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Clean Harbors Reports Fourth-Quarter and
Year-End 2013 Financial Results
· Reports Q4 Revenue of $879.4 Million, EPS of $0.44; Lower-Than-Expected Adjusted EBITDA of $129.3 Million Due to Year-end Weakness Across the Business
· Generates Full-Year Revenue of $3.5 Billion, EPS of $1.57 and Adjusted EBITDA of $510.1 Million
· Reduces 2014 Revenue and Adjusted EBITDA Guidance
· Board Authorizes $150 Million Stock Repurchase Program
Norwell, Mass. February 26, 2014 Clean Harbors, Inc. (Clean Harbors) (NYSE: CLH), the leading provider of environmental, energy and industrial services throughout North America, today announced financial results for the fourth quarter and year ended December 31, 2013.
Revenues for the fourth quarter increased to $879.4 million compared with $559.0 million in the same period in 2012. Income from operations in the fourth quarter of 2013 increased to $58.9 million from $36.2 million in the same period of 2012.
Fourth-quarter 2013 net income was $26.8 million, or $0.44 per diluted share, compared with $61.9 million, or $1.11 per diluted share, in the fourth quarter of 2012, which included a $52.4 million tax benefit, partially offset by approximately $7.5 million (net of tax) in acquisition-related costs. Adjusted EBITDA (see description below) in the fourth quarter of 2013 increased to $129.3 million compared with $83.6 million in the same period of 2012.
Comments on the Fourth Quarter
Our fourth-quarter results were below expectations, as an unanticipated slowdown due to adverse weather and the timing of holidays in December affected our business after a very strong start in October, said Alan S. McKim, Chairman and Chief Executive Officer. In our Industrial and Field Services segment, this caused our lodging occupancy to be down more than 10% in the quarter. Our Technical Services segment did not see its typical seasonal uptick in the final weeks of the year. While incineration utilization was 91%, the mix was less favorable toward year-end. Within Safety-Kleen, our Oil Re-refining and Recycling segment experienced a drop-off in shipments late in the year as buyers slowed purchases to reduce inventory. In our Oil and Gas Field Services segment, this business did not generate its expected fourth-quarter ramp in activity due to cancelled programs. The combination of these factors resulted in a significant shortfall in our revenues and Adjusted EBITDA.
42 Longwater Drive · P.O. Box 9149 · Norwell, Massachusetts 02061-9149 · 781.792.5000 · www.cleanharbors.com
The following information was filed by Clean Harbors Inc (CLH) on Wednesday, February 26, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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