Clean Harbors Announces Fourth-Quarter and Full-Year 2021 Financial Results

  • Reports Q4 Revenues of $1.12 Billion; Full-Year Revenues of $3.81 Billion
  • Generates Q4 Net Income of $49.0 Million, or EPS of $0.90, with Adjusted EPS of $0.89; Full-Year Net Income of $203.2 Million, or EPS of $3.71, with Adjusted EPS of $3.64
  • Achieves Q4 Adjusted EBITDA Growth of 23% to $174.3 Million; Generates Record Full-Year Adjusted EBITDA of $676.6 Million
  • Delivers Full-Year Net Cash from Operating Activities of $546.0 Million and Record Adjusted Free Cash Flow of $326.3 Million
  • Provides Full-Year 2022 Adjusted EBITDA and Adjusted Free Cash Flow Guidance

NORWELL, Mass.–(BUSINESS WIRE)–Clean Harbors, Inc. (“Clean Harbors”) (NYSE: CLH), the leading provider of environmental and industrial services throughout North America, today announced financial results for the fourth quarter and year ended December 31, 2021.

The fourth quarter marked a strong close to the year for Clean Harbors and demonstrated the ongoing success of our comprehensive growth strategy,” said Alan S. McKim, Chairman, President and Chief Executive Officer. “Favorable market dynamics for both our operating segments drove our performance – including high demand for hazardous waste disposal, industrial services and re-refined products. This positive market environment, combined with strong execution by our entire team, enabled us to exceed our guidance for both Adjusted EBITDA and adjusted free cash flow. With contributions from HydroChemPSC (“HPC”), which we acquired in October, we delivered more than $1 billion in quarterly revenue for the first time in our Company’s history.”

Fourth-Quarter Results

Revenues increased 41% to $1.12 billion from $796.2 million in the same period of 2020. Income from operations grew 33% to $82.2 million from $61.7 million in the fourth quarter of 2020.

Net income was $49.0 million, or $0.90 per diluted share. This compares with net income of $39.3 million, or $0.71 per diluted share, for the same period in 2020. Adjusted for certain items in both periods, adjusted net income was $48.6 million, or $0.89 per diluted share, for the fourth quarter of 2021, compared with adjusted net income of $35.0 million, or $0.63 per diluted share, for the same period of 2020. (See reconciliation tables below). Net income and adjusted net income results for the fourth quarter of 2021 included pre-tax integration and severance costs of $8.6 million. Comparable costs in the fourth quarter of 2020 were $1.9 million.

Adjusted EBITDA (see description below) increased 23% to $174.3 million from $141.8 million in the same period of 2020. Benefits from Canadian government assistance programs accounted for $0.3 million of contributions in the fourth quarter of 2021, compared with $5.6 million in benefits from both Canadian and U.S. government programs in the same period of 2020.

Q4 2021 Review

Revenues in our Environmental Services segment increased 36%, reflecting the HPC acquisition, robust demand for our disposal and recycling services, and healthy growth in our Industrial Services and Field Services businesses,” McKim said. “Our incineration network utilization was 92% in the quarter, compared with 84% in the prior year, reflecting some project opportunities, as well as a focused effort to drive additional volumes and make progress on our considerable backlog. We saw a pickup in small remediation projects that drove our landfill volumes up 15%. Safety-Kleen Environmental continued its steady rebound, growing 6% through wins across its core service offerings. For the third consecutive quarter, our legacy Industrial Services business, which excludes HPC, grew substantially, rising 26% due to market demand as customers work to address deferred maintenance that resulted from the pandemic.

Revenues in our Safety-Kleen Sustainability Solutions (SKSS) segment grew more than 60% from a year ago and Adjusted EBITDA nearly tripled,” McKim said. “As we saw throughout 2021, demand for both our base oil and blended products in the quarter drove strong pricing. We complemented that product pricing with highly effective management of our collection costs throughout our network. Waste oil gallons collected were up 14% in the quarter to 56 million gallons.”

2021 Financial Results

Clean Harbors’ revenues were $3.81 billion compared with $3.14 billion in 2020. Income from operations increased 38% to $347.9 million from $251.3 million in 2020.

Net income was $203.2 million, or $3.71 per diluted share, compared with net income of $134.8 million, or $2.42 per diluted share for 2020. Adjusted for certain items in both periods, the Company reported adjusted net income for 2021 of $199.6 million, or $3.64 per diluted share, compared with adjusted net income of $129.4 million, or $2.32 per diluted share, for 2020. (See reconciliation table below). Net income and adjusted net income results for 2021 included pre-tax integration and severance costs of $19.7 million, with the HPC acquisition representing the largest factor. Comparable costs in 2020 were $12.5 million driven by pandemic-related workforce reductions.

Adjusted EBITDA (see description below) increased 18% to $676.6 million, which included $12.0 million of benefits from government assistance programs, compared with Adjusted EBITDA of $573.8 million in 2020, which included $42.3 million of benefits from government assistance programs. The Company also generated record adjusted free cash flow of $326.3 million in 2021, a 23% increase from the prior year.

Our results reflect the continuation of a multi-year growth trend in our revenues, Adjusted EBITDA and adjusted free cash flow generation,” McKim said. “Beyond our financial accomplishments, 2021 was a year of significant achievement for the Company, including the HPC acquisition, commencing the expansion of our incineration network in Nebraska and overcoming the deep freeze in the Southern U.S. that temporarily shut down six of our incinerators in early 2021. In addition, we addressed inflationary conditions not seen in decades with rigorous pricing initiatives and navigated the various phases of the pandemic, while generating $59 million of COVID decontamination revenue. Overall, it was another year of delivering exceptional performance for our stakeholders as we improved our ROIC for the fourth consecutive year.”

Business Outlook and Financial Guidance

We see momentum continuing across all our key business lines, which will support our plans for profitable growth in 2022,” McKim said. “The new year began with a healthy backlog of waste streams in our disposal facilities and at customer sites, with underlying trends in regulations and U.S. manufacturing further supporting our positive view. We are seeing a robust pipeline of remediation and waste projects heading into the year; that is only likely to increase as the market contemplates its strategy to address PFAS and the government moves forward with its infrastructure spending plan.

The outlook for our Industrial Services business is also promising, and we are excited about the prospects for HPC, which has given us a leadership position in the space,” McKim said. “HPC has a talented team with great assets including industry-leading automation technology. In the short time we’ve owned the company, the cultural fit has been excellent, and we see enormous potential to generate cross-selling and capture synergies.

Within SKSS, we continue to see a favorable pricing environment for our sustainable lubricant products and base oil. Coupled with the effective systems we have in place to manage our waste oil collection costs and improve transportation efficiencies, we expect to maintain a healthy re-refining spread in that segment again in 2022,” McKim concluded. “Overall, we are confident that we have pricing and cost reduction strategies in place to offset inflation in full year 2022. Given the positive demand environment across North America, we expect Clean Harbors to deliver strong profitable growth and solid free cash flow this year.”

For the first quarter, Clean Harbors expects Adjusted EBITDA to increase 30%-35% from the prior year, largely due to the addition of HPC and higher profitability in the SKSS segment.

For full-year 2022, Clean Harbors expects:

  • Adjusted EBITDA in the range of $765 million to $795 million. This range is based on anticipated GAAP net income in the range of $204 million to $237 million; and
  • Adjusted free cash flow in the range of $250 million to $290 million, based on anticipated net cash from operating activities in the range of $560 million to $620 million.

Non-GAAP Results

Clean Harbors reports Adjusted EBITDA, which is a non-GAAP financial measure and should not be considered an alternative to net income or other measurements under generally accepted accounting principles (GAAP), but viewed only as a supplement to those measurements. Adjusted EBITDA is not calculated identically by all companies, and therefore the Company’s measurement of Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies. Clean Harbors believes that Adjusted EBITDA provides additional useful information to investors since the Company’s loan covenants are based upon levels of Adjusted EBITDA achieved and management routinely evaluates the performance of its businesses based upon levels of Adjusted EBITDA. The Company defines Adjusted EBITDA in accordance with its existing revolving credit agreement, as described in the following reconciliation showing the differences between reported net income and Adjusted EBITDA for the three and twelve months ended December 31, 2021 and 2020 (in thousands, except percentages):

 

For the Three Months Ended

 

For the Twelve Months Ended

 

December 31, 2021

 

December 31, 2020

 

December 31, 2021

 

December 31, 2020

Net income

$

48,993

 

 

$

39,332

 

 

$

203,247

 

 

$

134,837

 

Accretion of environmental liabilities

 

3,120

 

 

 

2,902

 

 

 

11,745

 

 

 

11,051

 

Stock-based compensation

 

6,053

 

 

 

5,763

 

 

 

18,839

 

 

 

18,502

 

Depreciation and amortization

 

82,929

 

 

 

71,418

 

 

 

298,135

 

 

 

292,915

 

Other (income) expense, net

 

(1,994

)

 

 

(307

)

 

 

515

 

 

 

290

 

Loss on sale of businesses

 

 

 

 

 

 

 

 

 

 

3,376

 

Interest expense, net of interest income

 

23,704

 

 

 

18,272

 

 

 

77,657

 

 

 

73,120

 

Provision for income taxes

 

11,495

 

 

 

4,444

 

 

 

66,468

 

 

 

39,713

 

Adjusted EBITDA

$

174,300

 

 

$

141,824

 

 

$

676,606

 

 

$

573,804

 

Adjusted EBITDA Margin

 

15.6

%

 

 

17.8

%

 

 

17.8

%

 

 

18.3

%

This press release includes a discussion of net income and earnings per share adjusted for the loss on sale of businesses and the impacts of tax-related valuation allowances and other items as identified in the reconciliations provided below. The Company believes that discussion of these additional non-GAAP measures provides investors with meaningful comparisons of current results to prior periods’ results by excluding items that the Company does not believe reflect its fundamental business performance. The following shows the difference between net income and adjusted net income, and the difference between earnings per share and adjusted earnings per share, for the three and twelve months ended December 31, 2021 and 2020 (in thousands, except per share amounts):

 

For the Three Months Ended

 

For the Twelve Months Ended

 

December 31, 2021

 

December 31, 2020

 

December 31, 2021

 

December 31, 2020

Adjusted net income

 

 

 

 

 

 

 

Net income

$

48,993

 

 

$

39,332

 

 

$

203,247

 

 

$

134,837

 

Loss on sale of businesses

 

 

 

 

 

 

 

 

 

 

3,376

 

Tax-related valuation allowances and other*

 

(428

)

 

 

(4,303

)

 

 

(3,649

)

 

 

(8,805

)

Adjusted net income

$

48,565

 

 

$

35,029

 

 

$

199,598

 

 

$

129,408

 

 

 

 

 

 

 

 

 

Adjusted earnings per share

 

 

 

 

 

 

 

Earnings per share

$

0.90

 

 

$

0.71

 

 

$

3.71

 

 

$

2.42

 

Loss on sale of businesses

 

 

 

 

 

 

 

 

 

 

0.06

 

Tax-related valuation allowances and other*

 

(0.01

)

 

 

(0.08

)

 

 

(0.07

)

 

 

(0.16

)

Adjusted earnings per share

$

0.89

 

 

$

0.63

 

 

$

3.64

 

 

$

2.32

 

* For the twelve months ended December 31, 2020, other amounts include a $1.6 million benefit, or $0.03 per share, related to tax benefits from impacts of amendments to prior period tax filings.

Adjusted Free Cash Flow Reconciliation

Clean Harbors reports adjusted free cash flow, which it considers to be a measurement of liquidity that provides useful information to investors about its ability to generate cash. The Company defines adjusted free cash flow as net cash from operating activities excluding cash impacts of items derived from non-operating activities, less additions to property, plant and equipment plus proceeds from sale and disposal of fixed assets. The Company excludes cash impacts of items derived from non-operating activities such as taxes paid in connection with divestitures and in 2020 also excluded cash paid in connection with the purchase of its corporate headquarters and certain capital improvements to the site as these expenditures are considered one-time in nature. Adjusted free cash flow should not be considered an alternative to net cash from operating activities or other measurements under GAAP. Adjusted free cash flow is not calculated identically by all companies, and therefore the Company’s measurement of adjusted free cash flow may not be comparable to similarly titled measures reported by other companies.

An itemized reconciliation between net cash from operating activities and adjusted free cash flow is as follows for the three and twelve months ended December 31, 2021 and 2020 (in thousands):

 

For the Three Months Ended

 

For the Twelve Months Ended

 

December 31, 2021

 

December 31, 2020

 

December 31, 2021

 

December 31, 2020

Adjusted free cash flow

 

 

 

 

 

 

 

Net cash from operating activities

$

177,771

 

 

$

113,165

 

 

$

545,997

 

 

$

430,597

 

Additions to property, plant and equipment

 

(95,202

)

 

 

(45,899

)

 

 

(241,856

)

 

 

(196,256

)

Purchase and capital improvements of corporate HQ

 

 

 

 

 

 

 

 

 

 

21,080

 

Proceeds from sale and disposal of fixed assets

 

5,732

 

 

 

2,316

 

 

 

22,156

 

 

 

9,623

 

Adjusted free cash flow

$

88,301

 

 

$

69,582

 

 

$

326,297

 

 

$

265,044

 

Adjusted EBITDA Guidance Reconciliation

An itemized reconciliation between projected GAAP net income and projected Adjusted EBITDA is as follows (in millions):

 

For the Year Ending

December 31, 2022

Projected GAAP net income

$204

to

$237

Adjustments:

 

 

 

Accretion of environmental liabilities

13

 

to

12

Stock-based compensation

26

 

to

29

Depreciation and amortization

340

 

to

330

Interest expense, net

104

 

to

100

Provision for income taxes

78

 

to

87

Projected Adjusted EBITDA

$765

to

$795

Adjusted Free Cash Flow Guidance Reconciliation

An itemized reconciliation between projected net cash from operating activities and projected adjusted free cash flow is as follows (in millions):

 

For the Year Ending

December 31, 2022

Projected net cash from operating activities

$560

to

$620

Additions to property, plant and equipment

(320)

 

to

(340)

 

Proceeds from sale and disposal of fixed assets

10

to

10

 

Projected adjusted free cash flow

$250

to

$290

Conference Call Information

Clean Harbors will conduct a conference call for investors today at 9:00 a.m. (ET) to discuss the information contained in this press release. During the call, management will discuss Clean Harbors’ financial results, business outlook and growth strategy. Investors who wish to listen to the webcast and view the accompanying slides should visit the Investor Relations section of the Company’s website at www.cleanharbors.com. The live call also can be accessed by dialing 201.689.8881 or 877.709.8155 prior to the start time. If you are unable to listen to the live conference call, the webcast will be archived on the Company’s website.

About Clean Harbors

Clean Harbors (NYSE: CLH) is North America’s leading provider of environmental and industrial services. The Company serves a diverse customer base, including a majority of Fortune 500 companies. Its customer base spans a number of industries, including chemical, energy and manufacturing, as well as numerous government agencies. These customers rely on Clean Harbors to deliver a broad range of services such as end-to-end hazardous waste management, emergency spill response, industrial cleaning and maintenance, and recycling services. Through its Safety-Kleen subsidiary, Clean Harbors also is North America’s largest re-refiner and recycler of used oil and a leading provider of parts washers and environmental services to commercial, industrial and automotive customers. Founded in 1980 and based in Massachusetts, Clean Harbors operates in the United States, Canada, Mexico, Puerto Rico and India. For more information, visit www.cleanharbors.com.

Safe Harbor Statement

Any statements contained herein that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are generally identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “plans to,” “seeks,” “should,” “estimates,” “projects,” “may,” “likely,” or similar expressions. Such statements may include, but are not limited to, statements about future financial and operating results, and other statements that are not historical facts. Such statements are based upon the beliefs and expectations of Clean Harbors’ management as of this date only and are subject to certain risks and uncertainties that could cause actual results to differ materially, including, without limitation, those items identified as “Risk Factors” in Clean Harbors’ most recently filed Form 10-K and Form 10-Q. Forward-looking statements are neither historical facts nor assurances of future performance. Therefore, readers are cautioned not to place undue reliance on these forward-looking statements. Clean Harbors undertakes no obligation to revise or publicly release the results of any revision to these forward-looking statements other than through its filings with the Securities and Exchange Commission, which may be viewed in the “Investors” section of Clean Harbors’ website at www.cleanharbors.com.

CLEAN HARBORS, INC. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

 

For the Three Months Ended

 

For the Twelve Months Ended

 

December 31, 2021

 

December 31, 2020

 

December 31, 2021

 

December 31, 2020

Revenues

$

1,119,481

 

 

$

796,190

 

 

$

3,805,566

 

 

$

3,144,097

 

Cost of revenues: (exclusive of items shown separately below)

 

792,183

 

 

 

548,775

 

 

 

2,609,837

 

 

 

2,137,751

 

Selling, general and administrative expenses

 

159,051

 

 

 

111,354

 

 

 

537,962

 

 

 

451,044

 

Accretion of environmental liabilities

 

3,120

 

 

 

2,902

 

 

 

11,745

 

 

 

11,051

 

Depreciation and amortization

 

82,929

 

 

 

71,418

 

 

 

298,135

 

 

 

292,915

 

Income from operations

 

82,198

 

 

 

61,741

 

 

 

347,887

 

 

 

251,336

 

Other income (expense), net

 

1,994

 

 

 

307

 

 

 

(515

)

 

 

(290

)

Loss on sale of businesses

 

 

 

 

 

 

 

 

 

 

(3,376

)

Interest expense, net

 

(23,704

)

 

 

(18,272

)

 

 

(77,657

)

 

 

(73,120

)

Income before provision for income taxes

 

60,488

 

 

 

43,776

 

 

 

269,715

 

 

 

174,550

 

Provision for income taxes

 

11,495

 

 

 

4,444

 

 

 

66,468

 

 

 

39,713

 

Net income

$

48,993

 

 

$

39,332

 

 

$

203,247

 

 

$

134,837

 

Earnings per share:

 

 

 

 

 

 

 

Basic

$

0.90

 

 

$

0.72

 

 

$

3.73

 

 

$

2.43

 

Diluted

$

0.90

 

 

$

0.71

 

 

$

3.71

 

 

$

2.42

 

Shares used to compute earnings per share – Basic

 

54,398

 

 

 

54,982

 

 

 

54,514

 

 

 

55,479

 

Shares used to compute earnings per share – Diluted

 

54,658

 

 

 

55,264

 

 

 

54,761

 

 

 

55,690

 

CLEAN HARBORS, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

 

December 31, 2021

 

December 31, 2020

Current assets:

 

 

 

Cash and cash equivalents

$ 452,575

 

$ 519,101

Short-term marketable securities

81,724

 

51,857

Accounts receivable, net

792,734

 

611,534

Unbilled accounts receivable

94,963

 

55,681

Inventories and supplies

250,692

 

220,498

Prepaid expenses and other current assets

68,483

 

67,051

Total current assets

1,741,171

 

1,525,722

Property, plant and equipment, net

1,863,175

 

1,525,298

Other assets:

 

 

 

Operating lease right-of-use assets

161,797

 

150,341

Goodwill

1,227,042

 

527,023

Permits and other intangibles, net

644,912

 

386,620

Other

15,602

 

16,516

Total other assets

2,049,353

 

1,080,500

Total assets

$ 5,653,699

 

$ 4,131,520

 

 

 

 

Current liabilities:

 

 

 

Current portion of long-term debt

$ 17,535

 

$ 7,535

Accounts payable

359,866

 

195,878

Deferred revenue

83,749

 

74,066

Accrued expenses and other current liabilities

391,414

 

295,823

Current portion of closure, post-closure and remedial liabilities

25,136

 

26,093

Current portion of operating lease liabilities

47,614

 

36,750

Total current liabilities

925,314

 

636,145

Other liabilities:

 

 

 

Closure and post-closure liabilities, less current portion

87,088

 

74,023

Remedial liabilities, less current portion

98,752

 

102,623

Long-term debt, less current portion

2,517,024

 

1,549,641

Operating lease liabilities, less current portion

117,991

 

114,258

Deferred tax liabilities

314,853

 

230,097

Other long-term liabilities

78,790

 

83,182

Total other liabilities

3,214,498

 

2,153,824

Total stockholders’ equity, net

1,513,887

 

1,341,551

Total liabilities and stockholders’ equity

$ 5,653,699

 

$ 4,131,520

CLEAN HARBORS, INC. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

 

For the Year Ended

 

December 31, 2021

 

 

December 31, 2020

Cash flows from operating activities:

 

   

 

 

Net income

$

 

203,247

 

 

$

134,837

 

Adjustments to reconcile net income to net cash from operating activities:

 

   

 

 

Depreciation and amortization

 

 

298,135

 

 

 

292,915

 

Allowance for doubtful accounts

 

 

8,018

 

 

 

10,133

 

Amortization of deferred financing costs and debt discount

 

 

4,245

 

 

 

3,666

 

Accretion of environmental liabilities

 

 

11,745

 

 

 

11,051

 

Changes in environmental liability estimates

 

 

2,979

 

 

 

10,698

 

Deferred income taxes

 

 

1,482

 

 

 

(9,748

)

Other expense, net

 

 

515

 

 

 

290

 

Stock-based compensation

 

 

18,839

 

 

 

18,502

 

Loss on sale of businesses

 

 

 

 

 

3,376

 

Environmental expenditures

 

 

(15,506

)

 

 

(12,401

)

Changes in assets and liabilities, net of acquisitions:

 

   

 

 

Accounts receivable and unbilled accounts receivable

 

 

(96,551

)

 

 

22,422

 

Inventories and supplies

 

 

(31,689

)

 

 

(7,933

)

Other current and non-current assets

 

 

9,268

 

 

 

(12,602

)

Accounts payable

 

 

108,398

 

 

 

(80,328

)

Other current and long-term liabilities

 

 

22,872

 

 

 

45,719

 

Net cash from operating activities

 

 

545,997

 

 

 

430,597

 

Cash flows used in investing activities:

 

   

 

 

Additions to property, plant and equipment

 

 

(241,856

)

 

 

(196,256

)

Proceeds from sale and disposal of fixed assets

 

 

22,156

 

 

 

9,623

 

Acquisitions, net of cash acquired

 

 

(1,253,232

)

 

 

(8,839

)

Additions to intangible assets including costs to obtain or renew permits

 

 

(3,848

)

 

 

(2,029

)

Purchases of available-for-sale securities

 

 

(129,234

)

 

 

(70,891

)

Proceeds from sale of available-for-sale securities

 

 

98,412

 

 

 

61,220

 

Proceeds from sale of businesses, net of transactional costs

 

 

 

 

 

7,712

 

Net cash used in investing activities

 

 

(1,507,602

)

 

 

(199,460

)

Cash flows used in financing activities:

 

   

 

 

Change in uncashed checks

 

 

(1,806

)

 

 

5,404

 

Tax payments related to withholdings on vested restricted stock

 

 

(10,805

)

 

 

(5,331

)

Repurchases of common stock

 

 

(54,410

)

 

 

(74,844

)

Deferred financing costs paid

 

 

(13,737

)

 

 

(2,171

)

Payments on finance leases

 

 

(8,458

)

 

 

(4,469

)

Principal payments on debt

 

 

(7,535

)

 

 

(7,535

)

Proceeds from issuance of debt, net of discount

 

 

995,000

 

 

 

 

Borrowings from revolving credit facility

 

 

 

 

 

150,000

 

Payment on revolving credit facility

 

 

 

 

 

(150,000

)

Net cash from (used in) financing activities

 

 

898,249

 

 

 

(88,946

)

Effect of exchange rate change on cash

 

 

(3,170

)

 

 

4,919

 

(Decrease) increase in cash and cash equivalents

 

 

(66,526

)

 

 

147,110

 

Cash and cash equivalents, beginning of period

 

 

519,101

 

 

 

371,991

 

Cash and cash equivalents, end of period

$

 

452,575

 

 

$

519,101

 

Supplemental information:

 

 

 

 

 

Cash payments for interest and income taxes:

 

 

 

 

 

Interest paid

$

73,440

 

 

 

$

72,535

 

Income taxes paid, net of refunds

 

65,192

 

 

 

 

53,123

 

Non-cash investing activities:

 

 

 

 

 

Property, plant and equipment accrued

 

19,264

 

 

 

 

3,536

 

   

Contacts

Michael L. Battles

EVP and Chief Financial Officer

Clean Harbors, Inc.

781.792.5100

InvestorRelations@cleanharbors.com

Jim Buckley

SVP Investor Relations

Clean Harbors, Inc.

781.792.5100

Buckley.James@cleanharbors.com

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