Clean Harbors Analysts Boost Their Forecasts After Better-Than-Expected Q2 Results

Benzinga Earnings
07/30

Clean Harbors Inc (NYSE:CLH) on Wednesday reported better-than-expected second-quarter financial results.

Clean Harbors reported quarterly earnings of $3.22 per share which beat the analyst consensus estimate of $2.77 per share. The company reported quarterly sales of $1.735 billion which beat the analyst consensus estimate of $1.641 billion.

“Our record second-quarter results demonstrate the substantial momentum we achieved in both of our operating segments,” said Mike Battles, Co-Chief Executive Officer. “Our Environmental Services (ES) segment benefited from a combination of healthy volumes into our disposal and recycling network, remediation projects, PFAS-related work and our strategic pricing initiatives to offset inflation and fuel costs. Within our Safety-Kleen Sustainability Solutions (SKSS) segment, a sharp uptick in market pricing for our re-refined products drove significant profitability during the quarter.”

Clean Harbors shares gained 1.1% to $330.00 in pre-market trading.

These analysts made changes to their price targets on Clean Harbors following earnings announcement.

  • Needham analyst James Ricchiuti maintained the stock with a Buy and raised the price target from $325 to $390.
  • Barclays analyst William Grippin maintained the stock with an Equal-Weight rating and raised the price target from $305 to $325.

Considering buying CLH stock? Here’s what analysts think:

Photo via Shutterstock

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