Casella Waste 2014 Net Loss Shrinks by HalfCasella Waste 2014 Net Loss Shrinks by Half
June 27, 2014
Casella Waste Systems Inc. lost money in 2014, but its net loss shrunk in half from the previous year.
The Rutland, Vt.-based Casella Waste for the fourth quarter ended April 30 said its net loss in the fourth quarter grew to $15.6 million, or 30 cents per share, compared with $13.5 million, or 34 cents per share, in the year ago period.
Revenue rose 9.4 percent to $118.9 million from $108.7 million in 2013, according to a news release.
For the year, the net loss declined to $27.4 million, or 58 cents per share, compared with $54.5 million, or $1.59 per share, a year earlier. Revenue climbed 9.3 percent $497.6 million from $455.3 million.
The company also said it is switching to a Dec. 31 fiscal year end with the end of 2014, because of the challenges of unpredictable seasonal upswings.
Casella Waste said the revenue increase in the most recent quarter was driven by higher solid waste volumes and collection pricing, among other factors.
"We made excellent progress against our long-term goals during the fiscal year," said John Casella, chairman and CEO of Casella Waste. "While we're happy with our progress, we still have quite a bit of work to do as a team over the next few years to drive higher cash flows and returns for our investors."
Casella Waste’s guidance for the eight-month transition period in 2014 includes a revenue range of between $356 million and $366 million (representing growth of 4.7 percent to 7.6 percent compared with the same period in 2013), and earnings before interest, taxes, depreciation and amortization (EBITDA) of between $71 million and $75 million, as compared to $72.1 million in 2013.