Q2 2024 Financial Performance - Revenue reached $1.55 billion, an 11% year-over-year increase driven by organic growth and acquisitions[3] - Net income increased by 15% to $133.3 million, resulting in earnings per share (EPS) of $2.46[3] - Adjusted EBITDA increased by 14% to $327.8 million, with an Adjusted EBITDA margin of 21.1%[3] - Adjusted free cash flow was $84.2 million[3] Segment Performance - Environmental Services experienced strong demand across its disposal/recycling network and service businesses, particularly SK Environmental and Field Services, including contributions from HEPACO, with significant margin expansion due to volume growth, pricing, asset utilization, and productivity gains[3] - Safety-Kleen Sustainability Solutions saw considerable improvement in base oil and lubricant market pricing from Q1, although demand remained muted[3] - SK Environmental Services revenue was up 11%[6] - Safety-Kleen Sustainability Solutions revenue increased by 8% year-over-year to $243.2 million, while Adjusted EBITDA decreased by 4% to $51.5 million[8] Key Metrics and Capital Allocation - Incinerator utilization was 88% compared to 84% in Q2 2023, with an average price increase of 3%[6] - Landfill tonnage increased by 4% from the prior year, and the average price per ton increased by 5%[6] - The company is focused on disciplined capital allocation, including organic growth investments, acquisitions & divestitures, share repurchases, and debt repayment[9] Balance Sheet and Cash Flow - Cash and short-term marketable securities totaled $493.3 million as of June 30, 2024[10] - Current and long-term debt amounted to $2.79 billion as of June 30, 2024[10] Full-Year 2024 Guidance - The company projects net income between $391 million and $426 million[11] - Adjusted EBITDA is projected to be between $1.125 billion and $1.165 billion[11] - Adjusted free cash flow is projected to be between $350 million and $390 million[11]

[PART I: FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%3A%20FINANCIAL%20INFORMATION) This part presents the company's unaudited financial statements, management's discussion, and market risk disclosures [ITEM 1: Unaudited Financial Statements](index=3&type=section&id=ITEM%201%3A%20Unaudited%20Financial%20Statements) This section presents the company's unaudited consolidated financial statements and detailed notes for Q2 2024 and FY2023 [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) This section details the company's financial position, presenting assets, liabilities, and equity for June 30, 2024, and December 31, 2023 | ASSETS (in thousands) | June 30, 2024 (unaudited) | December 31, 2023 (in thousands) | |:---|:---|:---|\n| **Current assets:** |||\n| Cash and cash equivalents | $401,992 | $444,698 |\n| Short-term marketable securities | 91,294 | 106,101 |\n| Accounts receivable, net | 1,089,832 | 983,111 |\n| Unbilled accounts receivable | 187,148 | 107,859 |\n| Inventories and supplies | 365,356 | 327,511 |\n| Prepaid expenses and other current assets | 93,440 | 82,939 |\n| **Total current assets** | **2,229,062** | **2,052,219** |\n| Property, plant and equipment, net | 2,408,647 | 2,193,318 |\n| **Other assets:** |||\n| Operating lease right-of-use assets | 214,858 | 187,060 |\n| Goodwill | 1,482,085 | 1,287,736 |\n| Permits and other intangibles, net | 727,463 | 602,797 |\n| Other long-term assets | 74,833 | 59,739 |\n| **Total other assets** | **2,499,239** | **2,137,332** |\n| **Total assets** | **$7,136,948** | **$6,382,869** |\n| **LIABILITIES AND STOCKHOLDERS' EQUITY** |||\n| **Current liabilities:** |||\n| Current portion of long-term debt | $15,102 | $10,000 |\n| Accounts payable | 447,940 | 451,806 |\n| Deferred revenue | 108,035 | 95,230 |\n| Accrued expenses and other current liabilities | 392,708 | 397,157 |\n| Current portion of closure, post-closure and remedial liabilities | 31,954 | 26,914 |\n| Current portion of operating lease liabilities | 65,901 | 56,430 |\n| **Total current liabilities** | **1,061,640** | **1,037,537** |\n| **Other liabilities:** |||\n| Closure and post-closure liabilities, less current portion | 103,299 | 105,044 |\n| Remedial liabilities, less current portion | 95,458 | 97,885 |\n| Long-term debt, less current portion | 2,775,837 | 2,291,717 |\n| Operating lease liabilities, less current portion | 152,328 | 131,743 |\n| Deferred tax liabilities | 360,861 | 353,107 |\n| Other long-term liabilities | 145,804 | 118,330 |\n| **Total other liabilities** | **3,633,587** | **3,097,826** |\n| **Stockholders' equity:** |||\n| Common stock, $0.01 par value | 539 | 539 |\n| Additional paid-in capital | 459,982 | 459,728 |\n| Accumulated other comprehensive loss | (184,490) | (175,339) |\n| Retained earnings | 2,165,690 | 1,962,578 |\n| **Total stockholders' equity** | **2,441,721** | **2,247,506** |\n| **Total liabilities and stockholders' equity** | **$7,136,948** | **$6,382,869** | [Unaudited Consolidated Statements of Operations](index=5&type=section&id=Unaudited%20Consolidated%20Statements%20of%20Operations) This section presents the company's revenues, costs, and net income for the three and six months ended June 30, 2024 and 2023 | (in thousands, except per share amounts) | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2023 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | |:---|:---|:---|:---|:---|\n| **Revenues:** |||||\n| Service revenues | $1,288,370 | $1,159,090 | $2,440,228 | $2,212,323 |\n| Product revenues | 264,349 | 238,810 | 489,186 | 492,964 |\n| **Total revenues** | **1,552,719** | **1,397,900** | **2,929,414** | **2,705,287** |\n| **Cost of revenues:** |||||\n| Service revenues | 850,391 | 771,600 | 1,666,740 | 1,523,195 |\n| Product revenues | 185,151 | 175,912 | 339,872 | 355,831 |\n| **Total cost of revenues** | **1,035,542** | **947,512** | **2,006,612** | **1,879,026** |\n| Selling, general and administrative expenses | 197,876 | 167,382 | 379,744 | 334,135 |\n| Accretion of environmental liabilities | 3,304 | 3,486 | 6,521 | 6,893 |\n| Depreciation and amortization | 100,504 | 89,697 | 195,569 | 174,455 |\n| **Income from operations** | **215,493** | **189,823** | **340,968** | **310,778** |\n| Other expense, net | (167) | (1,283) | (1,308) | (1,167) |\n| Loss on early extinguishment of debt | — | — | — | (2,362) |\n| Interest expense, net of interest income | (36,449) | (30,072) | (64,988) | (50,704) |\n| **Income before provision for income taxes** | **178,877** | **158,468** | **274,672** | **256,545** |\n| Provision for income taxes | 45,597 | 42,702 | 71,560 | 68,378 |\n| **Net income** | **$133,280** | **$115,766** | **$203,112** | **$188,167** |\n| **Earnings per share:** |||||\n| Basic | $2.47 | $2.14 | $3.77 | $3.48 |\n| Diluted | $2.46 | $2.13 | $3.75 | $3.46 |\n| Shares used to compute earnings per share - Basic | 53,932 | 54,092 | 53,931 | 54,084 |\n| Shares used to compute earnings per share - Diluted | 54,248 | 54,448 | 54,231 | 54,422 | [Unaudited Consolidated Statements of Comprehensive Income](index=6&type=section&id=Unaudited%20Consolidated%20Statements%20of%20Comprehensive%20Income) This section details net income and other comprehensive income/loss components for the three and six months ended June 30, 2024 and 2023 | (in thousands) | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2023 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | |:---|:---|:---|:---|:---|\n| Net income | $133,280 | $115,766 | $203,112 | $188,167 |\n| **Other comprehensive (loss) income, net of tax:** |||||\n| Unrealized (loss) gain on available-for-sale securities | (8) | 44 | (92) | 218 |\n| Unrealized gain on fair value of interest rate hedges | 3,106 | 12,556 | 11,767 | 7,727 |\n| Reclassification adjustment for interest rate hedge amounts realized in net income | (3,721) | (4,9

Core Viewpoint - Clean Harbors (CLH) reported quarterly earnings of $2.46 per share, exceeding the Zacks Consensus Estimate of $2.21 per share, and showing an increase from $2.13 per share a year ago [1] Financial Performance - The company achieved revenues of $1.55 billion for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 0.99%, compared to $1.4 billion in the same quarter last year [8] - Clean Harbors has surpassed consensus EPS estimates three times over the last four quarters [2] - The quarterly report represented an earnings surprise of 11.31%, with a previous expectation of $1.16 per share compared to the actual earnings of $1.29 per share [7] Future Earnings Expectations - The current consensus EPS estimate for the upcoming quarter is $2.15 on revenues of $1.5 billion, and for the current fiscal year, it is $7.47 on revenues of $5.92 billion [5] - The estimate revisions trend for Clean Harbors is favorable, contributing to a Zacks Rank 1 (Strong Buy) for the stock, indicating expected outperformance in the near future [9] Industry Context - Clean Harbors operates within the Zacks Waste Removal Services industry, which is currently ranked in the top 37% of over 250 Zacks industries [13] - The company has outperformed the market with a 28.6% increase in shares since the beginning of the year, compared to a 14% gain for the S&P 500 [11]

EXHIBIT 99.1 Press Release • Posts 11% Q2 Revenue Increase to $1.55 Billion, Led by Environmental Services • Generates 15% Q2 Net Income Growth to $133.3 Million, or EPS of $2.46 • Achieves 14% Growth in Q2 Adjusted EBITDA to $327.8 Million with Margin of 21.1% • Raises Full-Year 2024 Adjusted EBITDA Guidance "The positive trends that have contributed to the growth of our business in recent years continued in the second quarter, fueling an excellent performance that exceeded our expectations," said Mike Bat ...

On the date of publication, Matthew Farley did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article. Matthew started writing coverage of the financial markets during the crypto boom of 2017 and was also a te ...

The Waste Management industry is experiencing positive trends in government regulations, the integration of advanced technologies and a growing awareness of environmental concerns. The sector is capitalizing on increased industrialization and urbanization, coupled with a greater emphasis on improved waste management practices. Per Statista, the global waste management sector reached $1.3 trillion in 2022 and is expected to undergo substantial growth, reaching $2 trillion by 2030. The driving forces behind t ...

Being a leading provider of environmental and industrial services, CLH continues to benefit from ongoing trends like increasing environmental concerns, rapid industrialization, an increase in population, and active government measures to reduce illegal dumping. The company's Environmental Services revenues grew 9.5% year over year in the first quarter of 2024, driven by organic growth from volumes and pricing, and the acquisitions of HEPACO and Thompson. Clean Harbors' consistent record of returning value t ...

The research service features daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, all of which will help you become a smarter, more confident investor. The Zacks Style Scores is a unique set of guidelines that rates stocks based on three popular investing types, and were developed as complementary indicators for the Zacks Rank. This combination helps investors choose securities with the highest chances of beating ...

The Business Services group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Has Clean Harbors (CLH) been one of those stocks this year? Let's take a closer look at the stock's year-to-date performance to find out. Over the past 90 days, the Zacks Consensus Estimate for CLH's full-year earnings has moved 1.4% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend. The Zacks Rank emphasizes earnings estim ...

Strong Growth Prospects: The Zacks Consensus Estimate for Clean Harbors'2024 earnings is pegged at $7.47, which implies 6.9% year-over-year growth. Moreover, earnings are expected to register a 14.9% increase in 2025. Clean Harbors, Inc. (CLH) is an environmental, energy and industrial services provider that has performed extremely well over the past year and has the potential to sustain momentum in the near term. Consequently, if you haven't taken advantage of the share price appreciation yet, it's time yo ...