Casella Waste Reduces Loss in Latest Quarter

Casella Waste Systems Inc. posted a reduction in its net loss for its most recent quarter, which the company attributed to its management emphasis.

The Rutland, Vt.-based Casella said for its second quarter ended Oct. 31 its net loss shrunk to $575,000, or 1 cent per share, compared with a loss of $21 million, or 68 cents per share, in the 2012 period.

Revenue for the quarter climbed 13.2 percent to $132.3 million from $116.8 million in the year-ago period, according to a news release.

For the first half, the net loss totaled $738,000, or 1 cent per share, compared with a loss of $29.5 million, or $1.01 per share, a year ago. Revenue climbed 11.3 percent to $260.9 million compared with $234.5 million in 2012.

“We continued to make excellent progress through our second quarter, with results primarily driven by continued execution in key areas of management focus – sourcing incremental landfill volumes; improving collection route profitability; and successfully executing the multi-year Eastern region strategy," said John Casella, chairman and CEO of Casella Waste.

The company revised upward its guidance for its fiscal 2014 year. It now expects earnings before interest, taxes, depreciation and amortization (EBITDA) of between $95 million and $98 million (increased from a range of $92 million and $96 million).

Revenue now is projected at between $480 million and $490 million (increased from a range of $470 million to $480 million).