Clean Harbors(US:CLH) ZACKS·2025-11-04 14:37Core Insights - Clean Harbors, Inc. (CLH) reported disappointing third-quarter 2025 results, with earnings and revenues falling short of the Zacks Consensus Estimate, leading to a 15.2% decline in stock price since the results were released on October 29 [1][9]. Financial Performance - CLH's earnings per share were $2.21, missing the Zacks Consensus Estimate by 6.8%, but showing a 4.3% increase year-over-year. Total revenues reached $1.5 billion, missing estimates by 1.7% but increasing 1.3% year-over-year [2]. - Adjusted EBITDA was $320.2 million, a 6.1% increase from the previous year, but below the estimate of $328.9 million. The adjusted EBITDA margin improved to 20.7%, up 100 basis points from the year-ago quarter [4]. - Segment-wise, Environmental Services (ES) revenues were $1.3 billion, a 2.4% increase year-over-year, while Safety-Kleen Sustainability Solutions (SKSS) revenues totaled $230.8 million, down 4.5% year-over-year [3][9]. Segment Analysis - Adjusted EBITDA for ES was $357.2 million, a 7.4% year-over-year increase but below the estimate of $378 million. For SKSS, adjusted EBITDA was $40.9 million, slightly down from the previous year but exceeding the estimate of $38.4 million [5]. Balance Sheet & Cash Flow - At the end of the quarter, CLH had cash and cash equivalents of $759.2 million, up from $600.2 million in the previous quarter. Inventories were $377.3 million, down from $383.4 million [6]. - Long-term debt remained flat at $2.8 billion. The company generated $302 million in net cash from operating activities, with capital expenditures of $94.4 million and adjusted free cash flow utilized at $230.6 million [7]. 2025 Guidance - For 2025, CLH updated its guidance for adjusted EBITDA to $1.16-$1.18 billion, down from the previous range of $1.16-$1.20 billion. However, the adjusted free cash flow outlook was raised to $445-$495 million, compared to the prior estimate of $430-$490 million [8].