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Clean Harbors Announces First-Quarter 2017 Financial Results
· Reports 8% Increase in Revenues to $688.9 Million Driven by Growth in Safety-Kleen
· Announces GAAP Net Loss of $21.4 Million, or $0.37 per Share
· Posts Adjusted Net Loss of $10.9 Million, or $0.19 per Share
· Achieves Adjusted EBITDA of $80.1 Million, Up 19% Year-over-Year
· Confirms 2017 Adjusted EBITDA Guidance Range
NORWELL, Mass. May 3, 2017 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 first quarter ended March 31, 2017.
We delivered strong top-line growth and Adjusted EBITDA in the first quarter, in line with our expectations, and we are on track to achieve our guidance for the full year, said Alan S. McKim, Chairman, President and Chief Executive Officer. Our results reflect the operating leverage in our business model. Adjusted EBITDA grew at more than twice the rate of revenues, driven by higher waste volumes, cost reductions and improved pricing, particularly in our lube oil business.
Revenues for the first quarter of 2017 increased 8% to $688.9 million, compared with $636.1 million in the same period a year ago. Income from operations was $5.4 million in the first quarter of 2017, compared with a loss from operations of $4.1 million in the same period in 2016.
First-quarter 2017 net loss was $21.4 million, or $0.37 per share, which included the effects of not recognizing income tax benefits associated with pre-tax losses generated by certain of the Companys Canadian subsidiaries totaling $10.5 million. The Company reported an adjusted net loss for the first quarter of 2017 of $10.9 million, or $0.19 per share. Net loss for the first quarter of 2016 was $20.9 million, or $0.36 per share, which included the non-cash effects of not recognizing certain Canadian income tax benefits totaling $7.9 million. The Company reported an adjusted net loss for the first quarter of 2016 of $13.0 million, or $0.22 per share. Net loss and adjusted net loss results for the first quarters of 2017 and 2016 included pre-tax integration and severance costs of $2.4 million and $9.4 million, respectively.
Adjusted EBITDA (see description below) in the first quarter of 2017 rose 19% to $80.1 million from $67.3 million in the same period of 2016. Adjusted EBITDA margin improved by 100 basis points to 11.6% from 10.6% in the first quarter of 2016.
Our Safety-Kleen segment generated a 19% gain in revenues and a 31% increase in Adjusted EBITDA in the first quarter, McKim said. These results reflected strong growth in our Safety-Kleen branches, higher base oil and lubricant pricing, the acquisitions made in 2016 and the launch of our OilPlus closed loop offering. Technical Services revenues also rose as we benefitted from the opening of our new incinerator in El Dorado, Arkansas. With the new capacity we brought online, incinerator utilization was 79% in the quarter but would have been just over 90% without the new capacity, compared to 87% a year ago. First-quarter landfill volumes declined 25% as the project environment remained slow to rebound. In Industrial and Field Services, double-digit growth in Field Services was offset by lower revenue in Industrial Services, reflecting the sale of our Catalyst Services business and ongoing softness in Western Canada. Oil, Gas and Lodging Services
Clean Harbors 42 Longwater Drive PO Box 9149 Norwell, Massachusetts 02061-9149 800.282.0058 www.cleanharbors.com
The following information was filed by Clean Harbors Inc (CLH) on Wednesday, May 3, 2017 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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