Clean Harbors (CLH) Q4 Earnings Miss Estimates, Stock Falls
Zacks Investment Research | Mar 01, 2018 09:16PM ET
Waste management services provider Clean Harbors, Inc. (NYSE:CLH) reported decent fourth-quarter 2017 results with adjusted earnings of 1 cent per share, owing to one-time gains and costs against a loss of 6 cents in the prior-year quarter. The year-over-year improvement stemmed from well-executed top-line strategy, improving macroeconomic environment and favorable industry trends. Adjusted earnings for the quarter, however, missed the Zacks Consensus Estimate by 4 cents. Consequently, shares declined 3.9% post the earnings release to close at $48.06 yesterday.
GAAP earnings for the reported quarter were $84.2 million or $1.48 per share against a loss of $12.7 million or loss of 22 cents per share in the year-earlier quarter. GAAP earnings for full-year 2017 were $100.7 million or $1.76 per share against a loss of $39.9 million or loss of 69 cents per share in the prior year. The improvement was primarily due to healthy top-line growth and significant net benefit from tax law changes.
Revenues for the fourth quarter were $747.4 million, up 8% from the prior-year quarter owing to successful execution of top-line strategy resulting in growth across all four reporting segments. Also, the top line beat the Zacks Consensus Estimate of $724 million. Revenues for 2017 were $2,945 million, up 7% from $2,755.2 million a year ago.
Adjusted EBITDA (earnings before interest, tax, depreciation and amortization) for the fourth-quarter increased 6% to $101.8 million from $95.9 million in the year-ago quarter. The improvement was largely driven by higher waste volumes, cost reductions and improved pricing.
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