Casella Waste Systems, Inc. reported its financial results for the period ending June 30, 2021.
Highlights for the three months and year-to-date ended June 30, 2021:
•Revenues were $215.9 million for the quarter, up $27.1 million, or up 14.4 percent, from the same period in 2020.
•Overall solid waste pricing for the quarter was up 4.0 percent, driven by collection pricing, up 4.2 percent, and landfill pricing, up 4.3 percent, from the same period in 2020.
•Net income was $11.8 million for the quarter, down $(0.3) million, or down (2.7) percent, from the same period in 2020. Provision for income taxes was $5.4 million for the quarter, up $5.1 million from the same period in 2020.
•Adjusted EBITDA, a non-GAAP measure, was $52.1 million for the quarter, up $8.1 million, or up 18.5 percent, from the same period in 2020.
•Net income as a percentage of revenues was 5.5 percent for the quarter, down (96) basis points from the same period in 2020. Adjusted EBITDA as a percentage of revenues, a non-GAAP measure, was 24.1 percent for the quarter, up 84 basis points from the same period in 2020.
•Net cash provided by operating activities was $79.0 million for the year-to-date period, up $16.5 million, or up 26.4 percent, from the same period in 2020.
For the year-to-date period, revenues were $405.4 million, up $33.7 million, or up 9.1 percent, from the same period in 2020. Net income was $16.1 million, or $0.31 per diluted common share, for the year-to-date period, as compared to net income of $13.1 million, or $0.27 per diluted common share, for the same period in 2020. Adjusted net income was $17.8 million, or $0.35 adjusted diluted earnings per common share, for the year-to-date period, as compared to adjusted net income of $14.9 million, or $0.31 adjusted diluted earnings per common share, for the same period in 2020.
Operating income was $34.0 million for the year-to-date period, up $9.5 million from the same period in 2020.
Published in the September 2021 Edition
