Heritage-Crystal Clean (HCCI) Tops Q1 EPS by 15c, Revenues Beat

Heritage-Crystal Clean (NASDAQ: HCCI) reported Q1 EPS of ($0.11), $0.15 better than the analyst estimate of ($0.26). Revenue for the quarter came in at $79.5 million versus the consensus estimate of $70.1 million.

Second Quarter Summary:

• Second quarter reported revenues of $79.5 million were down $25.5 million, or 24.3%, compared to the second quarter of 2019.
• Environmental Services segment reported second quarter revenues of $59.8 million, a decrease of 14.8% compared to the second quarter of 2019. Despite the decline in revenue, Environmental Services segment operating margin was positive at 14.0%.
• Oil Business segment reported second quarter revenues of $19.7 million, a decrease of 43.3%.
• Net loss attributable to common shareholders for the second quarter was $2.7 million, or $0.11 per share.

President and CEO Brian Recatto commented, "Second quarter revenue and profitability were negatively impacted by the COVID-19 pandemic and related shelter-in-place orders. Fortunately, we have begun to see increases in sales activity in both of our business segments compared to the middle of the second quarter. We believe our second quarter results will represent the bottom of this economic cycle for our business barring the wide-spread return of shelter-in-place orders."

For earnings history and earnings-related data on Heritage-Crystal Clean (HCCI) click here.

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