Clean Harbors Inc. said net income fell almost 20 percent in its second quarter largely because of season-related energy slowdowns.
For the quarter ended June 30 the Norwell, Mass.-based hazardous waste management company said net income fell 19.7 percent to $23.4 million, or 44 cents per diluted share, compared with $29.2 million, or 55 cents per diluted share, in the year-ago period.
Revenue rose 17 percent to $523.1 million compared with $447.2 million in 2011, according to a news release.
For the first half, net earnings climbed 6.9 percent to $55.4 million, or $1.04 per diluted share, compared with $51.9 million, or 97 cents per diluted share, in the year-ago period. Revenue jumped 24.1 percent to $1.1 billion from $882.2 million in 2011.
"Our environmental and industrial businesses delivered strong results in the second quarter, while our energy business was affected by the seasonal slowdown due to the spring break-up in western Canada and the extended wet weather conditions in the quarter,” said Alan McKim, Clean Harbors chairman and CEO. "We view the slowdown in the U.S. energy business as temporary and expect to be fully utilized again by the fourth quarter.
“Therefore, we are reiterating our 2012 guidance and we believe that growth across our business lines in the second half will enable us to achieve our full-year financial targets."