Casella Waste Systems, Inc. provides regional solid waste, recycling, and resource management services for residential, commercial, municipal, and industrial customers. Company updates commonly address operating and financial results, collection and recycling activity, acquisitions, investor conference presentations, and changes in senior operating or revenue leadership.
Casella’s news also reflects expansion of route density and transfer or processing assets, including the completed acquisition of Star Waste Systems in eastern Massachusetts and southern New Hampshire. Its service categories include collection, recycling, organics, energy, landfills, special waste, and professional services.
Casella Waste Systems (NASDAQ: CWST) reported strong Q1 2022 results, with revenues of $234.0 million, a 23.5% increase year-over-year. Solid waste pricing rose 5.6%, driven by collection and disposal price increases of 6.5% and 4.0% respectively. Net income was $4.2 million, down 2.8%, while Adjusted Net Income rose 21.5% to $5.8 million. The Company updated its 2022 guidance, raising revenue expectations to $1.005 billion - $1.020 billion and Adjusted EBITDA to $232 million - $236 million, citing inflation mitigation strategies.
Casella Waste Systems (Nasdaq: CWST) announces leadership transitions as President Edwin D. Johnson plans to retire on June 30, 2022. Effective July 1, 2022, Edmond “Ned” R. Coletta will become President & Chief Financial Officer, while Sean M. Steves will be promoted to COO of Solid Waste Operations, and Jason M. Mead to Senior VP of Finance & Treasurer. These changes follow a multi-year succession planning effort to ensure continuity and uphold the company's culture. Johnson will remain as an advisor through 2022 for a seamless transition.
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Casella Waste Systems (Nasdaq: CWST) will announce its financial results for Q1 2022 after market close on April 28, 2022. A conference call to discuss these results is scheduled for April 29, 2022, at 10:00 a.m. ET. Dial-in details include (877) 838-4153 for domestic calls and (720) 545-0037 for international, using Conference ID 889 4483.
The call will also be broadcasted online via the company’s website. Additionally, management will present at the Oppenheimer 17th Annual Industrial Growth Conference on May 4, 2022, and the Stifel Investor Summit on May 9, 2022.
Casella Waste Systems (Nasdaq: CWST) has announced the promotion of Kevin J. Drohan to Vice President and Chief Accounting Officer, effective April 1, 2022. Drohan joined Casella in August 2021 as Corporate Controller. He takes over from Christopher B. Heald, who has retired after 20 years with the company. Chairman and CEO John W. Casella praised Drohan's integrity, technical skills, and leadership style. Drohan brings extensive experience from prior roles at Sprague Resources and other companies, holding both an MBA and a CPA license.
On March 1, 2022, Casella Waste Systems (NASDAQ: CWST) acquired assets from Northstar Pulp & Paper Co., Northstar Disposal Corp., and certain real estate holdings. Northstar, based in Springfield, Massachusetts, specializes in recycling processing and collection services. This acquisition is expected to generate approximately $26 million in annualized revenues. Casella's CEO highlighted that the integration of Northstar will enhance their service offerings and support their strategy to expand resource management services, aiming for profitable growth.
Casella Waste Systems (Nasdaq: CWST) announced its participation in several upcoming investor conferences. These include the Raymond James 43rd Annual Institutional Investors Conference on March 7, 2022, the Jefferies Business Services Summit on March 24, 2022, and the Gabelli Funds 8th Annual Waste & Environmental Services Symposium on March 31, 2022. Presentations will be accessible shortly before each conference through the Investors’ section of the company’s website. Live webcasts will also be available.
Casella Waste Systems reported strong financial results for Q4 and fiscal year 2021, with revenues of $241.8 million (up 20.8%) and total revenues of $889.2 million (up 14.8%). Despite a net income drop to $9.1 million for Q4, adjusted net income rose 25.6% to $11.0 million. Adjusted EBITDA increased by 20.6% to $51.4 million. The company acquired 10 businesses, contributing approximately $88 million in annualized revenues. Guidance for fiscal year 2022 forecasts revenues between $980 million and $995 million, with a projected net income of $48 million to $52 million.
Casella Waste Systems, a regional solid waste and recycling company, will announce its financial results for Q4 2021 on February 17, 2022, after market close. A conference call discussing these results will take place on February 18, 2022, at 10:00 a.m. ET. Interested participants should dial (877) 838-4153 or (720) 545-0037 for international calls, using Conference ID 617 6314. The call will also be available via webcast on the company's website, followed by a replay accessible through the same platforms.
Casella Waste Systems (NASDAQ: CWST) announced on December 22, 2021, that it secured a new $650 million credit facility, which replaces its previous $550 million credit agreement. The new facility includes a $350 million term loan and a $300 million revolving credit line, with lower interest margins for LIBOR-based borrowings, now between 1.125% and 2.125%. This agreement, maturing on December 22, 2026, also introduces provisions to transition from LIBOR to a SOFR-based benchmark. Details will be provided in a forthcoming Current Report on Form 8-K.