Casella Waste Systems, Inc. reported significant financial growth for the fiscal year ending December 31, 2024, with total revenues reaching $1.56 billion, a 26.2% increase from $1.26 billion in the previous year. The company's operating income, however, decreased to $72.8 million from $80.4 million in fiscal year 2023, reflecting a combination of increased operational costs and expenses related to acquisitions. The net income for the year was $13.5 million, down from $25.4 million in the prior year, primarily due to higher interest expenses and costs associated with recent acquisitions.
The company completed eight acquisitions during fiscal year 2024, which contributed approximately $218.9 million to revenue growth. These acquisitions included operations in the Mid-Atlantic region, expanding Casella's footprint into New Jersey and enhancing its presence in New York. The company has now acquired a total of 68 businesses since 2018, significantly increasing its market share and operational capacity. The total consideration for the acquisitions in fiscal year 2024 was approximately $467.9 million, which included cash payments and other considerations.
Operationally, Casella Waste Systems reported a 20% increase in its workforce, bringing the total employee count to over 5,000. The company also noted a 6.5% increase in collection pricing and a 4.4% increase in landfill pricing, which helped offset inflationary pressures. The Resource Solutions segment, which focuses on recycling and resource management, saw a revenue increase of 12.7%, driven by higher volumes and improved pricing for recycled commodities. The company processed over 1.1 million tons of recyclable materials during the year.
Looking ahead, Casella Waste Systems anticipates continued growth driven by its strategic focus on acquisitions and operational efficiencies. The company plans to maintain its disciplined capital allocation strategy while navigating potential challenges such as inflation, regulatory changes, and market volatility. Management expressed confidence in the company's ability to leverage its expanded operations and customer base to enhance profitability and shareholder value in the coming years.
About CASELLA WASTE SYSTEMS INC
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