Waste Age

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.

Please or Register to post comments.

Ads by Google

Hot Topics and Featured Content
NEW! Waste360.com Cummunity Forum (Beta)
Post comments, ask questions and connect with other waste industry professionals in our new Waste360.com community forums.

Topics of Interest...
Route Optimization Zero Waste E-Waste Landfill Gas to Energy Alternative Fuels Food Waste Acquisitions Safety

Waste100

Grow with Us: Watch the Waste360 Story

Used Equipment - Buy, Sell, Save!
Commentaries & Blogs

Newsletter Signup

 

Find suppliers for the products and services you need in the Waste Industry Marketplace!

Connect With Us