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Sep 30, 2021
Casella Q3 2021 Earnings Report
Third quarter financial results exceeded expectations, with solid operating execution, cost efficiencies and strong cash flow growth.
Key Takeaways
Casella Waste Systems reported strong Q3 2021 results, exceeding expectations with solid operating execution, cost efficiencies, and strong cash flow growth. Revenues increased by 19.4% and Adjusted EBITDA by 19.4% year-over-year. The company raised its revenue, net income, Adjusted EBITDA, net cash provided by operating activities, and Adjusted Free Cash Flow guidance ranges for the fiscal year ending December 31, 2021.
Revenues were $242.0 million for the quarter, up $39.3 million, or up 19.4%, from the same period in 2020.
Overall solid waste pricing for the quarter was up 4.1%, driven by collection pricing, up 4.6%, and landfill pricing, up 3.7%, from the same period in 2020.
Net income was $15.9 million for the quarter, up $0.8 million, or up 4.9%, from the same period in 2020.
Adjusted EBITDA was $61.2 million for the quarter, up $10.0 million, or up 19.4%, from the same period in 2020.
Revenue by Segment
Forward Guidance
The Company raised guidance for the third time in fiscal year 2021 by estimating results in the following ranges (as compared to the fiscal year 2021 guidance ranges as updated on July 29, 2021):
Positive Outlook
- Revenues between $870 million and $880 million (as compared to between $850 million and $860 million);
- Net income between $37 million and $41 million (as compared to between $35 million and $39 million);
- Adjusted EBITDA between $200 million and $204 million (as compared to between $195 million and $199 million);
- Net cash provided by operating activities between $162 million and $166 million (as compared to between $158 million and $162 million); and
- Adjusted Free Cash Flow between $85 million and $89 million (as compared to between $79 million and $83 million).
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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