Dive Brief:
- Lake Forest, IL-based medical waste firm Stericycle Inc., and Rutland, VT-based waste management company Casella have both reported their 2015 third quarter earnings. Stericycle reported a drop in net earnings with an increase in revenue, while Casella reported increased net earnings and revenue.
- Revenues for Stericycle's third quarter (ending Sept. 30) were $718.6 million, up $50.7 million or 7.6% from Q3 in 2014. Net income declined 49.2% to $42.2 million however, from $83 million in the same period in 2014.
- Revenues for Casella's third quarter (ending Sept. 30) were $146.2 million, up $4.3 million or 3.0% from Q3 in 2014. Net income increased 112.6% to $2.3 million, up $1.2 million from the same period in 2014.
Dive Insight:
Stericycle has had a whirlwind fiscal year, presenting changes that have affected (and will continue to affect) its earnings. In July, Stericycle acquired information destruction firm Shred-it International, resulting in a $2.3 billion purchase. Additionally, a long-standing lawsuit for overcharging government entities was recently settled — totaling $26.8 million for the firm.
Casella, however, proved that sticking to core strategies has a positive return. "During our third quarter, we continued to execute well against our key strategies of increasing landfill returns, improving collection route profitability, creating incremental value through resource solutions, reducing financial and operational risks, and improving our balance sheet,” said Chairman and CEO John Casella in the earnings call. Casella says he is pleased with the Q3 earnings, and expects revenues between $525 million and $535 million by end-of-year.
