CLH Clean Harbors Inc

• Delivers Q3 Revenue of $1.37 Billion on Growth in Environmental Services
• Achieves Q3 Net Income of $91.3 Million, or EPS of $1.68
• Generates Q3 Adjusted EBITDA of $255.0 Million
• Revises 2023 Adjusted EBITDA and Adjusted Free Cash Flow Guidance

Clean Harbors, Inc. (“Clean Harbors”) (NYSE: CLH), the leading provider of environmental and industrial services throughout North America, today announced financial results for the third quarter ended September 30, 2023.

“While underlying business conditions remain favorable, our third-quarter results fell short of expectations primarily due to plant challenges within both our incinerators and re-refineries,” said Mike Battles, Co-Chief Executive Officer. “In the third quarter, we pulled forward an incinerator turnaround planned for October at our Arkansas facility. The resulting backup within our disposal network also impacted our Technical Services business. Within our Safety-Kleen Sustainability Solutions (SKSS) segment, we had lower-than-expected production, which led to lower sales volumes of base oil and higher costs. From a safety perspective, we posted a third-quarter best Total Recordable Incident Rate (TRIR) of 0.62 to remain on track to hit our annual safety goal.”

Third-Quarter Results Revenues were $1.37 billion compared with $1.36 billion in the same period of 2022. Income from operations was $154.4 million compared with $209.1 million in the third quarter of 2022.

Net income was $91.3 million, or $1.68 per diluted share. This compared with net income of $135.8 million, or $2.50 per diluted share, for the same period in 2022. Adjusted net income in the third quarter of 2022 was $132.4 million, or $2.43 per diluted share. (See reconciliation tables below).

Adjusted EBITDA (see description below) was $255.0 million compared with $308.6 million in the same period of 2022 when SKSS delivered record results on an outsized re-refining spread.

Q3 2023 Segment Review “Our Environmental Services (ES) segment delivered an 11% increase in Adjusted EBITDA and a 120-basis point margin improvement year-over-year on 6% revenue growth,” said Eric Gerstenberg, Co-Chief Executive Officer. “Within our service businesses, Safety-Kleen Environmental Services revenue grew 14%, while Field Services revenue was up 3%. Industrial Services revenue increased by 5% reflecting contributions from our Thompson Industrial acquisition. Within Technical Services, our incineration utilization improved sequentially to 86%, but was below our Q3 expectations. While our average incineration price rose 3%, it was less than anticipated due to limitations on processing our backlog of containerized incineration waste in the quarter. Project volumes were strong in our landfill business, which processed 19% more tonnage than a year ago at a slightly higher average price.”

“Within our SKSS segment, revenue and profitability fell short of expectations as a result of reduced sales volume and increased costs related to plant challenges in the back half of the quarter, which included a delayed start-up at our California plant,” said Battles. “The SKSS team collected 59 million gallons of waste oil in the third quarter at a charge-for-oil (CFO) level that exceeded the second quarter and compares with a pay-for-oil model in the prior year period. Overall base oil pricing began to improve late in the quarter as rising crude pricing and healthy demand drove up the value of base oil in September and into early Q4.”

New Incinerator Buildout Ahead of Schedule “The construction of our $180 million incinerator in Kimball, Nebraska is moving forward ahead of schedule,” said Gerstenberg. “We recently held a ‘topping off’ ceremony at the facility with a number of elected state and local officials who have supported the project. Based on our progress, we have accelerated our anticipated start date to just before year-end in 2024. In light of market demand, we are excited to complete this incinerator and launch commercial operations as soon as possible. We continue to have good discussions with customers and owners of captive incinerators and expect demand to grow in the years ahead due to reshoring, environmental regulations and other positive market trends. We expect the 70,000 tons of added capacity to be readily absorbed by the marketplace.”

Business Outlook and Financial Guidance “Looking ahead, we expect that the challenges we faced in Q3 are behind us and our incinerators and re-refineries should both run strong through year end,” said Gerstenberg. “Demand across our key ES businesses and underlying market conditions remain favorable. We expect Industrial Services to close out a record year in the fourth quarter capitalizing on cost, productivity and cross-selling opportunities that have existed all year. Within our disposal network, a healthy backlog of incineration drums and some recent retail wins kicking off toward year end will support us burning higher value waste streams going forward. Our project pipeline shows no sign of slowing with more reshoring, government spending through multiple legislative acts, and PFAS regulations on the horizon. We continue to anticipate a record year in our ES segment with Adjusted EBITDA growth in the mid-teens percentage range.”

“Within SKSS, our re-refineries are now running at full production rates in the fourth quarter. Given where base oil and lubricant markets are today, we expect to post a large sequential increase in profitability in this segment in Q4 and should enter 2024 with positive momentum. On the front end of the spread, we continue to control costs on the collection side while ensuring we have enough supply to maximize output at our re-refineries,” Battles concluded. “Overall, we continue to see strong growth dynamics for the Company, particularly in our ES segment, and remain confident in our Vision 2027 strategy.”

In the fourth quarter, Clean Harbors expects Adjusted EBITDA to grow by approximately 15% year-over-year. In light of current market conditions and third-quarter results, for full-year 2023, Clean Harbors now expects:

• Adjusted EBITDA in the range of $1.005 billion to $1.025 billion or a midpoint of $1.015 billion. This range is based on anticipated GAAP net income in the range of $364 million to $384 million; and
• Adjusted free cash flow in the range of $300 million to $330 million, or a midpoint of $315 million, which includes approximately $85 million of spending related to the Kimball incinerator. This range is based on anticipated net cash from operating activities in the range of $700 million to $750 million.

Non-GAAP Results Clean Harbors reports Adjusted EBITDA, which is a non-GAAP financial measure and should not be considered an alternative to net income or other measurements under generally accepted accounting principles (GAAP) but viewed only as a supplement to those measurements. Adjusted EBITDA is not calculated identically by all companies, and therefore the Company’s measurement of Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies. Clean Harbors believes that Adjusted EBITDA provides additional useful information to investors since the Company’s loan covenants are based upon levels of Adjusted EBITDA achieved and management routinely evaluates the performance of its businesses based upon levels of Adjusted EBITDA. The Company defines Adjusted EBITDA in accordance with its existing revolving credit agreement, as described in the following reconciliation showing the differences between reported net income and Adjusted EBITDA for the three and nine months ended September 30, 2023 and 2022 (in thousands, except percentages):

 

For the Three Months Ended

 

For the Nine Months Ended

 

September 30, 2023

 

September 30, 2022

 

September 30, 2023

 

September 30, 2022

Net income

$

91,340

 

 

$

135,799

 

 

$

279,507

 

 

$

329,270

 

Accretion of environmental liabilities

 

3,388

 

 

 

3,246

 

 

 

10,281

 

 

 

9,599

 

Stock-based compensation

 

4,291

 

 

 

7,828

 

 

 

14,809

 

 

 

20,375

 

Depreciation and amortization

 

92,970

 

 

 

88,394

 

 

 

267,425

 

 

 

260,560

 

Other (income) expense, net

 

(334

)

 

 

(104

)

 

 

833

 

 

 

(2,073

)

Loss on early extinguishment of debt

 

—

 

 

 

—

 

 

 

2,362

 

 

 

—

 

Gain on sale of business

 

—

 

 

 

—

 

 

 

—

 

 

 

(8,864

)

Interest expense, net of interest income

 

29,696

 

 

 

28,081

 

 

 

80,400

 

 

 

79,354

 

Provision for income taxes

 

33,666

 

 

 

45,311

 

 

 

102,044

 

 

 

109,663

 

Adjusted EBITDA

$

255,017

 

 

$

308,555

 

 

$

757,661

 

 

$

797,884

 

Adjusted EBITDA Margin

 

18.7

%

 

 

22.6

%

 

 

18.6

%

 

 

20.5

%

This press release includes a discussion of net income and earnings per share adjusted for the loss on early extinguishment of debt, gain on sale of business and the impacts of tax-related valuation allowances and other items as identified in the reconciliations provided below. The Company believes that discussion of these additional non-GAAP measures provides investors with meaningful comparisons of current results to prior periods’ results by excluding items that the Company does not believe reflect its fundamental business performance. The following table shows the difference between net income and adjusted net income, and the difference between earnings per share and adjusted earnings per share, for the three and nine months ended September 30, 2023 and 2022 (in thousands, except per share amounts):

 

For the Three Months Ended

 

For the Nine Months Ended

 

September 30, 2023

 

September 30, 2022

 

September 30, 2023

 

September 30, 2022

Adjusted net income

 

 

 

 

 

 

 

Net income

$

91,340

 

$

135,799

 

 

$

279,507

 

 

$

329,270

 

Loss on early extinguishment of debt

 

—

 

 

—

 

 

 

2,362

 

 

 

—

 

Gain on sale of business

 

—

 

 

—

 

 

 

—

 

 

 

(8,864

)

Tax-related valuation allowances and other*

 

—

 

 

(3,399

)

 

 

(653

)

 

 

(9,494

)

Adjusted net income

$

91,340

 

$

132,400

 

 

$

281,216

 

 

$

310,912

 

 

 

 

 

 

 

 

 

Adjusted earnings per share

 

 

 

 

 

 

 

Earnings per share

$

1.68

 

$

2.50

 

 

$

5.14

 

 

$

6.04

 

Loss on early extinguishment of debt

 

—

 

 

—

 

 

 

0.04

 

 

 

—

 

Gain on sale of business

 

—

 

 

—

 

 

 

—

 

 

 

(0.16

)

Tax-related valuation allowances and other*

 

—

 

 

(0.07

)

 

 

(0.01

)

 

 

(0.18

)

Adjusted earnings per share

$

1.68

 

$

2.43

 

 

$

5.17

 

 

$

5.70

 

* Other amounts include ($0.7) million or ($0.01) per share of tax impacts from the loss on early extinguishment of debt for the nine months ended September 30, 2023.

Adjusted Free Cash Flow Reconciliation Clean Harbors reports adjusted free cash flow, which it considers to be a measurement of liquidity that provides useful information to investors about its ability to generate cash. The Company defines adjusted free cash flow as net cash from operating activities excluding cash impacts of items derived from non-operating activities, less additions to property, plant and equipment plus proceeds from sale and disposal of fixed assets. Adjusted free cash flow should not be considered an alternative to net cash from operating activities or other measurements under GAAP. Adjusted free cash flow is not calculated identically by all companies, and therefore the Company’s measurement of adjusted free cash flow may not be comparable to similarly titled measures reported by other companies.

An itemized reconciliation between net cash from operating activities and adjusted free cash flow is as follows for the three and nine months ended September 30, 2023 and 2022 (in thousands):

 

For the Three Months Ended

 

For the Nine Months Ended

 

September 30, 2023

 

September 30, 2022

 

September 30, 2023

 

September 30, 2022

Adjusted free cash flow

 

 

 

 

 

 

 

Net cash from operating activities

$

220,119

 

 

$

225,572

 

 

$

455,692

 

 

$

357,542

 

Additions to property, plant and equipment

 

(107,608

)

 

 

(96,505

)

 

 

(311,906

)

 

 

(244,547

)

Proceeds from sale and disposal of fixed assets

 

2,185

 

 

 

2,095

 

 

 

5,129

 

 

 

5,118

 

Adjusted free cash flow

$

114,696

 

 

$

131,162

 

 

$

148,915

 

 

$

118,113

 

Adjusted EBITDA Guidance Reconciliation An itemized reconciliation between projected GAAP net income and projected Adjusted EBITDA is as follows (in millions):

 

For the Year Ending December 31, 2023

Projected GAAP net income

$364

to

$384

Adjustments:

 

 

 

Accretion of environmental liabilities

14

to

13

Stock-based compensation

19

to

22

Depreciation and amortization

360

to

350

Loss on early extinguishment of debt

2

to

2

Interest expense, net

111

to

109

Provision for income taxes

135

to

145

Projected Adjusted EBITDA

$1,005

to

$1,025

Adjusted Free Cash Flow Guidance Reconciliation An itemized reconciliation between projected net cash from operating activities and projected adjusted free cash flow is as follows (in millions):

 

For the Year Ending December 31, 2023

Projected net cash from operating activities

$700

to

$750

Additions to property, plant and equipment

(410)

to

(430)

Proceeds from sale and disposal of fixed assets

10

to

10

Projected adjusted free cash flow

$300

to

$330

Conference Call Information Clean Harbors will conduct a conference call for investors today at 9:00 a.m. (ET) to discuss the information contained in this press release. During the call, management will discuss Clean Harbors’ financial results, business outlook and growth strategy. Investors who wish to listen to the webcast and view the accompanying slides should visit the Investor Relations section of the Company’s website at www.cleanharbors.com. The live call also can be accessed by dialing 877.709.8155 or 201.689.8881 prior to the start time. If you are unable to listen to the live conference call, the webcast will be archived on the Company’s website.

About Clean Harbors Clean Harbors (NYSE: CLH) is North America’s leading provider of environmental and industrial services. The Company serves a diverse customer base, including a majority of Fortune 500 companies. Its customer base spans a number of industries, including chemical, manufacturing and refining, as well as numerous government agencies. These customers rely on Clean Harbors to deliver a broad range of services such as end-to-end hazardous waste management, emergency spill response, industrial cleaning and maintenance, and recycling services. Through its Safety-Kleen subsidiary, Clean Harbors also is North America’s largest re-refiner and recycler of used oil and a leading provider of parts washers and environmental services to commercial, industrial and automotive customers. Founded in 1980 and based in Massachusetts, Clean Harbors operates in the United States, Canada, Mexico, Puerto Rico and India. For more information, visit www.cleanharbors.com.

Safe Harbor Statement Any statements contained herein that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are generally identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “plans to,” “seeks,” “should,” “estimates,” “projects,” “may,” “likely,” or similar expressions. Such statements may include, but are not limited to, statements about future financial and operating results, and other statements that are not historical facts. Such statements are based upon the beliefs and expectations of Clean Harbors’ management as of this date only and are subject to certain risks and uncertainties that could cause actual results to differ materially, including, without limitation, those items identified as “Risk Factors” in Clean Harbors’ most recently filed Form 10-K and Form 10-Q. Forward-looking statements are neither historical facts nor assurances of future performance. Therefore, readers are cautioned not to place undue reliance on these forward-looking statements. Clean Harbors undertakes no obligation to revise or publicly release the results of any revision to these forward-looking statements other than through its filings with the Securities and Exchange Commission, which may be viewed in the “Investors” section of Clean Harbors’ website at www.cleanharbors.com.

CLEAN HARBORS, INC. AND SUBSIDIARIES UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts)

 

For the Three Months Ended

 

For the Nine Months Ended

 

September 30, 2023

 

September 30, 2022

 

September 30, 2023

 

September 30, 2022

Revenues

$

1,365,696

 

 

$

1,363,086

 

 

$

4,070,983

 

 

$

3,888,507

 

Cost of revenues: (exclusive of items shown separately below)

 

943,951

 

 

 

910,648

 

 

 

2,822,977

 

 

 

2,652,506

 

Selling, general and administrative expenses

 

171,019

 

 

 

151,711

 

 

 

505,154

 

 

 

458,492

 

Accretion of environmental liabilities

 

3,388

 

 

 

3,246

 

 

 

10,281

 

 

 

9,599

 

Depreciation and amortization

 

92,970

 

 

 

88,394

 

 

 

267,425

 

 

 

260,560

 

Income from operations

 

154,368

 

 

 

209,087

 

 

 

465,146

 

 

 

507,350

 

Other income (expense), net

 

334

 

 

 

104

 

 

 

(833

)

 

 

2,073

 

Loss on early extinguishment of debt

 

—

 

 

 

—

 

 

 

(2,362

)

 

 

—

 

Gain on sale of business

 

—

 

 

 

—

 

 

 

—

 

 

 

8,864

 

Interest expense, net

 

(29,696

)

 

 

(28,081

)

 

 

(80,400

)

 

 

(79,354

)

Income before provision for income taxes

 

125,006

 

 

 

181,110

 

 

 

381,551

 

 

 

438,933

 

Provision for income taxes

 

33,666

 

 

 

45,311

 

 

 

102,044

 

 

 

109,663

 

Net income

$

91,340

 

 

$

135,799

 

 

$

279,507

 

 

$

329,270

 

Earnings per share:

 

 

 

 

 

 

 

Basic

$

1.69

 

 

$

2.51

 

 

$

5.17

 

 

$

6.07

 

Diluted

$

1.68

 

 

$

2.50

 

 

$

5.14

 

 

$

6.04

 

Shares used to compute earnings per share - Basic

 

54,122

 

 

 

54,111

 

 

 

54,097

 

 

 

54,278

 

Shares used to compute earnings per share - Diluted

 

54,419

 

 

 

54,381

 

 

 

54,411

 

 

 

54,542

 

CLEAN HARBORS, INC. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands)

 

September 30, 2023

 

December 31, 2022

Current assets:

 

 

 

Cash and cash equivalents

$

335,965

 

$

492,603

Short-term marketable securities

 

84,007

 

 

62,033

Accounts receivable, net

 

1,010,335

 

 

964,603

Unbilled accounts receivable

 

130,888

 

 

107,010

Inventories and supplies

 

311,512

 

 

324,994

Prepaid expenses and other current assets

 

78,045

 

 

82,518

Total current assets

 

1,950,752

 

 

2,033,761

Property, plant and equipment, net

 

2,128,508

 

 

1,980,302

Other assets:

 

 

 

Operating lease right-of-use assets

 

188,695

 

 

166,181

Goodwill

 

1,286,473

 

 

1,246,878

Permits and other intangibles, net

 

613,540

 

 

620,782

Other

 

80,211

 

 

81,803

Total other assets

 

2,168,919

 

 

2,115,644

Total assets

$

6,248,179

 

$

6,129,707

 

 

 

 

Current liabilities:

 

 

 

Current portion of long-term debt

$

10,000

 

$

10,000

Accounts payable

 

414,963

 

 

446,629

Deferred revenue

 

102,468

 

 

94,094

Accrued expenses and other current liabilities

 

369,097

 

 

396,716

Current portion of closure, post-closure and remedial liabilities

 

21,759

 

 

23,123

Current portion of operating lease liabilities

 

57,100

 

 

49,532

Total current liabilities

 

975,387

 

 

1,020,094

Other liabilities:

 

 

 

Closure and post-closure liabilities, less current portion

 

108,466

 

 

105,596

Remedial liabilities, less current portion

 

101,370

 

 

106,372

Long-term debt, less current portion

 

2,292,952

 

 

2,414,828

Operating lease liabilities, less current portion

 

133,163

 

 

119,259

Deferred tax liabilities

 

347,628

 

 

350,389

Other long-term liabilities

 

103,419

 

 

90,847

Total other liabilities

 

3,086,998

 

 

3,187,291

Total stockholders’ equity, net

 

2,185,794

 

 

1,922,322

Total liabilities and stockholders’ equity

$

6,248,179

 

$

6,129,707

CLEAN HARBORS, INC. AND SUBSIDIARIES UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands)

 

For the Nine Months Ended

 

September 30, 2023

 

September 30, 2022

Cash flows from operating activities:

 

 

 

Net income

$

279,507

 

 

$

329,270

 

Adjustments to reconcile net income to net cash from operating activities:

 

 

 

Depreciation and amortization

 

267,425

 

 

 

260,560

 

Allowance for doubtful accounts

 

2,620

 

 

 

6,684

 

Amortization of deferred financing costs and debt discount

 

4,036

 

 

 

4,734

 

Accretion of environmental liabilities

 

10,281

 

 

 

9,599

 

Changes in environmental liability estimates

 

3,258

 

 

 

2,105

 

Deferred income taxes

 

(356

)

 

 

2,226

 

Other expense (income), net

 

833

 

 

 

(2,073

)

Stock-based compensation

 

14,809

 

 

 

20,375

 

Loss on early extinguishment of debt

 

2,362

 

 

 

—

 

Gain on sale of business

 

—

 

 

 

(8,864

)

Environmental expenditures

 

(24,064

)

 

 

(9,720

)

Changes in assets and liabilities, net of acquisitions:

 

 

 

Accounts receivable and unbilled accounts receivable

 

(46,445

)

 

 

(293,562

)

Inventories and supplies

 

12,691

 

 

 

(44,324

)

Other current and non-current assets

 

(18,190

)

 

 

(12,600

)

Accounts payable

 

(40,013

)

 

 

52,979

 

Other current and long-term liabilities

 

(13,062

)

 

 

40,153

 

Net cash from operating activities

 

455,692

 

 

 

357,542

 

Cash flows used in investing activities:

 

 

 

Additions to property, plant and equipment

 

(311,906

)

 

 

(244,547

)

Proceeds from sale and disposal of fixed assets

 

5,129

 

 

 

5,118

 

Acquisitions, net of cash acquired

 

(119,596

)

 

 

(73,568

)

Proceeds from sale of business, net of transaction costs

 

750

 

 

 

16,811

 

Additions to intangible assets including costs to obtain or renew permits

 

(1,507

)

 

 

(1,094

)

Purchases of available-for-sale securities

 

(104,329

)

 

 

(36,418

)

Proceeds from sale of available-for-sale securities

 

84,390

 

 

 

51,736

 

Net cash used in investing activities

 

(447,069

)

 

 

(281,962

)

Cash flows used in financing activities:

 

 

 

Change in uncashed checks

 

3,004

 

 

 

887

 

Tax payments related to withholdings on vested restricted stock

 

(10,886

)

 

 

(6,214

)

Repurchases of common stock

 

(18,000

)

 

 

(44,182

)

Deferred financing costs paid

 

(6,371

)

 

 

(410

)

Payments on finance leases

 

(11,594

)

 

 

(9,538

)

Principal payments on debt

 

(621,475

)

 

 

(13,152

)

Proceeds from issuance of debt

 

500,000

 

 

 

—

 

Borrowing from revolving credit facility

 

114,000

 

 

 

—

 

Payment on revolving credit facility

 

(114,000

)

 

 

—

 

Net cash used in financing activities

 

(165,322

)

 

 

(72,609

)

Effect of exchange rate change on cash

 

61

 

 

 

(6,523

)

Decrease in cash and cash equivalents

 

(156,638

)

 

 

(3,552

)

Cash and cash equivalents, beginning of period

 

492,603

 

 

 

452,575

 

Cash and cash equivalents, end of period

$

335,965

 

 

$

449,023

 

Supplemental information:

 

 

 

Cash payments for interest and income taxes:

 

 

 

Interest paid

$

100,813

 

$

86,407

Income taxes paid, net of refunds

 

107,328

 

 

53,183

Non-cash investing activities:

 

 

 

Property, plant and equipment accrued

 

29,127

 

 

23,726

Remedial liability assumed in acquisition of property, plant and equipment

 

—

 

 

8,092

ROU assets obtained in exchange for operating lease liabilities

 

61,741

 

 

39,899

ROU assets obtained in exchange for finance lease liabilities

 

26,317

 

 

11,263

Supplemental Segment Data (in thousands)

 

For the Three Months Ended

Revenue

September 30, 2023

 

September 30, 2022

 

Third-Party Revenues

 

Intersegment Revenues (Expenses), net

 

Direct Revenues

 

Third-Party Revenues

 

Intersegment Revenues (Expenses), net

 

Direct Revenues

Environmental Services

$

1,135,279

 

$

11,084

 

 

$

1,146,363

 

$

1,080,032

 

$

6,452

 

 

$

1,086,484

Safety-Kleen Sustainability Solutions

 

230,305

 

 

(11,084

)

 

 

219,221

 

 

282,771

 

 

(6,452

)

 

 

276,319

Corporate Items

 

112

 

 

—

 

 

 

112

 

 

283

 

 

—

 

 

 

283

Total

$

1,365,696

 

$

—

 

 

$

1,365,696

 

$

1,363,086

 

$

—

 

 

$

1,363,086

 

For the Nine Months Ended

Revenue

September 30, 2023

 

September 30, 2022

 

Third-Party Revenues

 

Intersegment Revenues (Expenses), net

 

Direct Revenues

 

Third-Party Revenues

 

Intersegment Revenues (Expenses), net

 

Direct Revenues

Environmental Services

$

3,357,743

 

$

31,397

 

 

$

3,389,140

 

$

3,105,336

 

$

19,336

 

 

$

3,124,672

Safety-Kleen Sustainability Solutions

 

712,905

 

 

(31,397

)

 

 

681,508

 

 

782,737

 

 

(19,336

)

 

 

763,401

Corporate Items

 

335

 

 

—

 

 

 

335

 

 

434

 

 

—

 

 

 

434

Total

$

4,070,983

 

$

—

 

 

$

4,070,983

 

$

3,888,507

 

$

—

 

 

$

3,888,507

 

For the Three Months Ended

 

For the Nine Months Ended

Adjusted EBITDA

September 30, 2023

 

September 30, 2022

 

September 30, 2023

 

September 30, 2022

Environmental Services

$

288,982

 

 

$

260,687

 

 

$

822,949

 

 

$

713,630

 

Safety-Kleen Sustainability Solutions

 

31,146

 

 

 

103,156

 

 

 

126,024

 

 

 

252,043

 

Corporate Items

 

(65,111

)

 

 

(55,288

)

 

 

(191,312

)

 

 

(167,789

)

Total

$

255,017

 

 

$

308,555

 

 

$

757,661

 

 

$

797,884

 

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20231101737627/en/

Eric J. Dugas EVP and Chief Financial Officer Clean Harbors, Inc. 781.792.5100 InvestorRelations@cleanharbors.com

Jim Buckley SVP Investor Relations Clean Harbors, Inc. 781.792.5100 Buckley.James@cleanharbors.com