Clean Harbors Lifts FY24 Outlook As Q2 Beats Market; Stock Up

(RTTNews) - Shares of Clean Harbors, Inc. (CLH) were gaining around 4 percent in the morning trading on the NYSE after the provider of environmental and industrial services lifted its fiscal 2024 outlook after reporting higher second-quarter earnings that beat market estimates.

For the third quarter, Clean Harbors expects adjusted EBITDA to grow 20 percent to 24 percent from last year.

For fiscal 2024, the company now expects net income in the range of $391 million to $426 million, higher than previously expected $376 million to $419 million.

Adjusted EBITDA is now projected in the range of $1.125 billion to $1.165 billion or a midpoint of $1.145 billion, which represents 13 percent growth year-over-year.

The company previously expected adjusted EBITDA in the range of $1.1 billion to $1.15 billion or a midpoint of $1.125 billion, which represents 11 percent growth year-over-year.

Eric Gerstenberg, Co-Chief Executive Officer, said, "Overall, we continue to maintain a favorable outlook for the Company for the remainder of the year. We expect to deliver an outstanding financial performance to shareholders in 2024 and are on track to achieve our Vision 2027 goals."

In its second quarter, Clean Harbors' earnings increased from the same period last year and beat the Street estimates.

The company's earnings totaled $133.280 million, or $2.46 per share. This compares with $115.766 million, or $2.13 per share, in last year's second quarter.

Analysts on average had expected the company to earn $2.23 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 11.1 percent to $1.552 billion from $1.397 billion last year.

On the NYSE, Clean Harbors shares were trading $232.53, up 3.61 percent.

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