Casella Waste - CWST STOCK NEWS

Casella Waste Systems (CWST) reported strong financial results for Q3 2020, with revenues of $202.7 million, up 2.1% from Q3 2019. Net income reached $15.1 million, a 22.0% increase, and adjusted EBITDA climbed to $51.3 million, reflecting a 5.9% growth. The company raised its guidance for full-year 2020 in several key metrics, including revenues projected between $760 million and $775 million. Despite an 8.4% decline in solid waste volumes due to COVID-19, operational improvements and strategic acquisitions contributed positively to cash flow management.

Casella Waste Systems (NASDAQ:CWST) has successfully closed an underwritten public offering, selling 2,702,500 shares of Class A common stock at $56.00 per share, resulting in gross proceeds of $151.3 million. The additional shares were sold through the underwriters’ option, enhancing the offering's total. Funds from the offering will support general corporate purposes, including potential acquisitions and capital expenditures. The underwriting was managed by Raymond James and BofA Securities, among others.

On October 21, 2020, Casella Waste Systems (NASDAQ:CWST) announced a public offering of 2,350,000 shares of Class A common stock, priced at $56.00 per share, aiming for gross proceeds of approximately $131.6 million. The company has granted underwriters a 30-day option to purchase an additional 352,500 shares. Proceeds will be utilized for general corporate purposes, including potential acquisitions and capital expenditures. The offering is expected to close around October 23, 2020, and is conducted under a registration statement filed with the SEC.

Casella Waste Systems (NASDAQ:CWST) announced a public offering of 2,350,000 shares of its Class A common stock, with an additional 352,500 share option for underwriters. The net proceeds are planned for general corporate purposes, including potential acquisitions and capital expenditures. The offering is registered under an effective automatic shelf statement with the SEC, and will be managed by Raymond James and BofA Securities. Casella operates in solid waste and recycling services primarily in the northeastern United States.

Casella Waste Systems (CWST) announced a permit modification from the New Hampshire Department of Environmental Services to expand its North Country Environmental Services landfill by approximately 1.24 million cubic yards. This expansion translates to about six additional years of disposal capacity, enabling Casella to better serve over 50,000 customers across 150 communities in the state. The permit was issued on October 9, 2020, marking a crucial step in the company’s long-term strategy and providing significant economic support amidst a disposal capacity shortage in the Northeast.

Casella Waste Systems (Nasdaq: CWST) announced the retirement of General Counsel David L. Schmitt effective December 31, 2020, after 14 years. Shelley E. Sayward, currently Vice President and Assistant General Counsel, will succeed him on January 1, 2021. CEO John W. Casella emphasized Sayward's contributions and the importance of talent development within the company. Schmitt expressed gratitude for his tenure, noting the positive impact of his work on shareholder value. Sayward has held various legal roles since joining in 2006 and is recognized for her capabilities.

Casella Waste Systems (CWST) will release its financial results for the third quarter ending September 30, 2020, on October 29, 2020, after market close. A conference call will follow on October 30, 2020, at 10:00 a.m. ET, where participants can dial (877) 838-4153 (U.S.) or (720) 545-0037 (international) with Conference ID 246 1608. The call will also be webcast on the company’s website, and a replay will be available afterwards. For more information, contact Ned Coletta, CFO, at (802) 772-2239 or visit www.casella.com.

On October 1, 2020, Casella Waste Systems, Inc. (NASDAQ: CWST) acquired the assets of Pinto Trucking Services, Inc., a company providing waste collection services in Grand Island and Buffalo, NY. This acquisition is projected to generate approximately $4 million in annualized revenues. Casella aims to enhance vertical integration in Western New York and sees growth potential in this market. Year-to-date, Casella has achieved roughly $21 million in annualized revenues through nine acquisitions, indicating a robust acquisition pipeline and a focus on cash flow growth.