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.