Clean Harbors Now Sees Net Loss In FY16; Cuts Adjusted EBITDA View - Quick Facts

(RTTNews) - Clean Harbors, Inc. (CLH), a provider of environmental, energy and industrial services, Wednesday said it now expects fiscal 2016 net loss in the range of $38 million to $51 million. On an adjusted basis, the company projects between an adjusted net loss of $10 million and adjusted net income of $7 million for the year.

The company previously expected full-year reported net income in the range of $4 million to $9 million, and adjusted net income, which includes the recognition of the non-cash tax benefits in Canada, in a range of $24 million to $29 million.

Further, the company expects to deliver fiscal 2016 adjusted EBITDA, a key earnings metric, in the range of $400 million to $410 million. This is lower than prior guidance of $430 million to $450 million.

"While we need to complete our year-end budget process to establish our 2017 Adjusted EBITDA range, we expect the mid-point of that range to be in the high $400s," the company said.

For the fourth quarter, the company expects adjusted EBITDA to be flat to up 10% from the prior year, primarily supported by cost actions.

Alan McKim, Chairman, President and Chief Executive Officer, said, "Looking ahead, we expect that the challenges we faced this year from the industrial slowdown and the lack of a recovery in energy will remain in the fourth quarter. We anticipate that customer spending on major projects will stay somewhat constrained through year-end. We do, however, believe we are nearing the bottom of this industry downturn."