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On Wednesday August 3, 2011, 4:30 pm EDT
NORWELL, Mass. (AP) — Clean Harbors Inc., which provides environmental cleanup services, posted second-quarter results Wednesday 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 high during trading Wednesday.
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 polled by FactSet anticipated the company would earn 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 EBITDA of $ 296.2 million.
The company said it has $ 378 million in cash.
“Our strategy is to apply this capital to accelerate our growth through selective acquisitions and strategic investments,” CEO Alan McKim said in a statement. “At this time, our acquisition pipeline remains active and we are in the process of evaluating a number of potential opportunities.”
Shares of Clean Harbors rose $ 5.66, nearly 11 percent, to close $ 57.31. They hit $ 59.35 earlier in the session.
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