Clean Harbors Down 7.93% To $141.28 After Earnings Miss

Clean Harbors Inc (CLH) reported less than expected earnings this morning for Q3 2023.

Clean Harbors's earnings came in at an EPS of $1.68 per share, 20% lower than estimates for an EPS of $2.1 per share. The firm's earnings are down 31% since reporting $2.43 per share in the same period a year ago. Remember, earnings reported were on an adjusted basis, so they may not be comparable to prior reports and/or analyst estimates.

Consensus analyst estimates were at $1.4 billion. The Industrials company missed on those expectations for its third quarter with revenue of $1.4 billion, a negative revenue surprise of $44 million (3%). The firm managed 0% growth year-over-year due to Clean Harbors reporting quarterly revenue of $1.4 billion in its year-ago quarter. Clean Harbors achieved a lower earnings growth rate than revenue, signaling that the business has not been able to improve its profit margin.

The stock is down 7.93% to $141.28 after the report.

Despite revenues increasing, earnings decreased, signaling a decline in profit margins.

Wall Street Analysts had an average rating of Strong Buy on the stock prior to the report.

Trading in the five days leading up to the report earned Clean Harbors a Bearish Sentiment Rank from InvestorsObserver.

Prior to the report, InvestorsObserver gave the stock an overall score of 61. Meanwhile, the average Wall Street analyst rated the stock a Strong Buy.

Clean Harbors Inc is an environmental and industrial services provider. It provides parts cleaning and related environmental services to commercial, industrial, and automotive customers. Its business segments are Environmental Services and Safety-Kleen Sustainability Solutions. The company generates the majority of its revenues from the Environmental Services segment.