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Clean Harbors Reports Second-Quarter 2013 Financial Results

Stocks in this article: CLH

Clean Harbors, Inc. (“Clean Harbors”) (NYSE: CLH), the leading provider of environmental, energy and industrial services throughout North America, today announced financial results for the second quarter ended June 30, 2013.

Results for 2013 reflect the December 2012 acquisition of Safety-Kleen. Revenues for the second quarter of 2013 increased 64% to $860.5 million, compared with $523.1 million in the same period in 2012. Income from operations in the second quarter of 2013 increased 12% to $53.2 million from $47.5 million in the same period of 2012, which includes a 75% increase in depreciation and amortization expense.

Second-quarter 2013 net income was $22.9 million, or $0.38 per diluted share, compared with $23.4 million, or $0.44 per diluted share, in the second quarter of 2012. The Company’s second-quarter 2013 net income includes approximately $6.8 million in pre-tax integration and severance costs. The effective tax rate in the second quarter of 2013 was 35.1%, compared with 35.8% in the same period of last year.

Adjusted EBITDA (see description below) in the second quarter of 2013 increased 39% to $123.6 million, compared with $88.7 million in the same period of 2012. Second-quarter 2013 Adjusted EBITDA includes the $6.8 million in pre-tax integration and severance costs.

Comments on the Second Quarter

“We delivered disappointing results for the second quarter as we experienced challenging conditions and weakness within our Oil Re-refining and Recycling segment and Oil and Gas Field Services segment,” said Alan S. McKim, Chairman and Chief Executive Officer. “Our second-quarter performance reflects a combination of factors that limited our revenue and Adjusted EBITDA including historic flooding in Western Canada, a lower percentage of blended lubricant sales within our re-refinery business, an unplanned three-week shutdown at our largest incinerator and delays in some customer plant turnarounds.”

“The flooding in Canada affected both our Industrial and Field Services segment and Oil and Gas Field Services segment with activity limited at certain customer sites and a slowdown in near-term Western Canadian drilling activity. Within our Oil Re-refining and Recycling segment, we sold a lower percentage of blended products, which reduced the segment’s Adjusted EBITDA contribution,” McKim said. “The highlight of the quarter was our Technical Services segment, which continued to demonstrate the benefits of our Safety-Kleen acquisition. Our incineration facilities achieved utilization for the quarter of 92.3% – despite the lengthy shutdown at our Deer Park facility – and landfill volumes increased 17% as a result of large-scale project work.”

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