Casella Waste Systems Stock Drops on Earnings Miss
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Casella Waste Systems (CWST) shares fell more than 5% Friday after reporting disappointing second-quarter results. The solid waste management company posted revenue of $465 million, a 23% year-over-year increase, but GAAP net income dropped to $5.2 million ($0.08 per share) from $7 million in the prior-year period.
Analysts had expected $0.33 per share in earnings, creating a significant bottom-line miss. While acquisitions and higher landfill volumes drove top-line growth, revised guidance further dampened investor sentiment. The stock's decline outpaced the broader market's 1.6% drop.
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