Clean Harbors ( (CLH) ) has realeased its Q3 earnings. Here is a breakdown of the information Clean Harbors presented to its investors.
Clean Harbors, Inc., a leading provider of environmental and industrial services in North America, offers a range of solutions including hazardous waste management and recycling services through its Safety-Kleen subsidiary.
In its third-quarter 2024 financial results, Clean Harbors reported a notable 12% increase in revenue, reaching $1.53 billion, alongside a 26% growth in net income amounting to $115.2 million. The company’s Adjusted EBITDA also saw an 18% rise, highlighting a robust performance in its Environmental Services segment.
Key metrics for the quarter include a 25% increase in income from operations to $192.3 million and an enhanced Adjusted EBITDA margin of 19.7%. The Environmental Services segment experienced a 13% revenue boost, driven by a 68% growth in Field Services supported by the HEPACO acquisition. However, the Safety-Kleen Sustainability Solutions segment faced challenges due to pricing pressures in the base oil market, despite a 6% revenue increase.
Looking forward, Clean Harbors projects a positive outlook for its Environmental Services segment, supported by market dynamics such as reshoring and regulatory changes. The upcoming launch of the Kimball, Nebraska incinerator is set to expand capacity, while strategic actions aim to stabilize the Safety-Kleen segment amidst current market conditions. The company anticipates ending 2024 with strong momentum, setting a positive trajectory into 2025.
