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On Wednesday November 2, 2011, 4:23 pm EDT
NORWELL, Mass. (AP) — Industrial-services provider Clean Harbors Inc. said Wednesday that its third-quarter profit fell from a year ago, when it was working on the Gulf of Mexico oil spill.
But the results beat expectations, the company boosted its forecast for 2011 and 2012 revenue above analysts’ average forecast, and the stock rose in afternoon trading.
Third-quarter net income fell to $ 37.1 million, or 70 cents per share, compared with $ 38.8 million, or 73 cents per share, a year earlier.
Revenue rose to $ 556.1 million from $ 487.7 million.
Analysts expected 52 cents per share on revenue of $ 491.1 million, according to FactSet.
The company’s press release didn’t mention any one-time items, and analysts’ average forecast for adjusted earnings was just a penny higher than for net income calculated according to generally accepted accounting principles.
Shares of Clean Harbors climbed $ 2.31, or 4.2 percent, to close Wednesday at $ 57.95.
The company got $ 42 million for helping clean an oil spill on Montana’s Yellowstone River from a ruptured pipeline. That paled, however, with the $ 124 million it got in last year’s third quarter for work on oil spills in the Gulf of Mexico and in Michigan.
The company provides handling and disposal of hazardous and other types of waste, tank cleaning, decontamination and other services.
Clean Harbors said expects full-year revenue of $ 1.92 billion to $ 1.94 billion, up from an earlier forecast for $ 1.84 billion to $ 1.88 billion. Analysts were expecting $ 1.87 billion.
It predicted that earnings before interest, taxes, depreciation and amortization would be $ 335 million to $ 340 million, up $ 20 million.
For 2012, the company said revenue will be $ 2.15 billion to $ 2.2 billion and the rough earnings measure will be $ 390 million to $ 400 million. Analysts expected sales of $ 2.13 billion.
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