Dive Brief:
- Rutland, VT-based Casella Waste Systems has released fourth quarter earnings and 2015 financial results. Revenues for the quarter were $140.0 million, a 4.9% increase from the same period in 2014. Revenues for the fiscal year were $546.5 million, a 3.9% increase from the same period in 2014.
- Operating income and adjusted operating income for the quarter were $4.7 million and $8.1 million, respectively. Operating income and adjusted operating income for the fiscal year were $31.9 million and $30.5 million, respectively.
- Casella saw an $8.8 million decline in revenues due to recycling — a trend that many other waste companies experienced this quarter. Casella Waste CEO John Casella said in a statement that the company has offset this decline through many efforts, including higher tipping fees to recycling processing customers and reduced operating costs at MRFs.
Dive Insight:
From facility expansions to board reorganizations, 2015 was a big year for Casella Waste Systems.
"We are very pleased with our fourth quarter and our fiscal year 2015 results ... I would like to recognize that these strong results are testament to management's commitment and continued execution against our key strategies. All despite ongoing headwinds from lower recycled commodity prices and lowered energy prices," said Casella in the earnings call.
Casella explained that, moving forward through 2016, the company aims to focus on increasing landfill returns, utilizing a new fleet for more efficient hauling operations, and creating incremental value through resource solutions.
"We continue to execute extremely well against the strategic plan that we laid out three years ago to improve our financial and operating performance. We are devoted to operational blocking and tackling with the focus on pricing strategies at the local level, improving our operational efficiencies and disciplined capital allocation," Casella said.
