Every material Form 8-K Clean Harbors filed with the SEC in 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Clean Harbors reported third-quarter 2024 revenue up 12% to $1.53 billion, net income up 26% to $115.2 million, and diluted EPS of $2.12 versus $1.68 a year earlier. The company also revised its full-year 2024 Adjusted EBITDA and adjusted free cash flow guidance, now projecting Adjusted EBITDA of $1.10 billion to $1.12 billion, though the filing does not state the prior range.
Q3 revenue grew 12% to $1.53 billion; income from operations rose 25% to $192.3 million
Q3 net income was $115.2 million, or $2.12 per diluted share, versus $91.3 million, or $1.68, in Q3 2023
Full-year 2024 Adjusted EBITDA guidance is $1.10 billion to $1.12 billion; adjusted free cash flow guidance is $280 million to $320 million
Safety-Kleen Sustainability Solutions segment faced weaker base oil demand and pricing; its Adjusted EBITDA rose 32% to $41.2 million in Q3
Clean Harbors entered into Amendment No. 6 to its credit agreement on October 8, 2024. The amendment removes the SOFR adjustment on its 2021 Incremental Term Loans and sets the margin at 1.75% for Term SOFR borrowings and 0.75% for base rate borrowings, lowering the company's borrowing cost on that debt.
Amendment No. 6 dated October 8, 2024, with Goldman Sachs Lending Partners LLC as administrative agent and collateral agent
Eliminates the SOFR Adjustment, which had been 0.11448%, 0.26161% and 0.42826% per annum for one-, three- and six-month tenors
Post-repricing margins: 1.75% for Term SOFR borrowings and 0.75% for base rate borrowings; six-month soft call period reset
Company paid customary fees and expenses to the agent and lead arranger; full text filed as Exhibit 4.43H
Clean Harbors said on September 3, 2024 that it expanded its board from eleven to thirteen members and elected Co-Chief Executive Officers Michael Battles and Eric Gerstenberg as directors, effective immediately. The filing does not change either executive's role, and neither will receive extra pay for board service, so the direct effect on shareholders is limited to governance.
Board expanded from eleven to thirteen members; both new directors are Class III directors whose terms expire at the 2025 annual meeting.
Battles has been Co-CEO since 2023 and was CFO from 2016; Gerstenberg has been Co-CEO since 2023 and was COO since 2015.
Neither director was appointed to a board committee, and neither will receive additional compensation for board service.
Founder and Executive Chairman Alan S. McKim said the co-CEOs' first year and a half in charge had been successful for the Company, its employees and its shareholders.
Clean Harbors reported second-quarter 2024 results on July 31, 2024, with revenue up 11% to $1.55 billion and net income up 15% to $133.3 million, or $2.46 per diluted share. The company raised its full-year 2024 Adjusted EBITDA guidance to a range of $1.125 billion to $1.165 billion, which points to higher expected profit for shareholders.
Q2 2024 revenue rose 11% to $1.55 billion, and income from operations rose 14% to $215.5 million.
Net income was $133.3 million, or $2.46 per diluted share, compared with $2.13 per diluted share in Q2 2023.
Full-year 2024 Adjusted EBITDA guidance raised to $1.125 billion to $1.165 billion, midpoint $1.145 billion.
Company expects Q3 2024 Adjusted EBITDA to grow 20% to 24% from Q3 2023.
Clean Harbors and a Canadian subsidiary entered into a seventh amended and restated credit agreement with Bank of America, N.A. on June 28, 2024, replacing the prior facility. The revolving credit facility increases to a maximum of $600.0 million and runs through June 28, 2029, with no loans outstanding under the prior agreement at closing. The filing does not report earnings or guidance, so its effect on shareholders is limited to financing terms and covenants.
Maximum revolving facility increased to $600.0 million; U.S. line up to $550.0 million and Canadian line up to $50.0 million
Facility expires June 28, 2029, subject to certain conditions
$136.4 million of letters of credit remain outstanding under the new agreement; no loans were outstanding at closing
Borrowings priced at Term SOFR or Term CORRA plus 1.5%, with lower base-rate margins of 0.5%
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.
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