quarter,” said John Casella, chairman and CEO of Casella Waste. “Landfill volumes at our western New York landfills, volumes in our collection line-of-business, and the ramp-up of several projects all underperformed our expectations in the quarter and, as such, we have lowered our guidance for the current year.”
He said three important developments in the quarter should position the company well for the future – the sale of its Maine Energy facility, the acquisition of Blow Brothers and the approval of the annual limit at its Southbridge landfill.