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Casella Waste Reduces Loss in First Quarter

Article-Casella Waste Reduces Loss in First Quarter

Casella Waste Systems Inc. significantly cut its net loss for its first quarter, with higher revenue.

For its fiscal quarter ended July 31, Rutland, Vt.-based Casella Waste reported a net loss of $163,000, or 0 cents per share, compared with $8.38 million, or 31 cents per share, in the year-ago period.

Revenue for the company climbed 9.3 percent to $128.6 million compared with $117.6 million, Casella Waste said in a news release.

"We had a solid first quarter, with results primarily driven by continued execution in key areas of management focus – sourcing incremental landfill volumes; improving collection route profitability; and completing the multi-year Eastern region strategy," said John Casella, chairman and CEO of Casella Waste.

The company revised its fiscal 2014 guidance upward. It now expects revenues for the year of between $470 million and $480 million, an increase from the previous range of $465 million to $475 million. It expects earnings before interest, taxes, depreciation and amortization (EBITDA) of between $92 million and $96 million, up from a range of $91 million to $95 million.

TAGS: Financials
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