Wednesday, Casella Waste Systems Inc. (CWST) reported a net loss for the first quarter, hurt by a drop in processing and recycling revenues as the result of lower commodity prices.
The company posted a net loss applicable to common shareholders of $2.8 million or $0.11 per share, compared to net income of $2.2 million or $0.08 per share in the same quarter last year.
On average, six analysts polled by Thomson Reuters expected the company to report a loss of $0.01 per share for the quarter. Analysts' estimates typically exclude special items.
Revenue for the quarter was $135.9 million, down 14.0% from $158.0 million in the comparable quarter last year. Analysts expected the company to report revenue of $132.07 million for the quarter.
Solid waste revenues dropped by 11.9% over a year ago with price up 1.8%, fuel and oil recovery fees down 3.2%, volume down 9.0%, and commodity price and volume down 1.8%.
FCR revenues were down 28.8% over the same quarter last year with price down 24.3% and volume down 4.5%.
With the successful refinancing of the Company's senior secured credit facility in early July, the company incurred a loss on debt modification of $0.5 million or $0.02 per common share for the write-off of unamortized financing costs associated with the former senior credit facility.
For fiscal 2010, the company still expects revenues in a range of $510.0 million to $530.0 million. Street estimates revenue of $511.05 million for the year.
CWST closed Wednesday's regular trading at $2.53 down $0.07 or 2.69% on a volume of 0.189 million shares on the Nasdaq and in the after hours trading the stock price increased 9.88% to $2.78.
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