NORWELL, Mass. - Clean Harbors, Inc. (NYSE: NYSE:CLH), a North American leader in environmental and industrial services, has announced the appointment of its Co-Chief Executive Officers, Michael Battles and Eric Gerstenberg, to its Board of Directors. The expansion of the board to 13 members comes as the company continues to pursue its Vision 2027 growth strategy.
Battles and Gerstenberg, both 56, have been with Clean Harbors for several years and have held various positions within the company. Gerstenberg, who joined the company in 1989, served as Chief Operating Officer before his elevation to Co-CEO, a role in which he managed the environmental sales and service organization, facilities, and the majority of the workforce. He is an alumnus of Syracuse University and has completed the Advanced Management Program at Harvard Business School.
Battles, who came on board in 2013 as Chief Accounting Officer, was promoted to Chief Financial Officer in 2016 and later to Co-CEO in 2023. His tenure includes oversight of the finance organization and involvement in strategic and operational leadership. He holds a BS in Business Administration from the University of Vermont and is a certified public accountant. Battles also serves on the Board of Directors for Casella Waste (NASDAQ:CWST) Systems Inc. (NASDAQ: CWST).
Alan S. McKim, Founder, Executive Chairman, and Chief Technology Officer of Clean Harbors, praised the co-CEOs for their contributions and leadership, which he believes have significantly benefited the company, its employees, and its shareholders.
Clean Harbors provides a wide array of services, including hazardous waste management, emergency spill response, and industrial cleaning. Through its Safety-Kleen subsidiary, it is also a leading recycler of used oil in North America. The company caters to a diverse set of industries and government agencies, emphasizing its role in environmental services.
This announcement is based on a press release statement from Clean Harbors, Inc. and does not include forward-looking statements or assurances of future performance. The company's filings with the Securities and Exchange Commission are available for review in the Investors' section of its website.
In other recent news, Clean Harbors has been making headlines with its impressive financial performance. The company reported record-breaking quarterly revenue and adjusted EBITDA for the second quarter of 2024, exceeding market expectations. This strong performance was attributed to high demand in its Environmental Services segment and significant contributions from the recent acquisition of HEPACO. As a result, Clean Harbors raised its adjusted EBITDA guidance for the year.
Investment firm BMO Capital expressed confidence in Clean Harbors' ability to leverage its market-leading position and raised its price target on the company's shares to $264 from the previous $242, maintaining an Outperform rating. Similarly, Oppenheimer upgraded its price target for Clean Harbors from $245.00 to $252.00, reiterating its Outperform rating, in response to the company's robust second-quarter 2024 earnings and revenue results.
Clean Harbors also revealed a strong project pipeline expected to continue into 2025. The company's organic growth initiatives, such as the Kimball and Baltimore expansions, are anticipated to provide self-driven growth. Furthermore, the performance of recent mergers and acquisitions, including HEPACO, has exceeded expectations, positively impacting the company's outlook. These are the latest developments for Clean Harbors, a company that continues to seize growth opportunities.
InvestingPro Insights
As Clean Harbors, Inc. (NYSE: CLH) fortifies its leadership with the board appointments of Co-CEOs Michael Battles and Eric Gerstenberg, the company's financial health and market performance are of keen interest to investors. According to InvestingPro data, Clean Harbors boasts a market capitalization of $13.27 billion, reflecting its significant presence in the environmental and industrial services sector.
The company is trading at an earnings multiple of 33.55, which is on the higher side, suggesting that investors have high expectations of future earnings growth. This is underscored by the fact that six analysts have recently revised their earnings estimates upwards for the upcoming period, an InvestingPro Tip that indicates growing optimism around the company's financial prospects.
On the liquidity front, another InvestingPro Tip reveals that Clean Harbors' liquid assets surpass its short-term obligations, positioning the company to manage its immediate financial responsibilities comfortably. This is a crucial indicator of financial stability, particularly as the firm continues to implement its Vision 2027 growth strategy.
With a Price / Book ratio of 5.44 for the last twelve months as of Q2 2024, the company's stock is trading at a premium compared to the book value of its assets. Additionally, the firm has enjoyed a substantial price uptick over the last six months, with a 33.63% return, reflecting strong investor confidence and market momentum.
For investors seeking more in-depth analysis, InvestingPro provides additional tips on Clean Harbors, Inc., which can be accessed for further guidance on the company's investment potential.
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