Casella Waste Systems, Inc. reported its financial results for the three month period ended March 31, 2025.
Revenues were $417.1 million for the quarter, up $76.1 million, or up 22.3 percent, from the same period in 2024, with revenue growth mainly driven by: the rollover impact from acquisitions, including deals closed in prior periods; sustained collection and disposal price growth; and strong National Accounts growth in our Resource Solutions segment.
Operating income was $3.1 million for the quarter, down $(3.7) million, or down (54.0) percent, from the same period in 2024, primarily impacted by higher depreciation and amortization expense related to acquisition growth.
Net loss was $(4.8) million for the quarter, or $(0.08) per diluted common share, as compared to $(4.1) million and $(0.07) per diluted common share, from the same period in 2024, driven by the factors impacting operating income, partially offset by lower interest expense. Adjusted Net Income was $12.2 million for the quarter, or $0.19 Adjusted Diluted Earnings Per Common Share, both non-GAAP measures, as compared to Adjusted Net Income of $8.7 million, and $0.15 Adjusted Diluted Earnings Per Common Share for the same period in 2024.
Net cash provided by operating activities was $50.1 million for the quarter, up $42.4 million from $7.7 million for the same period in 2024, driven by higher Adjusted EBITDA, lower cash interest payments and a lower outflow from changes in working capital compared to last year. Adjusted Free Cash Flow was $29.1 million for the quarter, as compared to $(2.4) million for the same period in 2024.
Fiscal Year 2025 Outlook
“The business is operating slightly ahead of our plan thus far in 2025,” Casella said. “While we have started the year well, it is still early, and given heightened economic and policy uncertainty, we believe that a cautious approach to our outlook is prudent.”
The company reaffirmed guidance for the fiscal year ending December 31, 2025 (“fiscal year 2025”) by estimating results in the following ranges:
Revenues between $1.775 billion and $1.805 billion
Net income between $10 million and $25 million
Adjusted EBITDA between $410 million and $425 million
Net cash provided by operating activities between $320 million and $335 million
Adjusted Free Cash Flow between $165 million and $180 million
The guidance ranges include acquisition activity announced to date, including the $40 million of annualized revenue acquired in the first quarter and previously announced in February, but do not include the impact of any acquisitions that have not been completed. Adjusted EBITDA and Adjusted Free Cash Flow related to fiscal year 2025 are described in the Unaudited Reconciliation of Fiscal Year 2025.
Published June 2025
