Casella Waste reports Q1 adjusted EPS (1c), consensus (2c)

Reports Q1 revenue $341M, consensus $340.99M. “We had a strong start to the year, driven by the continued execution of our core operating strategies and pricing programs and the successful integration of the acquisitions we completed in 2023,” said John W. Casella, Chairman and CEO of Casella Waste Systems, Inc. “Our first quarter results demonstrated the dedication of our team and success of our growth strategy and set us up well for the rest of the year.” “Our business is performing at a high level and delivered meaningful year-over-year Adjusted EBITDA margin improvement of 150 basis points,” Casella said. “From a core operations standpoint, our investments in fleet automation, route optimization, and onboard computers have allowed us to be more efficient, productive, and safer in our collection line of business while maintaining our high customer service standards. Our customer focus also extends into recycling where we have made meaningful investments in our processing facilities to meet customer demand for diversion and sustainability services. Our upgraded Boston recycling facility continues to perform very well, and we are excited to begin the upgrade of our Willimantic recycling facility later this year.” “We remain focused on pricing our services appropriately and strengthening the quality of our revenue, with overall solid waste pricing up 5.5%, collection pricing up 6.2% and the average price per ton at our landfills up 13.3% in the quarter. Solid waste volumes were down year-over-year, as expected; however, this net trade-off improved margins,” Casella said. “The integration of our 2023 acquisitions is advancing well and we are realizing planned synergies,” Casella said. “While our recent focus has been on ensuring a smooth transition for our new employees and customers, looking forward our acquisition pipeline remains robust with a number of quality companies across our footprint.”