Waste360 is part of the divisionName Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Clean Harbors Posts Lower Earnings for Quarter

Clean Harbors Posts Lower Earnings for Quarter

Clean Harbors Inc. reported lower net income for its second quarter and first half, hurt by a weak performance in its recycling and oil markets.

The Norwell, Mass.-based waste and recycling company said for the period ended June 30 net income fell 2.2 percent to $22.9 million, or 38 cents per diluted share, compared with $23.4 million a year earlier. Revenue however jumped 64.5 percent to $860.5 million compared with $523.1 million in the 2012 period, according to a news release.

For the first half, net earnings dropped 39.7 percent to $33.4 million, or 55 cents per diluted share, compared with $55.4 million, or $1.04 per diluted share, a year earlier.

Revenue climbed 57.3 percent to $1.72 billion compared with $1.1 billion in 2012.

Clean Harbors’ second-quarter net income includes approximately $6.8 million in pre-tax integration and severance costs. The 2013 results also reflect the December 2012 acquisition of Safety-Kleen.

“We delivered disappointing results for the second quarter as we experienced challenging conditions and weakness within our oil re-refining and recycling segment and oil and gas field services segment,” said Alan McKim, chairman and CEO.

While the company expects a stronger second half, it has lowered its guidance for the year. Clean Harbors now expects revenue in the range of $3.5 billion to $3.55 billion, compared with its previous revenue guidance of $3.62 billion to $3.67 billion. It expects adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) in the range of $535 million to $545 million, compared with its previous guidance of $605 million to $620 million.

 

 

Hide comments

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish