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Clean Harbors Announces First-Quarter 2019 Financial Results
· Increases Q1 Revenues 4% to $780.8 Million
· Reports Net Income of $1.0 Million, or $0.02 per Diluted Share; Adjusted EPS of $0.09
· Generates 15% Increase in Q1 Adjusted EBITDA to $101.7 Million on Strength in Environmental Services Segment
· Improves Adjusted EBITDA Margin by 120 Basis Points
· Revises 2019 Adjusted EBITDA Guidance Upward to $510 Million to $540 Million and Maintains Adjusted Free Cash Flow Guidance of $190 Million to $220 Million
NORWELL, Mass. May 1, 2019 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, 2019.
We opened 2019 with a strong first-quarter performance, said Alan S. McKim, Chairman, President and Chief Executive Officer. We delivered 4% top-line growth and a corresponding 15% increase in Adjusted EBITDA. As a result, our Adjusted EBITDA margin grew by 120 basis points from the same period in 2018. The quarters profitable growth was driven by our Environmental Services segment, which more than offset a small year-over-year decline in our Safety-Kleen segment.
First-quarter revenues increased to $780.8 million from $749.8 million in the same period of 2018. Income from operations more than doubled to $23.7 million from $11.0 million in the year-earlier quarter.
Net income for the first quarter of 2019 was $1.0 million, or $0.02 per diluted share. This compared with a net loss for the same period in 2018 of $12.6 million, or $0.22 per share. Adjusted for certain items in both periods, adjusted net income for the first quarter of 2019 was $5.1 million, or $0.09 per diluted share, compared with an adjusted net loss of $6.6 million, or $0.12 per share, in the same period in 2018. (See reconciliation table below)
Adjusted EBITDA (see description below) in the first quarter of 2019 increased 15% to $101.7 million from $88.3 million in the same period of 2018.
Environmental Services generated top-line growth of 8%. This reflected the Veolia Industrial acquisition in early 2018 as well as organic growth, as we benefitted from higher pricing and a better mix of waste streams, McKim said. Adjusted EBITDA in the segment grew 46%, reflecting pricing initiatives, cost reductions, productivity improvements and some one-time gains. The segments results are even more impressive given that our Deer Park incineration facility was closed for nearly two weeks due to a major fire at the neighboring chemical storage facility. As a result of that fire, as well as a high number of planned turnaround days, our incineration utilization was 77% in Q1. However, similar to recent quarters, we continued to improve our mix with many more high-value waste streams in our network, which drove our average incineration price per pound up by 14% from a year ago.
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 1, 2019 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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