US Ecology has nearly doubled its net income in 2018, including a $5 million spike in its latest quarter, according to the latest earnings report from the environmental services provider.
The Boise, Idaho-based company brought in $13.4 million in net income for the earnings period ended Sept. 30, or $0.61 per diluted share, up from $8.4 million and $0.38 per diluted share in the same period of 2017. That included a $0.12 boost per share from the federal tax reform legislation passed at the end of 2017.
That drove earnings for the first nine months of 2018 to $35.9 million, or $1.63 per diluted share, compared to $18.6 million and $0.85 per diluted share in the same period of 2017.
Quarterly revenue of $151.4 million represented a 13.4 percent step up last year, while nine-month revenue of $408.4 million rose year over year from $370.3 million.
US Ecology’s Environmental Services (ES) business line encompasses its radioactive waste disposal facility at the Department of Energy’s Hanford Site in Washington state.
The ES segment quarterly revenue grew by 10 percent from 2017 to 2018, from $97.7 million to $107.2 million. That included an 8 percent bump in revenue for treatment and disposal operations.
“This strong growth was partially due to the impact Hurricane Harvey had on last year’s results, when excluding the estimated impact of Hurricane Harvey on our prior your results, our base business still saw strong year-over-year growth of approximately 5 percent,” Chairman and CEO Jeff Feeler said Friday during the company’s quarterly earnings call.
The company was forced to shut down its hazardous waste treatment plant in Robstown, Texas, for several days as the hurricane hit south Texas in August 2017. US Ecology sustained about $1 million in costs from the storm, largely due to stormwater management, and also faced delays in waste shipments for treatment.
