Clean Harbors rises to record after earnings
Clean Harbors Inc., a provider of waste-management services, rose to its highest price since it went public 25 years ago after reporting earnings that beat analysts’ estimates.
Clean Harbors gained 7.2 percent to $70.31 in early afternoon trading after hitting $71.63, the highest price since it went public in 1987.
The Norwell-based company today reported fourth-quarter earnings of 72 cents a share, beating the average estimate of 49 cents of seven analysts compiled by Bloomberg.
The company had revenue of $545.9 million, compared with $417.1 million a year earlier. Analysts had estimated revenue of $506.8 million. Annual sales increased to $1.98 billion from $1.73 billion in 2010.
“Our growth was driven by a combination of our 2011 acquisitions and double-digit organic growth in the quarter,” chief executive Alan McKim said in a company statement.
