* Q1 EPS $0.86 vs est $0.65
* Ups FY 2011 rev view to $1.62-$1.67 bln from $1.54-$1.59
* Says Co to benefit from investments driven by high oil
* Shares up as much as 9 pct
May 4 Waste-management services provider Clean
Harbors Inc posted first-quarter results well above
analysts' estimates on revenue growth, and raised its 2011
revenue forecast, driving up its shares.
The company now expects full-year revenue of $1.62-$1.67
billion, up from its previous forecast of $1.54-$1.59 billion.
Analysts, on an average, were expecting revenue of $1.60
billion, according to Thomson Reuters I/B/E/S.
The company expects its environmental and industrial
businesses to grow at 6-9 percent and 15-17 percent,
respectively, but said the forecasts were conservative.
Demand for waste management services is expanding as an
improving economy leaves refiners with disposable funds for
treating their waste.
High oil prices kept driving investments in the oil sands
and other parts of western Canada and Marcella Shale, which will
benefit Clean Harbors from initial production and long-term
maintenance perspective, the company's Chief Financial Officer
Jim Rutledge said on a conference call.
"We remain encouraged about our prospects for profitable
growth. The underlying economic and outsourcing trends remain
favorable," Chief Executive Alan McKim said.
Rutledge said Clear Harbor expects projects to come through
the pipeline more like they used to before the recession.
January-March net income was $22.7 million, or 86 cents a
share, against $10.4 million, or 40 cents a share, a year ago.
Revenue rose 23 percent to $435 million.
Analysts expected earnings of 65 cents a share on revenue of
With the acquisition of Peak Energy Services, Clean Harbors
is also looking to expand its presence in oil and gas drilling
and production support, McKim added.
The Norwell, Massachusetts company's shares were trading up
more than 3 percent at $100.35 on Wednesday on the New York
Stock Exchange after earlier soaring up to $106.30, near its
(Reporting by Mayuresh Tungare in Bangalore; Editing by Roshni
Menon and Joyjeet Das)