Casella Waste Stock Price, News & Analysis

Casella Waste Systems (NASDAQ: CWST) reported Q3 2024 results with revenues of $411.6 million, up 16.7% year-over-year. While solid waste pricing increased 5.5%, net income decreased 68.2% to $5.8 million. Adjusted EBITDA grew 14.9% to $102.9 million. The company completed six acquisitions year-to-date with over $200 million in aggregate annualized revenues, including Royal Carting and Welsh Sanitation. Operating performance was impacted by insurance expense accruals and lower landfill volumes. The company updated its fiscal year 2024 guidance, lowering net income expectations to $10-20 million while maintaining revenue guidance of $1.520-1.550 billion.

Casella Waste Systems, Inc. (Nasdaq: CWST), a regional solid waste, recycling, and resource management services company, has announced it will release its financial results for the third quarter of 2024 after market close on Wednesday, October 30, 2024. The company will host a conference call to discuss these results on Thursday, October 31, 2024 at 10:00 a.m. Eastern Time.

Interested participants can register online to obtain dial-in and passcode details. The call will also be webcast on the company's website. A replay of the call will be available on the website. For further information, contact Charlie Wohlhuter, Director of Investor Relations, at (802) 772-2230 or visit the company's website at http://www.casella.com.

Casella Waste Systems, Inc. (Nasdaq: CWST) has announced the closing of a $1.5 billion amended and restated credit facility with Bank of America, N.A. as administrative agent and a syndicate of lenders. This new Credit Facility, maturing on September 27, 2029, replaces the company's previous $1.08 billion facility. It includes an $800 million term loan A facility and a $700 million revolving credit facility with a $155 million sublimit for letters of credit.

The revolving credit facility was undrawn at closing, providing increased liquidity for general corporate purposes and supporting the company's acquisition strategy. Interest rates for SOFR-based borrowings range from 1.300% to 2.175% based on the consolidated net leverage ratio. Joint lead arrangers include BofA Securities, JPMorgan Chase Bank, Citizens Bank, TD Bank, Wells Fargo Securities, and Comerica Bank.

Casella Waste Systems (Nasdaq: CWST) has released its 2024 Sustainability Report, highlighting significant achievements since 2022. The company has grown its workforce by over 32%, approaching 5,000 employees, while improving safety performance with a 20% reduction in total recordable incident rate in 2023. Casella has invested in employee training, enhanced compensation plans, and achieved its community giving goal ahead of schedule, contributing over $2.2 million in donations and services.

The company has made progress in climate leadership, earning a spot on USA Today's "America's Climate Leaders 2024" list for the second consecutive year. Casella estimates that for every ton of greenhouse gas emitted, it helped prevent more than five tons elsewhere in the economy. The company is also on track to achieve its goal of recycling more than 2 million tons by 2030, having increased recycled materials by 36% since 2019.

These achievements have led to Casella's recognition on Time Magazine's America's Best Midsized Companies 2024 list, acknowledging its success in employee satisfaction, revenue growth, and sustainability transparency.

Casella Waste Systems (NASDAQ: CWST) has closed its public offering of Class A common stock, including the full exercise of the underwriters' option to purchase additional shares. The company sold a total of 5,175,000 shares at $100.00 per share, raising aggregate gross proceeds of $517.5 million. The net proceeds will be used to finance the acquisition of Royal Carting and Welsh Sanitation, repay borrowings under its revolving credit facility, and for general corporate purposes.

The offering was managed by Raymond James, J.P. Morgan, and Stifel as joint book-running managers, with Goldman Sachs & Co. and Wolfe | Nomura Alliance acting as passive book-runners. The shares were offered through an automatically effective shelf registration statement previously filed with the SEC.

Casella Waste Systems (NASDAQ: CWST) has priced a public offering of 4,500,000 shares of its Class A common stock at $100.00 per share, aiming to raise approximately $450.0 million in gross proceeds. The company has also granted underwriters a 30-day option to purchase up to an additional 675,000 shares. The offering is expected to close around September 19, 2024.

Casella plans to use the net proceeds to finance the acquisition of Royal Carting and Welsh Sanitation, repay borrowings under its revolving credit facility, and for general corporate purposes. Raymond James, J.P. Morgan, and Stifel are acting as joint book-running managers for the offering.

Casella Waste Systems (NASDAQ: CWST) has announced a proposed public offering of $400 million of its Class A common stock. The company plans to grant underwriters a 30-day option to purchase up to an additional 15% of shares. Proceeds will finance the acquisition of Royal Carting and Welsh Sanitation, repay borrowings under its revolving credit facility, and fund general corporate purposes. Raymond James, J.P. Morgan, and Stifel will act as joint book-running managers, with Goldman Sachs & Co. and Wolfe | Nomura Alliance as passive book-runners. The offering is made through an automatically effective shelf registration statement filed with the SEC.

Casella Waste Systems, Inc. (Nasdaq: CWST) has announced a definitive agreement to acquire Royal Carting and Welsh Sanitation (collectively, "Royal") and related real estate assets. The acquisition, expected to close in Q4 2024, includes two solid waste collection operations and two transfer stations in New York's Hudson Valley and western Connecticut. This expansion will extend Casella's service territory into new adjacent markets.

The acquisition is projected to generate over $90 million in annualized revenues, with a focus on commercial collection services and waste volumes that can be internalized into Casella's landfills. Royal, founded in 1955, has built a strong reputation for customer service and community support. The deal aims to maintain Royal's legacy while introducing additional capabilities to meet customer needs.

Casella Waste Systems (Nasdaq: CWST) has announced its 2024 Sustainability Leadership Awards, recognizing three organizations for their outstanding contributions to sustainability and waste reduction. The winners are:

1. Novolex: A packaging manufacturer that recycled nearly 60,000 tons of post-industrial commodities with Casella in 2023. They sourced 47% of raw materials from renewable or recycled sources and reported 84% of applicable revenues from circular economy products.

2. City of Biddeford, ME: Reduced recycling contamination by up to 26% through education initiatives and regular audits.

3. Phillips Academy in Andover, MA: Aims to achieve 90% waste diversion by 2030 and has expanded programs for composting, e-waste, and reusable item redirection.

These awards highlight Casella's commitment to partnering with organizations to advance the circular economy and reduce waste.