Heritage-Crystal Clean (HCCI) Tops Q2 EPS by 33c, Revenues Beat

Heritage-Crystal Clean (NASDAQ: HCCI) reported Q2 EPS of $0.18, $0.33 better than the analyst estimate of ($0.15). Revenue for the quarter came in at $87.1 million versus the consensus estimate of $86.51 million.

Third Quarter Highlights:

• Third quarter revenues of $87.1 million were up $7.6 million, or 9.6%, compared to the second quarter of 2020.
• Third quarter Environmental Services segment operating margin of 23.4% was up 9.4 percentage points quarter-over-quarter.
• Our Oil Business segment reported third quarter revenues of $24.7 million, an increase of 25.2% compared to the second quarter of 2020.
• Third quarter Oil Business segment operating margin was positive at 3.4%, an increase of 31.6 percentage points, compared to the negative operating margin in the second quarter of 2020.
• Net income attributable to common shareholders for the third quarter was $4.0 million compared to a net loss of $2.7 million in the second quarter of 2020.
• Our diluted earnings per share in the third quarter were $0.17 which represents a $0.28 per share improvement compared to the second quarter of 2020.
• Third quarter EBITDA of $11.0 million represents an increase of $8.2 million compared to the second quarter of 2020.
• Third quarter adjusted EBITDA was $12.2 million compared to negative $2.7 million in the second quarter of 2020.

President and CEO Brian Recatto commented, "While we continue to feel the impact of lower economic activity as a result of the COVID-19 pandemic, we experienced significant improvement in our business during the third quarter compared to the second quarter which we believe was the low point of this pandemic driven downturn. The initiatives we put in place to adjust our cost structure during the second quarter helped minimize the negative impact on our profitability during the third quarter."

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

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