Clean Harbors reports 3Q profit rise

NORWELL, Mass. - Waste management services provider Clean Harbors Inc. reported Wednesday a 13 percent jump in third-quarter profit on a double-digit increase in sales.

It also said it expects to exceed its previous projections for full-year revenue growth.

For the three months ended Sept. 30, the company said net income attributable to common shareholders was $14.6 million, or 61 cents a share, which includes an 11 cents a share charge related to the early extinguishment of $50 million in debt. The net profit compares with $12.9 million in profit, or 63 cents a share, in the third quarter of 2007.

The disparity in the per-share figures is a a result of the fact that weighted average diluted shares outstanding in the third quarter of this year were 23.8 million, versus 20.7 million in the third quarter of last year.

Revenue in the July-September quarter rose 11 percent to $273.2 million, compared to $245.5 million a year ago.

Analysts surveyed by Thomson Reuters, who generally exclude one-time items from their estimates, were expecting earnings of 73 cents a share on revenue of $272.9 million.

For the first nine months of the year, the company reported profit attributable to common shareholders of $39.5 million, or $1.75 a share, compared with $27.4 million, or $1.33 a share, a year ago. Nine-month revenue rose to $780.9 million, from $689.2 million a year ago.

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