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Clean Harbors Announces Third-Quarter 2018 Financial Results
· Achieves 12% Revenue Increase to $843.2 Million on Veolia Acquisition, Pricing Initiatives and Safety-Kleen Growth
· Reports Net Income of $31.1 Million, or $0.55 per Diluted Share; Adjusted EPS of $0.59 per Diluted Share
· Generates Q3 Adjusted EBITDA of $141.3 Million, up 15% on Higher-Margin Waste Streams, Better Pricing and Strength Across Multiple Businesses
· Increases Adjusted EBITDA Margin by 50 Basis Points
· Raises Midpoint of 2018 Adjusted EBITDA Guidance
NORWELL, Mass. October 31, 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 third quarter ended September 30, 2018.
We reported our third consecutive quarter of profitable growth in 2018 and remain on track for a strong year, said Alan S. McKim, Chairman, President and Chief Executive Officer. We delivered revenue increases in each of our reporting segments by executing our growth strategy and capitalizing on favorable market trends. Within Environmental Services, we collected increased volumes of higher-margin waste for our disposal network and generated robust growth within our regional structure, particularly in the Gulf and Midwest regions. The favorable pricing environment for Safety-Kleen, particularly within our base oil and blended products business, continued in the quarter. Profitability outpaced revenues in the quarter, as we leveraged our extensive network of assets to increase Adjusted EBITDA margin by 50 basis points from a year ago.
Third-quarter revenues increased 12% to $843.2 million, compared with $755.8 million in the same period a year ago. Income from operations grew 38% to $65.7 million from $47.7 million in the third quarter of 2017.
Net income for the third quarter of 2018 was $31.1 million, or $0.55 per diluted share, which included an after-tax loss on the early extinguishment of debt of $1.7 million and a non-cash charge from tax-related valuation allowances in Canada of $0.5 million. This compared with net income for the same period in 2017 of $12.1 million, or $0.21 per diluted share, which included an after-tax loss on the early extinguishment of debt of $1.1 million and a gain related to non-cash valuation allowances in Canada of $1.0 million. Excluding these items, adjusted net income for the third quarter of 2018 was $33.3 million, or $0.59 per diluted share, compared with $12.2 million, or $0.21 per diluted share, in the same period in 2017. Results for the third quarter of 2018 and 2017 both included pre-tax integration and severance costs of $1.5 million.
Adjusted EBITDA (see description below) in the third quarter of 2018 increased 15% to $141.3 million, compared with $123.0 million in the same period of 2017.
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, October 31, 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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