Clean Harbors (CLH) Q1 FY2024 earnings: revenue $1.4 billion, up 5.3% on the year

Clean Harbors Inc. (CLH) reported revenue of $1.4 billion for Q1 FY2024, the quarter ended 31 March 2024, up 5.3% on the same quarter a year earlier. Net income was $70 million, down 3.5% on the year, and diluted earnings per share $1.29. The figures are the company's own, from the 10-Q it filed with the SEC on 1 May 2024.

Revenue$1.4 billionup 5.3%

Net income$70 milliondown 3.5%

Diluted EPS$1.29

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	1,377	1,338	n/a	n/a
Cost of revenue	971	923	n/a	n/a
Gross profit	406	415	n/a	n/a
Gross margin	29.5%	31.0%	n/a
Selling, general and administrative	182	166	n/a	n/a
Operating income	125	147	n/a	n/a
Operating margin	9.1%	11.0%	n/a
Pre-tax income	95.8	122	n/a	n/a
Income tax	26.0	23.4	n/a	n/a
Effective tax rate	27.1%	19.2%	n/a
Net income	69.8	98.3	n/a	n/a
Net margin	5.1%	7.3%	n/a
Diluted EPS	$1.29	$1.81	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	18.5	279	n/a	n/a
Capital expenditure	138	110	n/a	n/a
Free cash flow	-119	168	n/a	n/a
Free cash flow margin	-8.7%	12.6%	n/a
Cash from investing	-610	-128	n/a	n/a
Cash from financing	486	-43.6	n/a	n/a
Depreciation and amortisation	95.1	98.3	n/a	n/a
Share-based compensation	6.3	5.9	n/a	n/a
Buybacks	5.0	33.2	n/a	n/a
Diluted shares, weighted	54m	54m	n/a	n/a
Shares outstanding at period end	54m	54m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Shareholders' equity	2,311	2,248	n/a	n/a
Debt	2,779	2,292	n/a	n/a
Operating lease liabilities	146	132	n/a	n/a
Finance lease liabilities	n/a	113	n/a	n/a
Other liabilities	1,704	1,598	n/a	n/a
Total liabilities and equity	6,940	6,383	n/a	n/a
Goodwill	1,488	1,288	n/a	n/a
Intangible assets	740	603	n/a	n/a
Investments	105	106	n/a	n/a
Cash and equivalents	338	445	n/a	n/a
Receivables	1,040	983	n/a	n/a
Inventory	354	328	n/a	n/a
Other assets	2,875	2,631	n/a	n/a
Total assets	6,940	6,383	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	1,366	1,338	1,377	1,553	1,529	1,431	1,432	1,550	1,549	1,500	1,460	1,735
Cost of revenue	944	923	971	1,036	1,056	1,004	1,022	1,033	1,048	1,041	1,014	1,126
Gross profit	422	415	406	517	474	428	410	516	501	459	445	609
Gross margin	31%	31%	29%	33%	31%	30%	29%	33%	32%	31%	31%	35%
SG&A	171	166	182	198	178	182	183	186	190	194	207	215
Operating income	154	147	125	215	192	137	112	210	193	158	119	269
Operating margin	11%	11%	9%	14%	13%	10%	8%	14%	12%	11%	8%	15%
Pre-tax income	125	122	95.8	179	155	103	74.6	173	161	120	84.3	232
Tax rate	27%	19%	27%	25%	26%	19%	21%	26%	26%	28%	25%	27%
Net income	91.3	98.3	69.8	133	115	84.0	58.7	127	119	86.6	63.2	170
Net margin	7%	7%	5%	9%	8%	6%	4%	8%	8%	6%	4%	10%
Diluted EPS	$1.68	$1.81	$1.29	$2.46	$2.12	$1.55	$1.09	$2.36	$2.21	$1.62	$1.19	$3.22
Operating cash flow	220	279	18.5	216	239	304	1.6	208	302	355	6.3	239
Capital expenditure	108	110	138	135	96.8	62.4	119	90.0	94.4	122	98.4	126
Free cash flow	113	168	-119	80.9	142	242	-117	118	208	233	-92.1	113
Buybacks	10.0	33.2	5.0	5.2	20.0	25.0	55.0	12.0	50.0	133	25.0	27.1
Shares outstanding	54m	54m	54m	54m	54m	54m	54m	54m	53m	53m	53m	53m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2024, filed 1 May 2024, accession 0000822818-24-000021: the filing on EDGAR. All of Clean Harbors Inc.'s filings: EDGAR company page.

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