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Stock Market & Financial Investment News

News Breaks
February 26, 2014
11:28 EDTCLH, PESI, CVA, WMClean 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 TheStreet.com 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).
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September 19, 2014
09:35 EDTCVACovanta commences construction of Dublin waste-to-energy facility
Covanta announced that it has executed an agreement with the Dublin City Council to build, own and operate a 600,000 metric tonne per year, 58 net megawatt Energy-from-Waste facility in Dublin, Ireland . The company also announced that it has achieved financial close on a comprehensive project financing package and plans to commence construction of the project immediately. Facility construction is expected to take approximately three years, with commencement of operations targeted for late 2017. The total investment in the construction of the facility will be approximately EUR 500M, funded by a combination of third party non-recourse project financing and project equity invested by Covanta. The third party project funding includes EUR 300M of project debt, representing approximately 60% leverage, and a EUR 75M convertible preferred investment by the energy infrastructure arm of First Reserve, one of the world's leading private equity and infrastructure investment firms in the energy sector.
September 17, 2014
16:31 EDTCVACovanta raises quarterly dividend to to 25c per share
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