Clean Harbors Q1 Loss Narrows - Quick Facts

(RTTNews) - Clean Harbors, Inc. (CLH), a provider of environmental, energy and industrial services throughout North America, reported that its net loss for the first quarter of 2018 narrowed to $12.6 million, or $0.22 per share, from $21.4 million, or $0.37 per share for the first quarter of 2017.

Net loss results for the first quarters of 2018 and 2017 included charges related to non-cash valuation allowances on tax loss carryforwards generated by certain Canadian subsidiaries of $6.1 million and $10.5 million, respectively. Adjusted net loss for the first quarter of 2018 was $6.6 million, or $0.12 per share, compared with an adjusted net loss of $10.9 million, or $0.19 per share, in the same period a year ago. Net loss and adjusted net loss results included pre-tax integration and severance costs of $3.0 million and $2.4 million, respectively.

Adjusted loss per share narrowed to $0.12 from $0.19 in the prior year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.16 per share. Analysts' estimates typically exclude special items.

Income from operations more than doubled to $11.0 million from $5.4 million in the first quarter of 2017.

First-quarter revenues increased 9% to $749.8 million, from $688.9 million in the same period a year ago. Wall Street expected revenues of $732.9 million.

Clean Harbors reiterated its full-year 2018 Adjusted EBITDA guidance in the range of $440 million to $480 million. On a GAAP basis, the Company's guidance is based on anticipated 2018 net income in the range of $12 million to $51 million. For 2018, Clean Harbors expects to generate adjusted free cash flow in the range of $125 million to $155 million, which is based on anticipated 2018 net cash from operating activities in the range of $295 million to $345 million.