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Clean Harbors Announces Second-Quarter 2018 Financial Results
· Achieves 13% Increase in Q2 Revenues to $849.1 Million, Driven by Strong Organic Growth and Veolia Acquisition
· Reports Net Income of $30.7 Million, or $0.54 per Diluted Share
· Delivers Q2 Adjusted EBITDA of $139.6 Million, up 16% on Strong Waste Volumes, Industrial Turnarounds and Safety-Kleen Growth; Margins Increase by 40 Basis Points
· Completes Debt Refinancing to Lower Annual Interest Expense and Extend the Maturity Date to 2024
· Raises 2018 Adjusted EBITDA and Adjusted Free Cash Flow Guidance
NORWELL, Mass. August 1, 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 second quarter ended June 30, 2018.
We delivered strong second-quarter results, with significant top- and bottom-line contributions from both of our segments, said Alan S. McKim, Chairman, President and Chief Executive Officer. Our quarterly performance in Environmental Services was driven by higher volumes and an improved mix in our disposal network, as well as better-than-expected profitability from our Veolia Industrial Services acquisition. Safety-Kleen continued to capitalize on the favorable pricing environment for base oil and blended products in the quarter. Overall, our second-quarter financial performance reflected the leverage in our disposal and re-refinery networks, as we grew our Adjusted EBITDA at a higher rate than revenue. As a result, we expanded our Adjusted EBITDA margins by more than 40 basis points from a year ago.
Second-quarter revenues increased 13% to $849.1 million, compared with $752.8 million in the same period a year ago. Income from operations grew 38% to $64.4 million from $46.7 million in the second quarter of 2017.
Net income for the second quarter of 2018 was $30.7 million, or $0.54 per diluted share, compared with net income for the second quarter of 2017 of $25.9 million, or $0.45 per diluted share. Second quarter 2017 net income included the after-tax gain on sale from the divestiture of the Companys transformer services business, an after-tax loss on the early extinguishment of debt and a non-cash charge from tax-related valuation allowances in Canada. Excluding these impacts, adjusted net income for the second quarter of 2017 was $13.7 million, or $0.24 per diluted share. Results for the second quarter of 2018 and 2017 included pre-tax integration and severance costs of $2.3 million and $1.8 million, respectively.
Adjusted EBITDA (see description below) in the second quarter of 2018 increased 16% to $139.6 million, compared with $120.7 million in the same period of 2017.
Within our Environmental Services segment, incinerator utilization in the quarter was 90%, compared with 87% in the same period of 2017, McKim said. We substantially improved our mix of incineration waste streams led by record drum volumes and growing contributions from our chemical and manufacturing verticals. Our Industrial Services business benefited from a healthy turnaround season in both the U.S. and Canada. We
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, August 1, 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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