Clean Harbors Withdraws FY20 Outlook Due To Covid-19

(RTTNews) - While announcing higher first-quarter results on Wednesday, Clean Harbors, Inc. (CLH) said it is withdrawing 2020 annual guidance until market conditions stabilize amid Covid-19 pandemic.

The provider of environmental and industrial services noted that the impact of COVID-19 on its first-quarter results was limited, but it progressively worsened toward quarter end as shelter in place orders took hold in the United States and Canada.

The company has taken decisive actions to align cost structure with the current environment and protect balance sheet in anticipation of the economic downturn and softer demand, particularly for Safety-Kleen.

Alan McKim, Chairman, President and Chief Executive Officer, said, "Although we have seen some cancellations and project delays due to COVID-19, we expect Environmental Services to weather the current downturn well... In addition, we are continuing to perform COVID-19 decontamination work and handling growing volumes of infectious waste for a variety of customers."