Norwell-based Clean Harbors saw its shares drop slightly today after the company said its first quarter income from operations fell to $34.8 million from $61.7 million in the same period of 2012.
The decrease reflects the company's acquisition of Safety-Kleen, and an increase in depreciation and amortization expenses, officials said.
The company's first quarter net income was $10.5 million, or 0.17 per diluted share, compared with $32 million, or $0.60 per diluted share, in the first quarter of 2012. Revenue for the first quarter rose 51 percent year-over-year to $862.2 million.
"Our margins in the quarter were significantly affected by integration-related costs and non-cash items related to acquisition accounting. As a result of the acquisition, we have realigned the company into five new reportable segments," said Clean Harbors CEO Alan S. McKim in a statement. "During the first quarter, solid performances in our Technical Services, Industrial and Field Services, and SK Environmental Services segments were more than offset by greater-than-expected weakness in our Oil Re-refining and Recycling, and Oil and Gas Field Services segments.
The company said it now expects its full-year 2013 revenues to be between $3.62 billion and $3.67 billion, compared with previous revenue guidance of $3.72 billion to $3.77 billion.
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