Waste and recycling company Clean Harbors Inc. posted higher net income and revenue for its fourth quarter and year as it had record results from several of its businesses.
The Norwell, Mass.-based company said for the quarter ended Dec. 31 net income rose 62 percent to $61.9 million, or $1.11 per diluted share, compared with $38.2 million, or 72 cents per diluted share, in the fourth period of 2011, according to a news release.
Revenue climbed 2 percent to $559 million compared with $545.9 million a year earlier.
Fourth-quarter net earnings in 2012 included a $52.4 million benefit from the release of unrecognized tax benefits due to expired statute of limitation periods, partially offset by about $7.5 million in costs related to the acquisition of the Richardson, Texas-based Safety-Kleen Inc.
For the year, Clean Harbors’ net profits increased 2 percent to $129.7 million, or $2.40 per diluted share, compared with $127.3 million, or $2.39 per diluted share, in 2011. Revenue jumped 11 percent to a record $2.19 billion compared with $1.98 billion in 2011.
“In 2012, we again achieved double-digit growth and delivered adjusted EBITDA margins (earnings before interest, taxes, depreciation and amortization) for the year of 17 percent,” said Alan McKim, chairman and CEO of Clean Harbors. “A number of our businesses – ranging from landfills to turnaround services to lodging – generated record results in 2012, which offset some of the near-term challenges we experienced in the energy space. With the completion of the Safety-Kleen acquisition at year-end, we exited 2012 with significant momentum and many exciting growth opportunities.”
Clean Harbors expects2013 adjusted EBITDA in the range of $605 million to $620 million and revenues to be in the range of $3.72 billion to $3.77 billion.