US Ecology has largely restored treatment capabilities at a waste facility in Idaho following a November 2018 explosion that killed one employee and injured eight others, CEO and board Chairman Jeff Feeler said Friday.
“In June, our Idaho operations regained a substantial — substantially all of its treatment capabilities,” Feeler said during the Boise, Idaho-based environmental services provider’s quarterly earnings call. “We are currently putting in additional infrastructure, hiring and training staff and redirecting volumes back to Idaho. This process will take time and is expected to ramp throughout the balance of the year.”
The ”rebuild” at the Grand View facility is expected to stretch into 2020, Feeler told financial analysts: “It won’t be up to pre-event capacity or capacity and conditions but the reality is we anticipate that.”
For the second quarter, US Ecology reported $155.8 million in revenue, which generated $15.5 million in net income, or $0.70 per share. That was a healthy step up from sales of $136.9 million in 2018, which was good for $13.2 million in net income, $0.60 per share.
The company booked a $4.5 million property insurance recovery in the second quarter for its Idaho property, which provides disposal and treatment of hazardous and nonhazardous wastes, including very low-activity radioactive waste, naturally occurring radioactive material (NORM), technologically enhanced naturally occurring radioactive material (TENORM).
US Ecology also booked $2.5 million in business development costs in the quarter, largely for its pending acquisition of NRC Group Holdings. “As we see it right now, everything is tracking to our fourth quarter close once stockholders approve the merger,” Feeler said.
