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Harbors Announces Third-Quarter 2020 Financial Results
|·||Reports Q3 Revenues of $779.3 Million|
|·||Posts Q3 Net Income of $54.9 Million; EPS of $0.99; Adjusted EPS of $0.90|
|·||Achieves Adjusted EBITDA of $161.2 Million, Including $13.3 Million From Government Assistance Programs|
|·||Generates $29 Million in Q3 Decontamination Emergency Response Revenue|
|·||Delivers Record Quarterly Adjusted Free Cash Flow of $123.5 Million|
|·||Raises 2020 Adjusted EBITDA and Adjusted Free Cash Flow Guidance|
NORWELL, Mass. – November 4, 2020 – Clean Harbors, Inc. (“Clean Harbors”) (NYSE: CLH), the leading provider of environmental and industrial services throughout North America, today announced financial results for the third quarter ended September 30, 2020.
“We delivered strong third-quarter results that came in ahead of our expectations,” said Alan S. McKim, Chairman, President and Chief Executive Officer. “Our performance reflects the resiliency of our business model, as well as the dedication of our people. We have now improved our Adjusted EBITDA margins for 11 consecutive quarters. In response to the pandemic and the dynamic market conditions it created, we established a leadership position in providing advanced decontamination and disposal services for customers affected by COVID-19. We also substantially improved our operational efficiencies and lowered our overall cost structure, which is reflected in our third-quarter margin performance. During the quarter, we saw a steady sequential pick up from the second quarter across several of our core lines of business, particularly within Safety-Kleen.”
Third-Quarter 2020 Results
Revenues were $779.3 million compared with $891.7 million in the same period of 2019. Income from operations was $83.9 million compared with $80.4 million in the third quarter of 2019.
Net income was $54.9 million, or $0.99 per diluted share. This compares with net income of $36.4 million, or $0.65 per diluted share, for the same period in 2019. Adjusted for certain items in both periods, adjusted net income was $49.9 million, or $0.90 per diluted share, for the third quarter of 2020, compared with adjusted net income of $40.7 million, or $0.72 per diluted share, in the same period of 2019. (See reconciliation table below)
Adjusted EBITDA (see description below) was $161.2 million, including $13.3 million of benefit from U.S. and Canadian government assistance programs, compared with $156.6 million in the same period of 2019.
Q3 2020 Review
“Environmental Services delivered strong profitability through a combination of cost reductions, productivity improvements, a healthy mix of higher margin work and government incentives,” McKim said. “We experienced a lower utilization rate of 80% at our incinerators in the quarter due to the timing of turnarounds and a production lag from some customers, but we continued to execute on our strategy to capture higher-value waste streams across our network. This resulted in an average price per pound increase of 5% from the prior year. Landfill volumes declined nominally, as stronger base business largely offset the lack of remediation and waste projects caused by the pandemic. While still below historical averages, activity in other service areas of the segment, including Technical Services and Industrial Services, saw steady increases in demand at key customers during the quarter.
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, November 4, 2020 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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