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Clean Harbors Announces Third-Quarter 2017 Financial Results;
Significantly Expands Share Repurchase Authorization
· Increases Revenues 4% to $755.8 Million on Growth in Technical Services and Safety-Kleen
· Delivers Net Income of $12.1 Million and GAAP EPS of $0.21
· Reports Lower-than-Expected Adjusted EBITDA of $123.0 Million, Related to the Hurricanes, Industrial Services Slowdown and Facilities Costs
· Achieves Strong Net Cash from Operating Activities of $104.5 Million; Adjusted Free Cash Flow of $68.8 Million
· Ends Quarter with Cash and Cash Equivalents of $361.7 Million
· Revises 2017 Adjusted EBITDA Guidance Range
NORWELL, Mass. November 1, 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 third quarter ended September 30, 2017.
The recent hurricanes significantly impacted our third-quarter results, said Alan S. McKim, Chairman, President and Chief Executive Officer. The storms affected more than 1,300 Clean Harbors employees at over 40 sites in Texas, Florida and Puerto Rico. The severe weather not only impacted our facilities and increased transportation costs, but temporarily limited production and associated waste volumes at customer locations across those regions. Additionally, we experienced a significant slowdown in our Industrial Services business because many Gulf Coast plants and refineries were shut down and projects were delayed. We did have some hurricane-related emergency response opportunities, but they did not offset the negative impact of the storms, as this work was limited in the absence of any major chemical releases.
Third-quarter revenues increased 4% to $755.8 million, compared with $729.5 million in the same period a year ago. Income from operations was $47.7 million, compared with $16.8 million in the third quarter of 2016, which included a non-cash goodwill impairment charge of $34.0 million related to the Lodging Services business.
Net income for the third quarter of 2017 was $12.1 million, or $0.21 per diluted share. This result included an adjustment related to the inability to recognize income tax benefits associated with pre-tax losses generated by certain Canadian subsidiaries of $1.0 million and an after-tax loss of $1.1 million on the early extinguishment of debt. Net loss for the third quarter of 2016 was $10.3 million, or $0.18 per share, which included the non-cash goodwill impairment charge, an after-tax gain of $15.1 million related to the divestiture of the Companys Catalyst Services business and the non-cash effects of not recognizing income tax benefits associated with pre-tax losses generated by certain of the Companys Canadian subsidiaries.
Adjusted net income for the third quarter of 2017 was $12.2 million, or $0.21 per diluted share, compared with adjusted net income of $9.3 million, or $0.16 per diluted share, for the same period a year ago. Net income and
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, November 1, 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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