Clean Harbors Boosts FY21 Outlook As Q2 Results Top Estimates - Quick Facts

(RTTNews) - While reporting its financial results for the second quarter on Wednesday, Clean Harbors Inc. (CLH, CLHB) raised its adjusted EBITDA and adjusted free cash flow guidance for the full-year 2021, based on its second-quarter financial performance and current market conditions.

For fiscal 2021, the company now projects adjusted EBITDA in a range of $620 million to $650 million, based on anticipated net income in a range of $159 million to $193 million, and adjusted free cash flow in a range of $285 million to $315 million.

Previously, the company expected adjusted EBITDA in the range of $560 million to $600 million, based on anticipated net income in the range of $116 million to $157 million, and adjusted free cash flow in the range of $230 million to $270 million.

For the third quarter, Clean Harbors expects Adjusted EBITDA to be at a level similar to or slightly above the third quarter of 2020.

For the second quarter, the company reported net income of $67.1 million or $1.22 per share, up from $29.0 million or $0.52 per share in the prior-year quarter. Excluding items, adjusted earnings for the quarter were $1.19 per share.

Revenues for the quarter rose 30 percent to $926.5 million from $710.0 million in the same quarter last year.

On average, 11 analysts polled by Thomson Reuters expected the company to earn $0.80 per share on revenues of $841.02 million for the quarter. Analysts' estimates typically exclude special items.