FX.co ★ Clean Harbors Lifts FY24 Outlook As Q2 Beats Market; Stock Up

Shares of Clean Harbors, Inc. (CLH) saw a 4 percent rise in early trading on the NYSE after the environmental and industrial services provider updated its fiscal 2024 outlook and reported second-quarter earnings that surpassed market expectations.

For the third quarter, Clean Harbors anticipates an adjusted EBITDA growth of 20 to 24 percent over the previous year.

Looking ahead to fiscal 2024, the company now projects net income between $391 million and $426 million, up from the earlier forecast of $376 million to $419 million.

The revised forecast for adjusted EBITDA is between $1.125 billion and $1.165 billion, with a midpoint of $1.145 billion, indicating a 13 percent year-over-year growth. This is an increase from the previous projection of $1.1 billion to $1.15 billion with a midpoint of $1.125 billion, which represented an 11 percent growth year-over-year.

Eric Gerstenberg, Co-Chief Executive Officer, commented, "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."

Clean Harbors' second-quarter earnings grew from the same period last year, also exceeding analysts’ expectations.

The company reported earnings of $133.280 million, or $2.46 per share, compared to $115.766 million, or $2.13 per share, in the previous year's second quarter. Analysts, on average, had projected earnings of $2.23 per share, according to Thomson Reuters, typically excluding special items.

Revenue for the quarter increased by 11.1 percent to $1.552 billion from $1.397 billion last year.

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