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February 26, 2014
11:28 EDTCVA, PESI, WM, CLHClean Harbors plunges to 52-week low after cutting guidance
Shares of Clean Harbors (CLH), a provider of environmental, energy and industrial services, are sinking after the company's fourth quarter results and its first quarter revenue forecasts trailed expectations. The company also lowered its fiscal 2014 revenue and adjusted EBITDA outlook. WHAT'S NEW: This morning, Clean Harbors reported Q4 earnings per share of 44c and revenue of $879.4M, trailing expectations of 55c and $894.41M, respectively. The company forecast Q1 revenue of $820M-$840M, compared to consensus of $907.47M. Q1 adjusted EBITDA was seen at $100M-$105M. The company lowered its FY14 revenue view to to $3.5B-$3.6B from $3.7B-$3.8B, versus consensus of $3.74B. It also cut its FY14 adjusted EBITDA view to $525M-$555M from $610M-$640M. The company cited an unanticipated slowdown due to adverse weather and the timing of holidays in December for the weak results and guidance. It also announced a $150M share repurchase program. STREET RESEARCH: In a note published prior to the company's earning conference call, research firm Wedbush predicted the company's quarterly miss and lowered outlook could result in shares trading down 10%-15% during today’s session. Wedbush said it was maintaining its positive stance on Clean Harbors with an Outperform rating and a 12-month price target of $74 for the time being, but added that its estimates and price target were under review. Note that Clean Harbors was mentioned cautiously by Grant's Interest Rate Observer in an article on February 6 and Herb Greenberg of published a cautious report on the company in November of last year. PRICE ACTION: In late morning trading, Clean Harbors fell $7.81, or 14.5%, to $46.13 on nearly six times its average daily trading volume. Earlier in the session, the stock hit a fresh 52-week low of $44.95. Including today's slide, the stock has lost about 19% over the past six months. OTHERS TO WATCH: Other firms providing environmental solutions include Perma-Fix Environmental Services (PESI), Covanta (CVA), and Waste Management (WM).
News For CLH;PESI;CVA;WM From The Last 14 Days
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January 21, 2015
08:32 EDTPESIPerma-fix Environmental awarded $2.7M grant
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January 20, 2015
07:45 EDTCLHClean Harbors to host business news update conference call
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07:33 EDTCLHClean Harbors sees FY15 adjusted EBITDA $530M-$570M
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07:32 EDTCLHClean Harbors sees FY14 revenue $3.4B-$3.42B, consensus $3.4B
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07:32 EDTCLHClean Harbors confirms FY14 revenue, adjusted EBITDa guidance
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07:31 EDTCLHClean Harbors to spin out Oil and Gas Field Services as standalone entity
Clean Harbors announced that, as a result of its strategic review, the company plans to carve out its Oil and Gas Field Services segment as a standalone public entity. Due to the synergies related to drilling activity, Clean Harbors also intends to include its lodging drill camps business from its Lodging segment as part of the new entity. “During the fourth quarter, we completed the comprehensive strategic review of our portfolio that we began in early 2014,” said Alan S. McKim, chairman and CEO. “The review was designed to determine the optimal mix of businesses to drive organic growth, enhance our margins and improve our return on invested capital. Based on this review, we are undertaking a number of initiatives to maximize shareholder value, including the carve-out of our Oil and Gas Field Services segment, while retaining the vast majority of our Lodging segment and our re-refining business.” Since acquiring many of the Oil and Gas segment’s assets in 2009, Clean Harbors has significantly grown the business and greatly expanded the value proposition it offers customers to encompass a combination of exploration, seismic and drilling support, solids/fluids control packages, disposal of drill cuttings and production services. Including the lodging drill camps business, the assets the Company plans to carve out generated approximately $250M in revenue through the first nine months of 2014. While the Oil and Gas Field Services segment experienced a down cycle in the past year, the company believes it constitutes an attractive long-term cyclical business that is well-positioned as a leader within many markets. Clean Harbors has hired Goldman Sachs & Co. as its financial advisor to assist in the proposed transaction, a process that could take more than 12 months. Completion of the transaction is subject to certain conditions, including, but not limited to, determination of the most advantageous structure from a financial and tax standpoint, receipt of regulatory approvals, the effectiveness of securities laws filings and final approval by the company’s Board of Directors. There can be no assurance regarding the ultimate structure and timing of the proposed transaction or whether the transaction will be completed.
07:31 EDTCLHClean Harbors names Eric Gerstenberg as COO
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07:30 EDTCLHClean Harbors to spin out Oil and Gas Field Services as standalone entity
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January 15, 2015
07:33 EDTPESIPerma-fix unit enters into LOI to form strategic partnership with Digirad
Perma-Fix Environmental Services (PESI) announced that its Polish subsidiary, Perma-Fix Medical, S.A., has entered into a preliminary Letter of Intent to form a strategic partnership and secure investment from Digirad Corporation (DRAD), a national provider of in-office nuclear cardiology imaging services. Under the Agreement, Digirad Corporation will invest $1M into Perma-Fix Medical, which is a publicly traded company listed on the NewConnect market of the Warsaw Stock Exchange. The investment, when completed, would constitute approximately 5.4% of the outstanding common shares of Perma-Fix Medical. When completed, Digirad will have the right to appoint one member to Perma-Fix Medical's Supervisory Board, and a second appointee to either the Supervisory Board or the management team. The investment and agreements with Digirad are subject to numerous conditions, including, but not limited to, entering into definitive supply, stock purchase and other agreements, approval by the Boards of Perma-Fix and Digirad and obtaining required approvals by Polish regulatory authorities as to issuance of the shares to Digirad. In connection with the Agreement, Digirad will assist Perma-Fix Medical in the development of and commercialization of Perma Fix Medical's proprietary process to produce Tc-99m without the use of uranium, as well as provide its expertise in the medical imaging business. Upon commencement of Tc-99m production, Perma-Fix Medical will supply Digirad with Tc-99m at a preferred rate.
January 14, 2015
10:10 EDTCLHHigh option volume stocks
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