Allan Gerlat, News Editor

November 7, 2012

1 Min Read
Clean Harbors Net Earnings Plummet in Quarter

Clean Harbors Inc. saw its net income drop by two-thirds in its third quarter, partly because of a debt restructuring charge.

The Norwell, Mass.-based Clean Harbors said that net income for the quarter ended Sept. 30 fell 67 percent to $12.4 million, or 23 cents per diluted share, compared with $37.1 million, or 70 cents per diluted share, in the year-ago period. The latest third quarter included a charge of $28.8 million for the company’s senior debt refinancing, according to a news release.

Revenue for the 2012 third quarter slipped 4 percent to $533.8 million compared with $556.1 million in the 2011 period.

For the first nine months, Clean Harbors net income declined 24 percent to $67.8 million compared with $89 million in the year-ago period. Revenue decreased 13 percent to $1.63 billion from $1.44 billion a year earlier.

The company revised its guidance for the year downward. It now expects earnings before interest, taxes, depreciation and amortization (EBITDA) of between $375 million to $380 million, compared with the previous guidance of $400 million to $410 million.

About the Author(s)

Allan Gerlat

News Editor, Waste360

Allan Gerlat joined the Waste360 staff in September 2011 as news editor. He was the editor of Waste & Recycling News for the first 16 years of its history, and under his guidance the publication won 27 national and regional awards.

Before Waste & Recycling News, Allan worked at another Crain Communications publication, Rubber & Plastics News, which covers rubber product manufacturing. He began with the publication as associate editor and eventually became managing editor, a position he held for nine years.

Allan is a graduate of Ohio University, where he earned a BS in journalism. He is based in Sagamore Hills, in northeast Ohio.

Stay in the Know - Subscribe to Our Newsletters
Join a network of more than 90,000 waste and recycling industry professionals. Get the latest news and insights straight to your inbox. Free.

You May Also Like