Casella Waste Posts Loss During First Quarter

Rutland, Vt.-based Casella Waste Systems posted a loss of $2.8 million on revenue of $135.9 million during the first quarter of the firm’s fiscal year. The company’s fiscal year began on May 1.

During the same period in 2008, the firm posted a net income of $2.2 million on revenue of $157.9 million.

“Our business continues to perform well through the economic downturn; the solid waste group is generating strong cash flows and the recycling group is benefiting from a moderate strengthening in commodity prices,” said John W. Casella, chairman and CEO of Casella Waste Systems, in a press release. “The solid waste business experienced normal sequential seasonal revenue growth in our first quarter compared to the fourth quarter of fiscal year 2009; however, economically sensitive volumes were down again year-over-year against a tough first half year-over-year comparison, with notable weakness in both roll-off pulls and construction and demolition waste.”

TAGS: Financials