By Dean Seal

Clean Harbors recorded higher revenue from its environmental services division during the fourth quarter while its sustainability business battled against weak market conditions.

The waste management company posted a profit of $84 million, compared with $98.3 million in the same quarter a year earlier. Earnings came in at $1.55 a share. Analysts polled by FactSet had been expecting $1.36 a share.

Revenue rose 7% to $1.43 billion, in line with analyst estimates, according to FactSet.

The company said its environmental services business logged 9% higher revenue, led by its field services unit with a 47% jump thanks in part to the $400 million acquisition of Hepaco from Gryphon Investors last March.

The sustainability solutions segment meanwhile faced challenges in the U.S. oil and lubricants market that knocked revenue down 5% and hurt earnings. Co-Chief Executive Mike Battles said Clean Harbors dealt with weak market conditions and price pressure by raising prices for the collection and management of used oil.

"These actions, along with cost-cutting initiatives, were designed to help offset the weaker pricing conditions that have persisted," Battles said.

For 2025, Clean Harbors expects to turn a profit of $376 million to $427 million. Analysts surveyed by FactSet had been projecting $438.9 million.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

February 19, 2025 07:56 ET (12:56 GMT)

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