Clean Harbors tops analysts’ estimates
Clean Harbors Inc., which provides environmental cleanup services, posted second-quarter results yesterday that topped Wall Street expectations, despite a drop in net income and revenue compared with last year when it benefited from the Gulf of Mexico oil spill cleanup.
The company also raised its outlook for the full year and its shares hit an all-time of $59.35 high during trading.
Clean Harbors said it earned $29.2 million, or 55 cents per share, for the quarter that ended June 30. That compared with $57.9 million, or $1.10 per share. Revenue was $447.2 million, versus $471.6 million in the prior year. Analysts expected earnings of 40 cents per share on revenue of $416.1 million.
The company, based in Norwell, said it is seeing significant growth from its work with oil and gas companies as they begin to invest in drilling. The company’s oil and gas field services segment grew 40 percent during the period.
Based on the quarter’s results, market conditions, and recent acquisitions, the company bumped up its revenue expectations for the year to $1.84 billion to $1.88 billion, from prior guidance of $1.62 billion to $1.67 billion. Analysts had been expecting $1.74 billion.
The company also said it expects earnings before interest, taxes, depreciation, and amortization in the range of $315 million to $320 million, an increase from its previous guidance of $275 million to $284 million. Analysts were expecting $296.2 million.
— Associated Press
Comcast benefits from NBC deal
Comcast, the country’s largest cable TV company, is bucking the trend among cable companies by making more money from its TV subscribers.
Comcast Corp. beat expectations with its second-quarter results, helped by the newly acquired NBC Universal business.
The Philadelphia company reported net income of $1.02 billion, or 37 cents per share. That’s up 16 percent from $884 million, or 31 cents per share, a year ago.
Excluding a tax adjustment and costs related to the NBC deal, which closed in January, earnings came to 42 cents per share, beating the 41 cents average analysts expected.
Revenue rose 51 percent to $14.3 billion. Analysts were expecting $13.7 billion. Revenue from last year’s quarter didn’t include NBC Universal.
— Associated Press
Activision Blizzard raises its outlook
Activision Blizzard Inc., the world’s largest video game maker, posted second-quarter profit that beat analysts’ estimates and raised its full-year outlook, citing a strong slate of online games and store titles.
Net income rose 53 percent to $335 million, or 29 cents a share, from $219 million, or 17 cents, a year earlier, Santa Monica, Calif.-based Activision said. Excluding items, profit of 10 cents exceeded the 5-cent average of 18 analysts’ projections.
Profit this quarter for the maker of World of Warcraft will be 1 cent a share on revenue of $530 million, excluding items, reflecting a light release schedule. That’s below analysts’ estimates of 8 cents on sales of $633.1 million.
Two of Activision’s largest retail titles, Call of Duty: Modern Warfare 3 and Skylanders Spyro’s Adventure, will be introduced in the fourth quarter.
Second-quarter sales, excluding changes in deferred revenue, rose 2.3 percent to $699 million from $683 million a year earlier. On that basis, analysts predicted revenue of $597.4 million.
Total revenue rose 19 percent to $1.15 billion, the company said.
— Bloomberg News