Norwell, Mass.-based Clean Harbors Inc. posted a net income of $22.7 million on $435 million in revenue during the first quarter of 2011. During the first three months of 2010, the firm posted a net income of $10.4 million on $354.9 million in revenue.
Alan McKim, chairman and CEO of Clean Harbors, attributed the improved performance to growth in all of the company’s markets. “Within our environmental business, we achieved revenue growth of nearly 30 percent at our [treatment, storage and disposal facilities], while revenue at our wastewater treatment plants increased more than 50 percent as a result of refinery and frac water-related volumes,” McKim said in a press release. “Utilization at our incineration facilities and landfills was stead in what is typically the company’s seasonally weakest quarter.”
After its first-quarter performance, Clean Harbors has increased its revenue and earnings before interest, taxes, depreciation and amortization (EBITDA) projections for 2011. The firm now is projecting that revenues will be in the $1.62 billion to $1.67 billion range, up from its original projection of $1.54 billion to $1.59 billion. Clean Harbors is projecting EBITDA in the range of $275 million to $284 million, up from its previous projection of $262 million to $270 million.