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February 26, 2014
07:36 EDTCLHClean Harbors reports Q4 EPS 44c, consensus 55c
Reports Q4 revenue $879.4M, consensus $894.41M. “Our fourth-quarter results were below expectations, as an unanticipated slowdown due to adverse weather and the timing of holidays in December affected our business after a very strong start in October,” said Alan S. McKim, Chairman and CEO. “In our Industrial and Field Services segment, this caused our lodging occupancy to be down more than 10% in the quarter. Our Technical Services segment did not see its typical seasonal uptick in the final weeks of the year. While incineration utilization was 91%, the mix was less favorable toward year-end. Within Safety-Kleen, our Oil Re-refining and Recycling segment experienced a drop-off in shipments late in the year as buyers slowed purchases to reduce inventory. In our Oil and Gas Field Services segment, this business did not generate its expected fourth-quarter ramp in activity due to cancelled programs. The combination of these factors resulted in a significant shortfall in our revenues and Adjusted EBITDA.”
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