Clean Harbors, Inc. reported significant financial growth in its third quarter and year-to-date results for 2024, driven by increased revenues across its Environmental Services and Safety-Kleen Sustainability Solutions segments. For the three months ended September 30, 2024, total revenues reached $1,529.4 million, a 12.0% increase from $1,365.7 million in the same period of 2023. Service revenues specifically rose to $1,279.0 million, up from $1,129.2 million year-over-year.
Net income for the third quarter was $115.2 million, reflecting a 26.1% increase compared to $91.3 million in Q3 2023. Earnings per share also improved, with basic EPS rising to $2.14 from $1.69, and diluted EPS increasing to $2.12 from $1.68. For the nine months ended September 30, 2024, net income totaled $318.3 million, up 13.9% from $279.5 million in the prior year.
The company’s growth was bolstered by strategic acquisitions, including Hepaco Blocker, Inc. for $392.2 million and Noble Oil Services, Inc. for $68.7 million, both completed in early 2024. These acquisitions expanded Clean Harbors' operational capabilities, particularly in hazardous waste management and oil collection services. The Environmental Services segment saw direct revenues increase by 13.2% in Q3 2024, driven by higher demand for technical services and emergency response operations, with notable contributions from the Hepaco acquisition.
Total assets as of September 30, 2024, were reported at $7.3 billion, up from $6.4 billion at the end of 2023, with total stockholders’ equity increasing to $2.5 billion from $2.2 billion. Cash and cash equivalents also rose to $512.4 million, compared to $444.7 million at the end of 2023.
Operating cash flows for the nine months ended September 30, 2024, were $473.8 million, an increase from $455.7 million in the same period of 2023. However, adjusted free cash flow decreased by $38.6 million year-over-year. The company’s capital expenditures increased to $369.8 million, reflecting ongoing investments in infrastructure and strategic projects.
Clean Harbors also reported an increase in its long-term debt, which rose to an estimated fair value of $2.8 billion as of September 30, 2024, up from $2.3 billion at the end of 2023. The company remains compliant with all debt covenants and has significant liquidity available for future investments and share repurchases, with $524.1 million remaining under its stock repurchase program.
About CLEAN HARBORS INC
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