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Clean Harbors Announces Fourth-Quarter
and Year-End 2017 Financial Results
· Increased Q4 Revenues 8% to $747.4 Million With Growth Across All Segments; Full-Year Revenues Up 7% to $2.94 Billion
· Delivered Q4 Net Income of $84.2 Million and GAAP EPS of $1.48, Reflecting Significant Net Benefit from U.S. Tax Law Changes; Full-Year Net Income of $100.7 Million and GAAP EPS of $1.76
· Reported Q4 Adjusted EBITDA of $101.8 Million; Full-Year Adjusted EBITDA of $425.7 Million
· Achieved Full-Year Net Cash from Operating Activities of $285.7 Million and 2017 Adjusted Free Cash Flow of $140.2 Million
· Provides 2018 Adjusted EBITDA Guidance of $440 Million to $480 Million
· Completed Acquisition of Veolia North Americas U.S. Industrial Cleaning Services Division
NORWELL, Mass. February 28, 2018 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, 2017.
We delivered solid fourth-quarter results that were in line with our expectations as we benefited from an improving macroeconomic environment and favorable industry trends, said Alan S. McKim, Chairman, President and Chief Executive Officer. Our top-line performance reflected a successful execution of our corporate strategy, as all four reporting segments delivered growth in the quarter. Our Adjusted EBITDA improvement was driven by a 23% increase in Safety-Kleen as well as profitable growth in Technical Services.
Fourth-quarter revenues increased 8% to $747.4 million, compared with $692.1 million in the same period a year ago. Income from operations was $27.9 million, compared with $21.9 million in the fourth quarter of 2016.
Net income for the fourth quarter of 2017 was $84.2 million, or $1.48 per diluted share. This result included a $93.0 million net benefit due to recent tax law changes, partly offset by charges of $4.9 million related to non-cash valuation allowances on tax loss carryforwards generated by certain Canadian subsidiaries and other tax-related charges. Net loss for the fourth quarter of 2016 was $12.7 million, or $0.22 per share, which included the recognition of non-cash valuation allowances on tax loss carryforwards generated by certain Canadian subsidiaries of $9.6 million. Adjusted net loss for each of the fourth quarters of 2017 and 2016 was $3.4 million, or $0.06 per share. Net income (loss) and adjusted net loss results for the fourth quarters of 2017 and 2016 included pre-tax integration and severance costs of $5.7 million and $5.9 million, respectively.
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, February 28, 2018 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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