Exhibit 99.1
The Company raises its revenue guidance range and reaffirms its Adjusted EBITDA* and Normalized Free Cash Flow* guidance ranges for the fiscal year ending December 31, 2018.
RUTLAND, VERMONT (August 2, 2018) — Casella Waste Systems, Inc. (NASDAQ: CWST), a regional solid waste, recycling and resource management services company, today reported its financial results for the three month period ended June 30, 2018.
Second Quarter and Year-To-Date Highlights:
Revenues were $165.6 million for the quarter, up $11.6 million, or 7.6%, from the same period in 2017.
Overall solid waste pricing for the quarter was up 4.3%, driven by strong collection pricing, up 4.9%, and robust landfill pricing, up 4.1%, from the same period in 2017.
Net income was $1.7 million for the quarter, an increase of $55.4 million from the same period in 2017.
Adjusted Net Income* was $9.6 million for the quarter, down $(1.2) million from the same period in 2017.
Adjusted EBITDA was $37.1 million for the quarter, up $1.0 million, or 2.8%, from the same period in 2017.
Net cash provided by operating activities was $48.1 million year-to-date, up $8.1 million, or 20.2%, from the same period in 2017.
Normalized Free Cash Flow was $16.1 million year-to-date, up $2.7 million, or 19.8%, from the same period in 2017.
The Company has acquired approximately $19.0 million of annualized revenues year-to-date, and is on track to exceed its target range for 2018 given its near-term pipeline.
“We had another strong operational quarter, as we continued to execute well against our key strategies as part of our 2021 plan,” said John W. Casella, Chairman and CEO of Casella Waste Systems, Inc. “We remain focused on driving Normalized Free Cash Flow growth by increasing landfill returns, improving collection profitability, creating incremental value through resource solutions, using technology to drive profitable growth and efficiencies, and allocating capital to balance delevering with strategic growth.”
“Year-to-date, Normalized Free Cash Flow grew by 19.8%, which is outpacing the target range set in our 2021 plan and reflects our continued success to date executing against our key strategies,” Casella said. “This robust growth was driven by strong pricing execution in our solid waste operations, sourcing new volumes at higher prices, and execution against our acquisition strategy.”
“Our disciplined solid waste pricing programs continued to add value, with collection pricing up 4.9% and landfill pricing up 4.1%,” Casella said. “This strong pricing was coupled with 1.5% solid waste volume growth, mainly driven by higher volumes in the collection line-of-business coupled with the completion of a one-time soil remediation job that started in the first quarter.”
“We continue to make substantial progress ramping up our acquisition pipeline and we are actively working on target acquisitions with over $40 million of annual revenues, " Casella said. "We are focused on acquiring well run businesses in strategic markets that will drive additional internalization to our landfills. We are also focused on more effectively optimizing waste placement around the northeast as the ever-tightening disposal market is creating additional opportunity to source new volumes at higher prices.”
“The recycling business continued to face headwinds as commodity pricing for recycled paper and cardboard declined further in the second quarter,” Casella said. “Our average commodity revenue per ton was down roughly 55% year-over-year in the quarter, and down roughly 12% sequentially from the first quarter to the second quarter. Commodity prices have stabilized in June and into July, and we are pleased that our trailing SRA fee is now fully recovering higher recycling costs in our hauling operations, albeit the program is designed to recover costs and as a result has pressured margins. However, we are still absorbing all of the commodity pricing risk on several legacy third party processing contracts at our recycling facilities, and our variable costs have increased as we have had to slow processing lines to improve quality while incurring higher


The following information was filed by Casella Waste Systems Inc (CWST) on Thursday, August 2, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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