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Jun 30, 2024
Clean Harbors Q2 2024 Earnings Report
Clean Harbors reported an excellent Q2 2024, exceeding expectations with record revenue and Adjusted EBITDA, driven by Environmental Services and Safety-Kleen Sustainability Solutions.
Key Takeaways
Clean Harbors announced strong second-quarter results with an 11% increase in revenue to $1.55 billion and a 15% increase in net income to $133.3 million, or $2.46 per diluted share. Adjusted EBITDA grew by 14% to $327.8 million. The Environmental Services segment and Safety-Kleen Sustainability Solutions contributed significantly to the company's performance.
Revenue increased by 11% to $1.55 billion, driven by Environmental Services.
Net income grew by 15% to $133.3 million, with EPS of $2.46.
Adjusted EBITDA increased by 14% to $327.8 million, with a margin of 21.1%.
Full-year 2024 Adjusted EBITDA guidance was raised.
Revenue by Segment
Forward Guidance
Clean Harbors anticipates continued success with healthy demand and momentum in its core businesses. They expect Adjusted EBITDA to grow 20% to 24% in Q3 2024 and have raised the full-year Adjusted EBITDA guidance to $1.125 billion to $1.165 billion.
Positive Outlook
- Record backlog and healthy project pipeline in Environmental Services.
- Upcoming incinerator opening in Kimball, Nebraska in Q4 2024.
- HEPACO acquisition expected to bolster Field Services and emergency response capabilities.
- Expect stable performance in the SKSS segment.
- Capitalizing on initiatives like Group III production and the partnership with Castrol for MoreCircular.
Challenges Ahead
- Current demand environment for base oil may present challenges for SKSS.
- Industrial Services revenue declined by 10% due to reduced turnaround activity.
- Profitability in SKSS was modestly lower than a year ago.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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