Clean Harbors Q2 Profit More Than Doubled; Beats Consensus View

(RTTNews) - Environmental and industrial services provider Clean Harbors, Inc. (CLH) reported higher profit in the second quarter backed by revenue growth. Revenue and profit beat analysts' view.

Net income was $148.2 million, or $2.71 per share in the second quarter, higher than $67.1 million, or $1.22 per share last year.

Excluding one-time items, earnings were $133.1 million, or $2.44 per share.

Revenues increased 46% to $1.36 billion from $926.5 million in the same period a year ago.

Analysts on average, polled by Thomson-Reuters expected the company to report earnings of $1.48 per share on revenue of $1.22 billion for the quarter. Analysts' estimates typically exclude special items.

Looking forward, Clean Harbors expects Adjusted EBITDA to increase approximately 50% in the third quarter from the prior-year period, reflecting higher profitability in both the Environmental Services and Safety-Kleen Sustainability Solutions segments, as well as the addition of HydroChemPSC.

The company has raised the midpoint of its 2022 Adjusted EBITDA guidance by $175 million. For the year, the company now expects adjusted EBITDA in the range of $975 million to $1.005 billion, or a midpoint of $990 million.