Clean Harbors(US:CLH)2025-10-29 11:42Revenue Performance - Third-quarter 2025 revenues were $1.55 billion, a 1.3% increase from $1.53 billion in the same period of 2024[4]. - Revenues for Q3 2025 were $1,549,337, an increase of 1.8% compared to $1,529,422 in Q3 2024[26]. - For the nine months ended September 30, 2025, total revenue reached $4,531,141,000, compared to $4,458,836,000 in 2024, indicating a year-over-year increase of 1.6%[32]. - The Environmental Services segment generated $3,855,677,000 in revenue for the nine months ended September 30, 2025, compared to $3,746,227,000 in 2024, marking an increase of 2.9%[32]. - Safety-Kleen Sustainability Solutions reported revenue of $675,278,000 for the nine months ended September 30, 2025, down from $712,312,000 in 2024, a decline of 5.2%[32]. Net Income and Earnings - Net income for Q3 2025 was $118.8 million, or $2.21 per diluted share, compared to $115.2 million, or $2.12 per diluted share, in Q3 2024[4]. - Basic earnings per share for Q3 2025 were $2.22, up from $2.14 in Q3 2024, reflecting a growth of 3.7%[26]. - Net income for the nine months ended September 30, 2025, was $304,384, a decrease of 4.4% from $318,325 in the same period of 2024[30]. Adjusted EBITDA - Adjusted EBITDA increased by 6% to $320.2 million, with an Adjusted EBITDA margin of 20.7%, up 100 basis points from the prior year[4][5]. - The Environmental Services segment achieved a 14th consecutive quarter of year-over-year improvement in Adjusted EBITDA margin, increasing by 120 basis points to 26.8%[5]. - Adjusted EBITDA for Environmental Services was $357,229,000 for the three months ended September 30, 2025, up from $332,502,000 in 2024, reflecting a growth of 7.4%[32]. - Total adjusted EBITDA for the nine months ended September 30, 2025, was $891,250,000, an increase from $859,725,000 in 2024, representing a growth of 3.7%[33]. - The total adjusted EBITDA for the Environmental Services segment for the nine months ended September 30, 2025, was $1,008,014,000, compared to $956,892,000 in 2024, reflecting an increase of 5.4%[32]. Cash Flow and Investments - Adjusted free cash flow for 2025 is projected to be between $455 million and $495 million, indicating over a 30% increase from the prior year[12]. - The company reported a net cash from operating activities of $511,632 for the nine months ended September 30, 2025, compared to $473,833 in the same period of 2024, marking an increase of 8.0%[30]. - Cash flows used in investing activities for the nine months ended September 30, 2025, were $(276,587), a significant decrease from $(812,940) in the same period of 2024[30]. - Clean Harbors plans to invest $210 million to $220 million in a new processing plant utilizing solvent de-asphalting technology, expected to launch in 2028[7]. Assets and Equity - Total current assets increased to $2,608,261 as of September 30, 2025, compared to $2,433,796 at the end of 2024, representing a growth of 7.2%[28]. - Cash and cash equivalents rose to $759,197 as of September 30, 2025, compared to $687,192 at the end of 2024, indicating an increase of 10.5%[28]. - Total assets reached $7,540,299 as of September 30, 2025, up from $7,377,278 at the end of 2024, reflecting a growth of 2.2%[28]. - The total stockholders' equity increased to $2,775,840 as of September 30, 2025, compared to $2,573,529 at the end of 2024, representing a growth of 7.8%[28]. Future Outlook - Projected full-year 2025 Adjusted EBITDA is revised to a range of $1.155 billion to $1.175 billion, representing 4% growth year-over-year[12]. - The company anticipates a strong fourth-quarter performance with Adjusted EBITDA growth in the 6% to 8% range compared to the previous year[10]. - Clean Harbors expects to achieve a record level of annual Adjusted EBITDA and adjusted free cash flow in 2025, supported by a substantial project pipeline and growing PFAS opportunities[10].