Clean Harbors blows away analysts´ estimates, stock spikes
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Aug. 3 — Clean Harbors Inc., despite seeing both revenue and profit fall during the second quarter, said the company had another solid performance.
Shareholders liked what they saw as the company’s stock price was up sharply in early trading.
Clean Harbors earned $ 29.2 million, or 55 cents per diluted share, on revenue of $ 447.2 million for the second quarter of 2011.
Analysts, according to Yahoo Finance, had estimated revenue would be $ 419.7 million and earnings would be 43 cents per share during the quarter.
“The second quarter of 2011 was another period of solid financial performance and achievement for Clean Harbors,” CEO Alan S. McKim said.
Investors apparently agreed. Early trading on Aug. 3 had shares up by $ 5.92 per share, or more than 11%, to $ 57.57.
The company´s results compare with earnings of $ 57.9 million, or $ 1.10 per diluted share, on revenue of $ 471.6 million for same period last year. Comparisons to the second quarter of 2010 were impacted by about $ 109 million in extra work the company secured last summer regarding the Gulf of Mexico oil spill cleanup.
Clean Harbors, based in Norwell, Mass., provides environmental, energy and industrial services. The company has more than 175 locations, including more than 50 waste management facilities, in North America.
Contact Waste & Recycling News senior reporter Jim Johnson at [email protected] or 937-964-1289.
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