Clean Harbors (NYSE:CLH) Releases Earnings Results, Beats Estimates By $0.04 EPS

Key Points

• Clean Harbors beat Q1 EPS at $1.19 vs. $1.15 expected (revenue $1.46B slightly below estimates) and reported consolidated adjusted EBITDA up 6% to $248M.
• Management raised 2026 adjusted EBITDA guidance to $1.24B–$1.30B (midpoint $1.27B), driven by SKSS outperformance (Q1 adjusted EBITDA +17%, 320bp margin improvement) and continued momentum in Environmental Services including PFAS-related demand.
• Despite the beat, shares fell about 7.4% on heavy volume; the company still shows a constructive balance sheet (~$670M cash and marketable securities, net debt/EBITDA ~2x) and a consensus analyst rating of "Moderate Buy" with a $314 target.

Clean Harbors (NYSE:CLH - Get Free Report) released its earnings results on Wednesday. The business services provider reported $1.19 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.15 by $0.04, FiscalAI reports. The business had revenue of $1.46 billion for the quarter, compared to analyst estimates of $1.47 billion. Clean Harbors had a return on equity of 14.47% and a net margin of 6.48%.The company's revenue for the quarter was up 1.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.09 earnings per share.

Here are the key takeaways from Clean Harbors' conference call:

• Company beat Q1 expectations, with consolidated adjusted EBITDA up 6% to $248M and management raising 2026 adjusted EBITDA guidance to $1.24B–$1.30B (midpoint $1.27B), implying ~9% growth vs. 2025.
• SKSS outperformed materially — Q1 adjusted EBITDA rose 17% with a 320 bp margin improvement, driven by charge-for-oil actions and a late-quarter base oil price rally; management now expects SKSS ~ $165M of EBITDA for 2026.
• Environmental Services showed continued momentum: 16th consecutive quarter of margin improvement, strong project/PFAS work (landfill volumes +34%) and field-service expansion (opened branches), supported by a new PFAS framework and EPA/DoD guidance that bolsters the sales pipeline.
• Balance sheet and capital allocation remain constructive with cash and marketable securities of roughly $670M, net debt/EBITDA ~2x, $25M of share buybacks in Q1 and $575M remaining authorization, while management continues to fund strategic CapEx and tuck‑in M&A.
• Caveats and risks include persistent weakness/uncertainty in industrial services (refinery turnaround cadence), uncertainty around the duration of elevated base‑oil spreads, and typical Q1 seasonal negative adjusted free cash flow, which could pressure near‑term results if market conditions reverse.

Clean Harbors Trading Down 7.4%

Shares of CLH traded down $23.23 during trading hours on Wednesday, hitting $290.47. The stock had a trading volume of 1,662,261 shares, compared to its average volume of 506,316. The company's fifty day simple moving average is $294.61 and its 200 day simple moving average is $260.07. Clean Harbors has a 12-month low of $201.34 and a 12-month high of $316.98. The company has a debt-to-equity ratio of 1.01, a quick ratio of 2.00 and a current ratio of 2.33. The firm has a market cap of $15.48 billion, a P/E ratio of 39.85 and a beta of 0.92.

Wall Street Analyst Weigh In

Several research firms have recently commented on CLH. TD Cowen reissued a "buy" rating on shares of Clean Harbors in a report on Thursday, February 19th. Raymond James Financial reaffirmed a "strong-buy" rating and set a $320.00 price target on shares of Clean Harbors in a research note on Monday, February 23rd. Needham & Company LLC boosted their price objective on shares of Clean Harbors from $290.00 to $308.00 and gave the stock a "buy" rating in a report on Thursday, February 19th. BMO Capital Markets boosted their price target on Clean Harbors from $290.00 to $310.00 and gave the stock an "outperform" rating in a research note on Wednesday, February 18th. Finally, UBS Group lifted their price objective on Clean Harbors from $240.00 to $300.00 and gave the stock a "neutral" rating in a report on Thursday, March 12th. Two investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $314.00.

Insider Transactions at Clean Harbors

In related news, EVP Brian P. Weber sold 4,683 shares of the firm's stock in a transaction that occurred on Tuesday, March 17th. The stock was sold at an average price of $293.39, for a total value of $1,373,945.37. Following the sale, the executive vice president owned 48,728 shares of the company's stock, valued at approximately $14,296,307.92. This trade represents a 8.77% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Sharon M. Gabriel sold 3,540 shares of the firm's stock in a transaction that occurred on Friday, February 20th. The shares were sold at an average price of $282.07, for a total transaction of $998,527.80. Following the completion of the sale, the executive vice president owned 23,193 shares in the company, valued at $6,542,049.51. The trade was a 13.24% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 13,597 shares of company stock valued at $3,895,286 over the last ninety days. 5.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Clean Harbors

A number of hedge funds have recently modified their holdings of the stock. T. Rowe Price Investment Management Inc. boosted its position in shares of Clean Harbors by 69,453.1% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 34,081 shares of the business services provider's stock valued at $7,992,000 after purchasing an additional 34,032 shares during the period. Corient Private Wealth LLC boosted its holdings in shares of Clean Harbors by 3,782.7% in the fourth quarter. Corient Private Wealth LLC now owns 194,718 shares of the business services provider's stock worth $45,657,000 after buying an additional 189,703 shares during the period. Mercer Global Advisors Inc. ADV increased its position in shares of Clean Harbors by 40.6% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 10,521 shares of the business services provider's stock worth $2,467,000 after acquiring an additional 3,037 shares in the last quarter. EP Wealth Advisors LLC acquired a new stake in shares of Clean Harbors during the fourth quarter valued at approximately $551,000. Finally, Pillsbury Lake Capital LLC acquired a new position in Clean Harbors in the 4th quarter worth approximately $5,288,000. 90.43% of the stock is currently owned by institutional investors and hedge funds.

About Clean Harbors

Clean Harbors, Inc is a leading provider of environmental, energy and industrial services in North America. The company specializes in the collection, transportation and disposal of hazardous and non-hazardous wastes, emergency spill response and remediation, industrial cleaning and on-site field services. Its comprehensive service offering also includes chemical neutralization, drum crushing, high-pressure water blasting, tank cleaning and vacuum services designed to help customers meet stringent environmental regulations.

Founded in 1980 by Alan S.

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