Clean Harbors Inc. (CLH), the leading provider of environmental, energy and industrial services throughout North America, reported that its Second-quarter 2015 net income was $10.4 million, or $0.18 per share, down from $28.7 million or $0.47 per share in the second-quarter 2014.
The latest-quarter result included the non-cash impairment charge and $1.8 million of pre-tax integration and severance costs. The prior year result included $4.0 million of pre-tax integration and severance costs.
Excluding the impairment charge, the Company reported adjusted net income for the second quarter of 2015 of $42.4 million, or $0.72 per share. Analysts polled by Thomson Reuters expected the company to report earnings of $0.51 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues for the second quarter of 2015 were $936.2 million, up 9% from $858.5 million in the same period in 2014. Wall Street expected revenues of $813.07 million for the quarter.
For the third quarter of 2015, the Company expects to generate Adjusted EBITDA in the range of $165 million to $170 million.
Clean Harbors reaffirmed its previously announced 2015 Adjusted EBITDA guidance range of $530 million to $570 million.
"Activities related to the planned carve-out of our Oil and Gas Field Services and Lodging Services segments remain on track. We intend to have this be a standalone entity capable of going public by January 1, 2016, and we currently expect to complete an IPO during 2016, depending on market conditions and Board approval," said Alan McKim, Chairman and Chief Executive Officer.
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