US Ecology posted net income of $33.1 million on $685.5 million in revenue for 2019. That translated to income of $1.40 per diluted share, the Boise, Idaho-based waste management provider said Wednesday in its latest earnings report.
By comparison for 2018, the corporation tallied $49.6 million in net income on revenue of $565.9 million.
US Ecology’s Environmental Services division (ES) collected $453.1 million in revenue for 2019, compared to $400.7 million in 2018. The led to an ES gross profit of $174.8 million in 2019, up from $147.5 million in 2018. The ES business line covers US Ecology’s waste treatment and disposal operations, including its low-level radioactive waste disposal facility at the Department of Energy’s Hanford Site in Washington state.
Environmental Services revenues increased due to a 12% hike in treatment and disposal revenue, plus a 1% increase in transportation revenue compared to 2018, according to a US Ecology press release. The ES gross profit for 2019 includes $7 million in business interruption insurance recoveries for lost profits related to hurricane damage at the company’s Robstown, Texas, facility in 2017 and a 2018 explosion at the corporation’s Grand View, Idaho, waste facility.
For the fourth quarter of 2019, US Ecology reported a net loss of $3.5 million, or $0.12 per diluted share, on $231.3 million in revenue. By comparison in the fourth quarter of 2018, US Ecology posted net income of $13.7 million on $157.5 million in revenue for an income of $0.62 per diluted share.
For 2020, US Ecology is predicting revenue of $1.05 billion to $1.15 billion — with the increase based on the acquisition of NRC Holdings last November. The NRC business is expected to contribute roughly $445 million within US Ecology’s Field and Industrial Services business. Environmental Services revenue is expected to be between $537 million and $588 million.
Executives are scheduled to hold the quarterly earnings conference call at 10 a.m. Eastern Time today.
