These Analysts Raise Their Forecasts On Clean Harbors After Q4 Results

Benzinga - by Avi Kapoor, Benzinga Staff Writer.

Clean Harbors, Inc. (NYSE: CLH) reported mixed fourth-quarter financial results on Wednesday.

Clean Harbors posted adjusted earnings of $1.82 per share, beating market estimates of $1.69 per share. The company’s quarterly sales came in at $1.34 billion versus expectations of $1.36 billion, according to data from Benzinga Pro.

Clean Harbors said it sees first-quarter adjusted EBITDA growth of 2% to 3%.

"Our Environmental Services (ES) segment capped a year of record growth with an outstanding fourth quarter," said Mike Battles, Co-Chief Executive Officer. "Demand for our ES services remained robust, as steady volumes, healthy project flow and continued customer interest in our service offerings drove favorable pricing. Our Safety-Kleen Sustainability Solutions (SKSS) segment fell short of our expectations in Q4, as market conditions for base oil deteriorated late in the year. From a safety perspective, we concluded 2023 with an excellent fourth-quarter Total Recordable Incident Rate (TRIR), enabling us to far exceed our annual goal and achieve the best safety year in our history."

Clean Harbors shares rose 0.2% to trade at $181.79 on Thursday.

These analysts made changes to their price targets on Clean Harbors after the company reported quarterly results.

• Needham raised the price target on Clean Harbors from $182 to $200. Needham analyst James Ricchiuti maintained a Buy rating.
• BMO Capital increased the price target on Clean Harbors from $192 to $200. BMO Capital analyst Devin Dodge maintained an Outperform rating.
• Truist Securities boosted the price target on Clean Harbors from $200 to $210. Truist Securities analyst Tobey Sommer maintained a Buy rating.

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