QUOTE AND NEWS
Reuters  Apr 1  Comment 
Even as its share price has slumped 8 percent in the year to date, hazardous waste manager Clean Harbors, Inc. has cleaned up in terms of fund-manager interest as more of them bet on one of the down sides of the energy boom.     
TheStreet.com  Apr 1  Comment 
NEW YORK (TheStreet) -- Clean Harbors  was downgraded to "hold" from "buy" at KeyBanc on Tuesday.  Clean Harbors opened trading down 2.5% to $53.40.Keybanc downgraded the environmental, energy and industrial services provider due to limited...
TheStreet.com  Mar 24  Comment 
NEW YORK (TheStreet) -- CHANGE IN RATINGSAxiall was upgraded at Bank of America/Merrill Lynch to buy from neutral. Twelve-month price target is $52. Key PVC market is improving, Bank of America/Merrill said.Dynamic Materials was downgraded to...
SeekingAlpha  Mar 20  Comment 
By Zacks Investment Research: Earnings estimates have fallen sharply for Clean Harbors ( CLH ) following its third consecutive earnings miss and disappointing guidance from management. It is a Zacks Rank #5 (Strong Sell) stock. With shares...
TheStreet.com  Mar 12  Comment 
NEW YORK (TheStreet) -- Clean Harbors Inc  was downgraded to "outperform" from "top pick," RBC Capital said Wednesday. The firm gave the company a $58 price target, noting the company will likely post little organic growth.  Must Read: Warren...
Benzinga  Mar 7  Comment 
Analysts at Janney Capital upgraded Buckle (NYSE: BKE) from “sell” to “neutral.” The price target for Buckle is set to $41. Buckle's shares closed at $45.89 yesterday. Northland Securities upgraded Charter Communications (NASDAQ: CHTR)...
StreetInsider.com  Mar 7  Comment 
Visit StreetInsider.com at http://www.streetinsider.com/Upgrades/Raymond+James+Upgrades+Clean+Harbors+%28CLH%29+to+Strong+Buy/9258014.html for the full story.
Benzinga  Feb 27  Comment 
Thursday rating reports include an update from Wedbush analyst Al Kaschalk, downgrading Clean Harbors (NYSE: CLH) from Outperform to Neutral, sliding price target from $74 to $50. The report notes, "While we clearly underestimated the negative...
SeekingAlpha  Feb 27  Comment 
Clean Harbors, Inc. (CLH) Q4 2013 Earnings Conference Call February 26, 2014 9:00 AM ET Executives Michael McDonald – Assistant General Counsel Alan McKim – Founder, Chairman and CEO James Rutledge – Vice Chairman, President...
TheStreet.com  Feb 26  Comment 
NEW YORK (TheStreet) -- Clean Harbors  is plunging on Wednesday after fourth-quarter earnings and sales came in below expectations. By late morning, shares had taken off 14.5% to $46.14. In the three months to December, the environmental...




 

Clean Harbors (NASDAQ:CLHB) disposes of hazardous waste -- meaning, any form of toxic chemical, organic, or nuclear substance. Clean harbors manages 50 waste management facilities throughout North America in 36 US states, seven Canadian provinces, Mexico, and Puerto Rico. The company also has international operations in Bulgaria, China, Singapore, Sweden, Thailand, and the UK.[1] The company earned $1.07 billion in revenue and $36 million in net income in 2009.[2]

Clean Harbor operates in the highly regulated $2 billion hazardous waste services industry with an array of federal, state, and local government permits that must be obtained in order to enter the sector. As a result, there has not been a new, operating incinerator or landfill created in the U.S. for 10 years, which limits the number of competitors in this industry.

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Business Growth

FY 2009 (ended December 31, 2009)[2]

  • Net revenue increased 4.2% to $1.07 billion. Revenue decreased in the company's technical and field services segments, but was offset by an increase in the industrial services segment and the addition of the exploration services segment.
  • Net income fell 36% to $37 million. Despite higher revenue, the cost of sales increased 6.5%, partially due to a 2.2% increase in SG&A expenses.

Trends and Forces

Recurring and diversified customer base provides stable revenue

Clean Harbors top ten customers by revenue have an average relationship of 15 years with the company. Unlike other hazardous waste companies that rely on one or two large contracts for the bulk of their revenue, Clean Harbors has 50,000 customers including a majority of the Fortune 500 companies. No single company accounts for more than 5% of the company's revenue. This ensures more consistent revenue for the company, rather than being reliant on fluctuations in revenue due to a single client or project.

Regulations limit new entrants in the hazardous waste industry

There has not been a new, operating incinerator or landfill created in the U.S. for 10 years. There are both high regulatory costs and an extensive array of federal, state, and local permits required for new facilities. A few of the notable regulations are the Comprehensive Environmental Response, Compensation and Liability Act of 1980 (CERCLA), the Resource Conservation and Recovery Act (RCRA), the Superfund Act, and the Clean Air act. These regulations are constantly changing and vary state-to-state. For example, Massachusetts considers used oil a hazardous waste, whereas RCRA does not. The Clean Air act has just been revised to include the addition of MACT (Maximum Achievable Control Technology), and Ontario introduced a new prohibition of land disposal of untreated hazardous wastes.[3]

Competitors

The North American hazardous waste industry is estimated at $2 billion, and the number of companies operating in the segment has been shrinking since the 1990s. At the time, more than 20 companies operated in the hazardous waste disposal sector; however now, four major companies dominate the sector with smaller companies filling niche service requirements. There has not been a new, operating incinerator or landfill created in the U.S. for 10 years.

Clean Harbors, Inc. competes with:

  • Veolia Environnement (VE) - Veolia Environnement is a global provider of environmental management services including waste management, waste water treatment, energy services, and transportation services. Their operations are broken up among four divisions -- Water, Energy Services, Environmental Services, and Transportation.
  • WTI - WTI is a joint venture between Heritage Environmental Services and Von Roll America. WTI provides incineration services for hazardous and non-hazardous waste services.
  • Ross Incinceration Services - Ross Incineration Services is a subsidary of Ross Environmental Services, a private hazardous waste management company in operation since 1949. Ross Incineration manages both hazardous and non-hazardous wastes.[4]
  • Waste Management (WMI) - Waste Management is North America's largest solid-waste provider with operations that cross garbage collection, landfills, and recycling.
  • Heritage Environmental Services - Heritage Environmental is a private environmental services firm that operates an array of landfills, incineration, chemical treatment, and recovery facilities to support their disposal and cleaning services.
  • Envirosource - Envirosource is a private company that operates in two main segments -- IMS and Technologies. Their IMS team provides slag processing, metal recovery, materials handling, and other materials services. The Technologies segment provides hazardous waste treatment and disposal service for steel and governmental services.
  • Philip Services Corporation - Philip Services Corporation manages a wide range of industrial and environmental cleanup projects in the U.S including scrap metal recycling, on-site waste disposal, waste transport, and emergency response services. The company has filed for bankruptcy protection twice.

References

  1. CLH 2009 10-K "General" pg. 1
  2. 2.0 2.1 CLH 2009 10-K "Selected Financial Data" pg. 33
  3. CLH 2009 10-K "United States Hazardous Waste Regulation" pg. 13
  4. Ross Environmental Services
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