November 3, 2010 / 11:54 AM / 7 years ago

UPDATE 2-Gulf, Michigan spill clean-up ops prop Clean Harbors

* Q3 EPS $1.47 vs $0.36 last year

* Revenue up 60 pct, beats estimates

* Top-end of 2011 rev in-line with Street

* Sees Gulf clean-ups ops continuing into 2011

* Shares up 3 percent, at two-year high (Adds detail from conference call, background, share move)

BANGALORE, Nov 3 (Reuters) - Clean-up operations following oil spills in the Gulf of Mexico and Michigan boosted third-quarter results at Clean Harbors Inc (CLH.N), and the waste management company signaled a strong finish to the year.

Shares of the company were up over 3 percent at $74.34, their highest levels in nearly two years, on Wednesday morning on the New York Stock Exchange.

The stock has now risen more than 30 percent since the BP (BP.L) Gulf of Mexico oil spill in late April.

"During the quarter, we continued to be heavily involved in the Gulf oil spill response effort," Chief Executive Alan McKim said. "While our level of engagement steadily declined throughout the quarter, we still had more than 500 people working in the region at quarter's end."

Clean Harbors had also participated in the oil spill response efforts in Kalamazoo River, Michigan.

On a conference call with analysts, the company said work on the Gulf oil spill would likely continue into next year.

"At this point our best estimate is that the work will continue winding down significantly in the fourth quarter and transition into ongoing maintenance headed into 2011," a company executive said.

Clean Harbors forecast preliminary 2011 revenue of $1.52-$1.57 billion, the top end of which is in line with estimates. The forecast is a 5-8 percent rise from 2010 levels, excluding revenue from the Gulf and Michigan spills.

Third-quarter profit at the company more than quadrupled to $38.8 million, or $1.47 a share. Revenue rose 60 pct to $487.7 million, with emergency response events accounting for over a quarter of this, and Clean Harbors forecast 2010 revenue above analyst estimates. [ID:nASA00YVC]

In October, water treatment services company Nalco Holding NLC.N, which sold dispersants for the clean-up of the spill, also reported strong quarterly results and raised its full-year outlook. [ID:nSGE69O0L6]

For related stories: [ID:nSGE6440JP] [ID:nSGE6420IN]

TIMELINE of the Gulf of Mexico spill: [ID:nLDE69S157] (Reporting by Adveith Nair in Bangalore; Editing by Aradhana Aravindan, Jarshad Kakkrakandy)

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