Clean Harbors Inc. Reports Third-Quarter Earnings

NORWELL, Mass. – Clean Harbors Inc. (NYSE:CLH) shares fell sharply on Wednesday after the environmental services company reported third-quarter earnings that missed analyst expectations, despite beating on revenue.

Shares were down 7.36% following the announcement.

The company posted adjusted earnings per share of $2.12 for the quarter, falling short of the $2.18 consensus estimate. Revenue came in at $1.53 billion, surpassing analysts' projections of $1.51 billion.

Clean Harbors saw 12% YoY revenue growth in Q3, driven by a 13% increase in its Environmental Services segment. However, softer demand and pricing pressure in the base oil market weighed on results from its Safety-Kleen Sustainability Solutions business.

> "We delivered profitable growth in both our operating segments while improving our consolidated Adjusted EBITDA margin by 100 basis points from the same period a year ago," said Mike Battles, Co-Chief Executive Officer.

The company revised its full-year 2024 guidance, now expecting adjusted EBITDA of $1.10 billion to $1.12 billion and adjusted free cash flow of $280 million to $320 million.

> "Overall, despite some market obstacles related to base oil and refining customers, we expect to end 2024 with strong momentum across our network of disposal facilities and service offerings giving us a positive trajectory into 2025," Battles added.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.