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Clean Harbors Management Discusses Q2 2012 Results - Earnings Call Transcript

In addition, I would like to remind you that today's discussion will include references to non-GAAP measures. Clean Harbors believes that such information provides an additional measurement and consistent historical comparison of its performance. A reconciliation of the non-GAAP measures to the most directly comparable GAAP measures is available in today's news release, which can be found on our website, cleanharbors.com.

And now I'd like to turn the call over to our Chairman and CEO, Alan McKim. Alan?

Alan S. McKim

Thanks, David, and good morning, everyone. In Q2, we generated excellent results in our Environmental and Industrial businesses, while our Energy business was impacted by the winter break up in Western Canada, the unfavorable weather conditions in Canada and the repositioning of our solids control assets and surface rental equipment in the U.S., and I'll discuss more in a moment.

We view much of the slowdown in energy as seasonality, as well as timing related. Therefore, we are reiterating our full year 2012 guidance. We're confident that we can achieve the full year financial targets we set for ourselves based on expected growth across our business lines and the current conditions we see in the marketplace.

Q2 is the weakest operating period for our Oil & Gas Field Services segment. Because it depends on the timing of the spring breakup, the sensitivity to wet weather is heightened due to the mud season that ensues.

As we highlighted on our Q1 call, the spring breakup came early this year, about a month earlier than in 2011, due to the warm conclusion to the winter in Western Canada. The breakup, which includes road bans, weight restrictions on the movement of heavy equipment, was also lengthier than normal this year.

The remote regions of Western Canada, where we operate, had a tremendous amount of rain and snow melt, which greatly extended the wet season and stalled operations for us and our customers. While travel restrictions are no longer in effect today and the fields around the drill sites out in the prairie regions has since dried out, it heavily curtailed our activity in Q2.

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