Casella Waste Stock Price, News & Analysis

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.

Casella Waste Systems announces the pricing of a $40 million offering of Solid Waste Disposal Revenue Bonds, Series 2020R-1. The bonds, maturing on September 1, 2050, will have a fixed interest rate of 2.75% over a 5-year term. Proceeds will finance capital projects in New York. The bond issuance is set to close on September 2, 2020. Casella's subsidiaries will guarantee the bonds, which are offered solely to qualified institutional buyers. The company faces uncertainties related to the bond issuance and its execution, as highlighted in their forward-looking statements.

Casella Waste Systems has resumed its offering of up to $40 million in Solid Waste Disposal Revenue Bonds, initially delayed due to COVID-19 market conditions. The bonds will be guaranteed by its subsidiaries and the net proceeds will finance capital projects in New York. The timing and terms depend on market conditions, and there’s no guarantee the offering will be completed. Additionally, a further $75 million in additional bonds may be offered in the future, but these will not constitute state debt and are dependent on Casella's performance.

Casella Waste Systems has appointed Rose Stuckey Kirk to its Board of Directors, effective July 31, 2020. Currently serving as the Chief Corporate Social Responsibility Officer at Verizon, Ms. Kirk brings extensive leadership experience across various domains including operations, sales, and marketing. Her appointment expands Casella's Board to ten members, with eight independent directors. Ms. Kirk will also join the Board's Compensation Committee, where her expertise is expected to enhance stakeholder engagement and contribute to the company’s strategic direction.

Casella Waste Systems (CWST) reported Q2 2020 revenues of $188.8 million, reflecting a 0.7% increase from Q2 2019. Net income rose to $12.1 million, a 1.7% increase. Adjusted EBITDA reached $44.0 million, an 8.9% rise. COVID-19 had a minimal impact on overall revenue, with about 85% from stable sources. The company expects 2020 revenues between $755 million and $770 million and net income between $23 million and $28 million, down from 2019. Strong cost management and strategic acquisitions support growth despite a dip in solid waste volumes by 12.4%.

Casella Waste Systems, trading under the ticker CWST, will present at two virtual investor conferences. The Stifel 2020 Virtual Investor Summit is scheduled for August 10, 2020, at 3:00 PM ET. Following this, the Raymond James Virtual Diversified Industrials Conference will take place on August 25, 2020, at 3:20 PM ET. Presentations will be available prior to the events on the company’s investor relations website, and the conferences will be webcast live. For more information, contact CFO Ned Coletta.