Announces Revenues of $893.4 Million and EPS of $0.69 Achieves 8% Increase in Adjusted EBITDA to a Record $165.6 Million on Strong Emergency Response Contribution Posts Adjusted EBITDA Margin of 18.5% Reduces 2015 Adjusted EBITDA Guidance Due to Ongoing Headwinds Initiates $100 Million Cost Reduction Program for 2016 to Align With Market Conditions NORWELL, Mass.--(BUSINESS WIRE)--Nov. 4, 2015--…, Comments on the Third Quarter, “We generated nearly $145 million in emergency response work during the third quarter,” McKim said. “This sizeable emergency response revenue produced substantial growth in our Industrial and Field Services segment, which also benefited from an increase in turnaround activity at U.S. refineries. SK Environmental Services again contributed to our growth in profitability, posting a 30% increase…, Business Outlook and Financial Guidance, “The external challenges we are facing this year may be with us for some time,” McKim said. “As a result, we are taking aggressive action to reduce our operating expenses and realign our cost structure to succeed in an environment that has been materially changed by the low price of crude oil and resulting slowdown, particularly in Western Canada. While we are not providing specific 2016 guidance…, Non-GAAP Results, Clean Harbors reports Adjusted EBITDA results, which is a non-GAAP financial measure, as a complement to results provided in accordance with accounting principles generally accepted in the United States (GAAP). The Company believes that Adjusted EBITDA provides additional useful information to investors since the Company’s loan covenants are based upon levels of Adjusted EBITDA achieved. The…, For the Three Months Ended:, , For the Nine Months Ended:, , September 30, 2015, , September 30, 2014, , September 30, 2015, , September 30, 2014, Net income (loss) $40,228 $(93,337) $43,534 $(55,705) Accretion of environmental liabilities 2,577 2,642 7,795 7,975 Depreciation and amortization 69,060 70,049 205,189 205,480 Goodwill impairment charge — 123,414 31,992 123,414 Other expense (income) 139 (613) 390 (4,136) Interest expense, net 19,017…, For the Three Months Ended:, , For the Nine Months Ended:, Adjusted income from operations, , September 30, 2015, , September 30, 2014, , September 30, 2015, , September 30, 2014, Income (loss) from operations $ 93,970 $ (42,748) $ 162,030 $ 54,273 Goodwill impairment charge — 123,414 31,992 123,414 Adjusted income from operations $ 93,970 $ 80,666 $ 194,022 $177,687, Adjusted net income, Net income (loss) $ 40,228 $(93,337) $ 43,534 $(55,705) Goodwill impairment charge, net of tax — 120,750 31,992 120,750 Adjusted net income $ 40,228 $ 27,413 $ 75,526 $ 65,045, Adjusted earnings per share, Earnings (loss) per share $ 0.69 $(1.55) $ 0.74 $(0.92) Goodwill impairment charge, net of tax — 2.00 0.54 1.99 Adjusted earnings per share $ 0.69 $ 0.45 $ 1.28 $ 1.07, Adjusted EBITDA Guidance Reconciliation, An itemized reconciliation between projected net income and projected Adjusted EBITDA is as follows: , For the Year Ending, December 31, 2015, , Amount, (In millions) Projected GAAP net income $48 to $57 Adjustments: Accretion of environmental liabilities 11 to 10 Depreciation and amortization 274 to 270 Goodwill impairment charge 32 to 32 Interest expense, net 76 to 76 Provision for income taxes 66 to 69 Projected Adjusted EBITDA $507 to $…, , Adjusted EBITDA Guidance Reconciliation, An itemized reconciliation between projected net income and projected Adjusted EBITDA is as follows:, Conference Call Information, Clean Harbors will conduct a conference call for investors today at 9:00 a.m. (ET) to discuss the information contained in this press release. On the call, management will discuss Clean Harbors’ financial results, business outlook and growth strategy. Investors who wish to listen to the webcast and view the accompanying slides should visit the Investor Relations section of the Company’s website…, About Clean Harbors, Clean Harbors (NYSE: CLH) is North America’s leading provider of environmental, energy and industrial services. The Company serves a diverse customer base, including a majority of the Fortune 500, across the chemical, energy, manufacturing and additional markets, as well as numerous government agencies. These customers rely on Clean Harbors to deliver a broad range of services such as end-to-end…, Safe Harbor Statement, Any statements contained herein that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are generally identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “plans to,” “estimates,” “projects,” or similar expressions. Such statements may include, but are not…, CLEAN HARBORS, INC. AND SUBSIDIARIES, , UNAUDITED CONSOLIDATED STATEMENTS OF INCOME, , (in thousands except per share amounts), , For the Three Months Ended:, , For the Nine Months Ended:, , September 30,, 2015, , September 30,, 2014, , September 30,, 2015, , September 30,, 2014, Revenues $893,366 $851,465 $2,562,093 $2,556,612 Cost of revenues (exclusive of items shown separately below) 634,646 598,407 1,833,841 1,831,076 Selling, general and administrative expenses 93,113 99,701 321,246 334,394 Accretion of environmental liabilities 2,577 2,642 7,795 7,975 Depreciation and…, CLEAN HARBORS, INC. AND SUBSIDIARIES, UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS, (in thousands), , September 30, 2015, , December 31, 2014, Current assets: Cash and cash equivalents $ 179,191 $ 246,879 Accounts receivable, net 600,283 557,131 Unbilled accounts receivable 41,562 40,775 Deferred costs 19,096 19,018 Inventories and supplies 150,255 168,663 Prepaid expenses and other current assets 44,880 57,435 Deferred tax assets 37,288 36,532 Total current assets 1,072,555 1,…, Supplemental Segment Data (in thousands), , For the Three Months Ended:, Revenue, , September 30, 2015, , September 30, 2014, , Third Party, Revenues, , Intersegment, Revenues, (Expense), net, , Direct, Revenues, , Third Party, Revenues, , Intersegment, Revenues, (Expense), net, , Direct, Revenues, Technical Services $253,069 $ 35,325 $288,394 $ 272,478 $ 40,924 $313,402 Industrial and Field Services 307,226 (7,286) 299,940 163,582 (9,205) 154,377 Kleen Performance Products 100,827 (23,750) 77,077 140,345 (52,606) 87,739 SK Environmental Services 171,832 (5,945) 165,887 170,980 21,212 192,192 Lodging Services 13,507 773 14,280…, For the Nine Months Ended:, Revenue, , September 30, 2015, , September 30, 2014, , Third Party, Revenues, , Intersegment, Revenues, (Expense), net, , Direct, Revenues, , Third Party, Revenues, , Intersegment, Revenues, (Expense), net, , Direct, Revenues, Technical Services $741,419 $110,923 $852,342 $ 766,057 $ 119,617 $ 885,674 Industrial and Field Services 807,423 (25,400) 782,023 510,696 (31,819) 478,877 Kleen Performance Products 296,738 (63,437) 233,301 413,282 (155,588) 257,694 SK Environmental Services 508,392 (26,326) 482,066 503,692 64,418 568,110 Lodging Services 68,782 2,026…, , Non-GAAP Segment Results, Clean Harbors reports Adjusted EBITDA results, which is a non-GAAP financial measure, as a complement to results provided in accordance with accounting principles generally accepted in the United States (GAAP) and believes that such information provides additional useful information to investors since the Company’s loan covenants are based upon levels of Adjusted EBITDA achieved. The Company…, For the Three Months Ended:, , For the Nine Months Ended:, Adjusted EBITDA, , September 30, 2015, , September 30, 2014, , September 30, 2015, , September 30, 2014, Technical Services $79,048 $86,928 $219,257 $233,402 Industrial and Field Services 62,460 20,303 145,850 67,391 Kleen Performance Products 12,123 21,473 23,471 49,252 SK Environmental Services 40,096 30,853 108,540 84,985 Lodging Services 1,827 15,972 12,589 49,196 Oil and Gas Field Services 1,579 …
Type: News Article
