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Casella Waste Systems Revenues Up 3.4% in 2016
For the fiscal year, revenues were $565.0 million, up $18.5 million, or 3.4 percent, from fiscal year 2015.
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Rutland, Vt.-based Casella Waste Systems reported its fourth quarter and full-year results. Keeping in line with its cohorts in the solid waste space, Casella also posted a healthy year-over-year gain in revenues in 2016. The results exceeded the firms guidance for revenues, adjusted EBITDA and normalized free cash flow.
"We had another strong quarter as we continued to execute well against our key management strategies of increasing landfill returns, improving collection profitability, creating incremental value through resource solutions, and reducing leverage through strict capital discipline and debt repayment," Casella Chairman and CEO John W. Casella said in a statement. "We have worked hard over the last two years to reshape our recycling sales model in the face of historically low recycling commodity markets with a goal of making a return on our invested capital in all commodity market cycles. … We have made great strides in accomplishing this goal through a combination of our Sustainability/Recycling Adjustment fee applied to hauling customers, floating rebates or tipping fees applied to recycling processing customers, and efforts to reduce operating costs at our materials processing facilities."
Here are some additional highlights from the firm’s results
For the fiscal year, revenues were $565.0 million, up $18.5 million, or 3.4 percent, from fiscal year 2015, reflecting the impact of robust collection, disposal and recycling commodity pricing, the roll-over impact from the acquisition of three transfer stations in the second quarter, and higher volumes in the Company's collection, organics and customer solutions lines-of-business, partially offset by lower solid waste volumes and lower energy pricing.
Net loss attributable to common stockholders was $6.8 million, compared to net loss attributable to common stockholders of $13.0 million for fiscal year 2015. Adjusted net income attributable to common stockholders was $7.8 million, compared to $11.2 million in 2015.
Operating income was $44.9 million for the fiscal year, up $13.1 million from fiscal year 2015, whereas adjusted operating income was $45.8 million for the fiscal year, up $15.4 million from fiscal year 2015.
Adjusted EBITDA was $120.6 million for the fiscal year, up $14.5 million, or 13.7 percent, from fiscal year 2015.
Net cash provided by operating activities was $80.4 millionin the fiscal year, up $9.9 million from fiscal year 2015. Normalized free cash flow was $27.1 million in the fiscal year, as compared to $18.6 million for fiscal year 2015.
Solid waste pricing was up 2.6 percent in the quarter. Residential and commercial pricing was up 3.6 percent and landfill pricing was up 2.7 percent.
Fourth quarter revenues were $143.8 million, up $3.8 million, or 2.7 percent, from the same period in 2015, with revenue growth mainly driven by robust collection, disposal and recycling commodity pricing, the roll-over impact from the acquisition of three transfer stations in the second quarter, and higher volumes in the company's organics and customer solutions lines-of-business, partially offset by lower solid waste volumes, primarily associated with lower margin transportation volumes.
Net loss attributable to common stockholders was $12.0 million compared to net loss attributable to common stockholders of $7.0 million for the same period in 2015. Adjusted net income attributable to common stockholders was $1.9 million, compared to adjusted net loss attributable to common stockholders of $1.6 million in 2015
Operating income was $10.0 million for the quarter, up $5.3 million from the same period in 2015, whereas adjusted operating Iincome was $10.9 millionfor the quarter, up $2.7 million from the same period in 2015.
Adjusted EBITDA was $29.4 million for the quarter, up $1.6 million from the same period in 2015.
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