Waste and environmental services company Clean Harbors Inc. posted a big jump in revenue but slightly lower net income for its third quarter.
Net income for the quarter ended Sept. 30 fell 4.4 percent to $37.1 million, or 70 cents per diluted share, compared with $38.8 million, or 73 cents per diluted share, (on a split-adjusted basis) in the year-ago period. Clean Harbors completed a two-for-one stock split in July of this year. Earnings before interest, taxes, depreciation and amoritization (EBITDA), however, rose 5. 1 percent for the quarter to $103.8 million compared with $98.8 million in the third quarter of 2010.
Revenue advanced 14 percent to $556.1 million compared with $487.7 million a year ago, the company said in a news release.
“In the third quarter, Clean Harbors delivered a better-than-expected financial performance as a result of the broad-based growth of our business, strong contributions from recent acquisitions and emergency response work,” said Alan McKim, chairman and chief executive officer.
For the nine-month period, net income fell 17 percent to $89 million compared with $107.2 million a year earlier. EBITDA rose 3.4 percent to $252.6 million compared with $244.4 million in 2010. Revenue rose 9.4 percent to $1.44 billion from $1.31 billion a year ago.
For the year, Clean Harbors raised its revenue and EB IITDA guidance. It expects revenues between $1.92 billion and $1.94 billion, and EBITDA in the range of $335 million to $340 million.