Clean Harbors reports revenue increase for 2011
Clean Harbors, Inc. reported revenues for the fourth quarter grew 31 percent to $545.9 million from $417.1 million in the same period in 2010, reflecting a combination of acquisitions and organic growth. Income from operations in the fourth quarter of 2011 increased 38 percent to $59.2 million from $43.0 million in the same period of 2010.
All share and per share amounts reflect the two-for-one stock split completed in July 2011 and have been adjusted retroactively for all periods presented. Fourth quarter 2011 net income rose 64 percent to $38.2 million, or $0.72 per diluted share, compared with $23.3 million, or $0.44 per diluted share, in the fourth quarter of 2010. The effective tax rate in the fourth quarter of 2011 was 21 percent compared to 37 percent in the same period of last year.
“We concluded an outstanding 2011 with a strong fourth-quarter performance where we again saw the leverage inherent in our business model as we generated a 38 percent increase in EBITDA on a 31 percent increase in revenue,” said Alan S. McKim, chairman and chief executive officer.
Revenues for 2011 increased 15 percent to $1.98 billion from $1.73 billion in 2010. 2011 revenues included $43.6 million related to the company’s participation in the Yellowstone River oil spill response effort. Revenues for 2010 included approximately $253 million related to the Company’s participation in the oil spill response efforts in the Gulf of Mexico and Michigan. Income from operations increased slightly in 2011 to $217.7 million from $211.9 million in 2010. 2011 net income was $127.3 million, or $2.39 per diluted share, compared with $130.5 million, or $2.47 per diluted share on a split-adjusted basis, in 2010.
Based on its fourth quarter performance and current market conditions, Clean Harbors is increasing its 2012 annual revenue and EBITDA guidance. The company currently expects 2012 revenues in the range of $2.20 billion to $2.25 billion, up from its previous revenue guidance of $2.15 billion to $2.20 billion. For 2012, the company expects EBITDA in the range of $400 million to $410 million, an increase from its previous guidance of $390 million to $400 million.