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Clean Harbors Announces First-Quarter 2018 Financial Results
· Reports 9% Increase in Q1 Revenues to $749.8 Million, Driven by Growth Across Key Verticals
· Announces GAAP Net Loss of $12.6 Million, or $0.22 per Share; Adjusted Net Loss of $0.12 per Share
· Achieves Q1 Adjusted EBITDA of $88.3 Million, up 10% due to Strong Safety-Kleen Contribution and Higher Waste Volumes in Disposal Network
· Creates Regional Sales and Service Organization, Forms Environmental Services Segment
· Confirms 2018 Adjusted EBITDA and Adjusted Free Cash Flow Guidance
NORWELL, Mass. May 2, 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 first quarter ended March 31, 2018.
We delivered a strong first quarter with better-than-expected results, said Alan S. McKim, Chairman, President and Chief Executive Officer. The combination of increasing waste volumes throughout our disposal network and an improved pricing environment for base oil and blended products helped drive our financial performance. We experienced favorable trends across many of our key industry verticals, including chemical, manufacturing and energy, supported by an improved macroeconomic environment.
First-quarter revenues increased 9% to $749.8 million, compared with $688.9 million in the same period a year ago. Income from operations more than doubled to $11.0 million from $5.4 million in the first quarter of 2017.
Net loss for the first quarter of 2018 was $12.6 million, or $0.22 per share, compared with a net loss for the first quarter of 2017 of $21.4 million, or $0.37 per share. Net loss results for the first quarters of 2018 and 2017 included charges related to non-cash valuation allowances on tax loss carryforwards generated by certain Canadian subsidiaries of $6.1 million and $10.5 million, respectively. Adjusted net loss for the first quarter of 2018 was $6.6 million, or $0.12 per share, compared with an adjusted net loss of $10.9 million, or $0.19 per share, in the same period a year ago. Net loss and adjusted net loss results included pre-tax integration and severance costs of $3.0 million and $2.4 million, respectively.
Adjusted EBITDA (see description below) in the first quarter of 2018 increased 10% to $88.3 million, compared with $80.1 million in the same period of 2017.
Effective January 1, 2018, the Company created a regional sales and service organization and reorganized its management reporting structure. As a result of these actions, the Company consolidated its historical Technical Services, Industrial and Field Services, and Oil, Gas and Lodging segments under a newly formed Environmental Services segment. This change is expected to strengthen resource allocation, deepen customer relationships, reduce third-party spend, and foster cross-selling across the Companys environmental businesses.
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 2, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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