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 and six months ended June 30, 2014.
Revenues for the second quarter were $858.5 million, compared with $860.5 million in the same period in 2013. Income from operations in the second quarter of 2014 increased 26% to $67.1 million, compared with $53.2 million in the same period of 2013.
Second-quarter 2014 net income increased 25% to $28.7 million, or $0.47 per diluted share, compared with $22.9 million, or $0.38 per diluted share, in the second quarter of 2013. Second-quarter 2014 net income included $4.0 million of pre-tax integration and severance costs. Second-quarter 2013 net income included pre-tax integration and severance costs of approximately $6.8 million. The effective tax rate in the second quarter of 2014 was 39.1%, compared with 35.1% in the same period of last year.
Adjusted EBITDA (see description below) in the second quarter of 2014 increased to $135.8 million, compared with $123.6 million in the same period of 2013.
Comments on the Second Quarter
“We rebounded from a slow start to the year and moved into what is historically a seasonally stronger period for the Company,” said Alan S. McKim, Chairman and Chief Executive Officer. “Our top-line results were slightly below our guidance range, hampered by some project delays and reduced activity in the Oil Sands region as well as a larger-than-expected revenue decrease in Oil and Gas Field Services. Conversely, we delivered better-than-expected margins and exceeded our Adjusted EBITDA guidance for the quarter, benefiting from cost reduction initiatives, a focus on high-margin opportunities and strong contributions from Technical Services. Our Adjusted EBITDA margins increased to 15.8% – 140 basis points higher than a year ago.”