Casella Waste Systems, Inc. Announces Fourth Quarter and Fiscal Year 2024 Results and Provides Fiscal Year 2025 Guidance

Core Insights - Casella Waste Systems, Inc. reported record financial results for 2024, with over 20% growth in revenues, Adjusted EBITDA, and Adjusted Free Cash Flow [3][5][10] - The company acquired eight businesses in 2024, contributing over $200 million in annualized revenue, and has continued its growth strategy into 2025 with three additional acquisitions [3][5][15] - The company anticipates a return to growth in landfill volumes in 2025 as market pressures subside [3][5] Financial Performance - Q4 2024 revenues reached $427.5 million, an increase of $67.9 million or 18.9% from Q4 2023 [5][6] - Fiscal year 2024 revenues totaled $1.557 billion, up $292.7 million or 23.1% from fiscal year 2023 [5][10] - Adjusted EBITDA for Q4 2024 was $95.0 million, a 15.6% increase from Q4 2023, while fiscal year 2024 Adjusted EBITDA was $360.6 million, up 22.4% from the previous year [9][13] Profitability Metrics - Net income for Q4 2024 was $4.9 million, a significant improvement from a loss of $(1.8) million in Q4 2023 [8][12] - Fiscal year 2024 net income was $13.5 million, down 46.7% from $25.4 million in fiscal year 2023, primarily due to lower operating income and higher interest expenses [12][13] - Adjusted Net Income for fiscal year 2024 was $80.7 million, an increase of 8.7% from fiscal year 2023 [12][13] Operational Highlights - Solid waste pricing increased by 5.7% in fiscal year 2024, driven by 6.5% growth in collection prices and 3.9% in disposal prices [5][10] - The company expanded Adjusted EBITDA margins in its collection business by over 100 basis points in 2024, attributed to price growth and operational efficiency [3][5] - The company has over 5,000 employees and operates in 10 states, marking its 50th anniversary in 2025 [3][5] 2025 Outlook - The company provided guidance for fiscal year 2025, estimating revenues between $1.775 billion and $1.805 billion, net income between $10 million and $25 million, and Adjusted EBITDA between $410 million and $425 million [15][16] - The guidance does not include the impact of any acquisitions that have not been completed [16]