Clean Harbors' 2Q profit soars with work in Gulf
The Gulf of Mexico oil spill helped second-quarter revenue and profit soar for Clean Harbors Inc., which provides hazardous waste management services.
The Norwell, company said today that it earned $57.9 million, or $2.19 per share, in the three months that ended June 30. That compares with net income of $8.6 million, or 36 cents per share, in the same quarter of 2009. Revenue more than doubled to $471.6 million from $215.3 million.
Analysts polled by Thomson Reuters expected earnings of 87 cents per share on $422.3 million in revenue.
Clean Harbors said its participation in the Gulf oil spill cleanup exceeded the company's initial expectations and accounted for more than 20 percent of its second-quarter revenue.
With more than 3,5000 workers in the region at one point, the company did skimming, decontamination, water treatment, and onshore cleanup.
Clean Harbors said its performance also was affected by its acquisition last year of Canadian oil services firm Eveready Inc. Net income also included $2.4 million from discontinued operations.
Clean Harbors finished the first half of 2010 with a cash position of nearly $300 million. Chairman and CEO Alan S. McKim said in a statement from the company that will enable it to speed up "growth through selective acquisitions and strategic investments."
"Our acquisition pipeline remains healthy, and we are continuing to evaluate a number of strategic opportunities," he said.
Company shares climbed 20 cents to $63.10 in afternoon trading.