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Clean Harbors Not Cleaning Up

About the only surprise about Clean Harbors (CLH), the waste management company, is that almost every analyst who follows it still rates is as a Buy.

That's even after the company's most-recently-reported quarter, which included yet another in a series of sliced guidance, missed expectations or a combo of both.

Yet this is the same company:

  • That is still hoping for the best from its Safety-Kleen acquisition late last year, which hasn't generated the margin growth the company forecast.
  • That bought into the oilfield waste disposal and services business at the peak of the oil cycle.
  • Whose CFO (on the job when Safety-Kleen was bought) quit in February after less than a year on the job. He was replaced by the company's former CFO, who is also president. (It's often best when those two jobs are split.)

What many on Wall Street don't appear to have fully grasped is that thanks to a series of acquisitions...

Click here for the rest of the piece.

-- Written by Herb Greenberg

>You can email me at:


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