US ECOLOGY ANNOUNCES COMMON STOCK OFFERING

U.S. Ecology announced yesterday that it is issuing a common stock public offering of up to 2.6 million shares. With a current stock price of $38.47, the offering should net the company $100 million, which, according to a release, U.S. Ecology intends on using for “general corporate purposes.” These purposes could include paying off a loan taken out in the end of October or potentially acquiring other businesses. The common stock offering comes soon after the announcement of an increased earnings guidance for 2013. The company expects adjusted EBITDA (earnings before interest, taxes, depreciation, or amortization) for 2013 to range from $69 to $72 million, up from the previous expected adjusted EBIDTA of $67 million to $69 million. President and CEO Jeff Feeler attributed the success to “accelerated shipments on projects previously expected to benefit 2014, as well as new project awards as certain of our customers appear to be closing out budgets in 2013,” he said in a release.