Friday, September 17, 2010

Clean Harbors (NYSE:CLH) Raises Guidance From BP (NYSE:BP) Spill Cleanup

The full-year guidance of Clean Harbors Inc. (NYSE:CLH) has been raised because of the business generated from cleaning up the BP (NYSE:BP) oil spill.

Alan S. McKim, Chairman and Chief Executive Officer of Clean Harbors said, "Our overall business continues to perform well and we are on track to meet our expectations for 2010. In addition to the Gulf region clean-up, this quarter we participated in other emergency response related events including the oil spill in the Kalamazoo River area of Michigan. At the peak level this quarter, we had approximately 500 response-related personnel in Michigan along with a broad array of specialized equipment."

The guidance range for sales in 2010 increased from $1.6 billion to $1.65 billion to $1.63 billion to $1.68 billion.

Clean Harbors also raised its EBITDA from $270 million to $280 million up to $278 million to $288 million.

Capital expenditures will also rise from previous guidance of the mid-$80 million range too close to $100 million.

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