Heritage-Crystal Clean, Inc. Announces Record Second Quarter 2022 Financial Results
Heritage-Crystal Clean, Inc. (HCCI) announced strong second quarter results, reporting a record net income of $21.1 million, up 39.7% year-over-year. Basic earnings per share reached $0.90, a 38.5% increase from $0.65 in Q2 2021. Total revenue for the quarter was $156.6 million, reflecting a 33.6% rise from $117.3 million in the same period last year. The Oil Business segment achieved record revenue of $64.8 million and a profit margin of 41.4%, while Environmental Services also set records. Overall EBITDA increased by 37.0% to $35.9 million.
- Record net income of $21.1 million, up 39.7% year-over-year.
- Basic earnings per share rose to $0.90, up 38.5% from $0.65 in Q2 2021.
- Total revenue increased 33.6% to $156.6 million.
- Oil Business segment revenue reached $64.8 million, a 45.3% year-over-year increase.
- Environmental Services segment revenue also peaked at $91.9 million, up 26.4%.
- Environmental Services operating margin decreased to 21.5% from 26.4% due to higher disposal and transportation costs.
- Ongoing inflation pressures could affect future operating margins.
Second quarter Highlights Include:
-
Net income was a record high
; up$21.1 million 39.7% compared to net income of in the second quarter of 2021.$15.1 million
-
Basic earnings per share were a record
for the quarter, an increase of$0.90 38.5% compared to for the second quarter of 2021.$0.65
-
Oil Business segment revenue of
represents a record high for a 12-week quarter, and an increase of$64.8 million 45.3% from the year-ago quarter.
-
Oil Business segment profit before corporate selling, general, and administrative expenses was a record of
with operating margin of$26.8 million 41.4% .
-
Environmental Services segment revenue was
, a record for a 12-week quarter, and an increase of$91.9 million 26.4% from the year-ago quarter.
-
Environmental Services profit before corporate selling, general, and administrative expenses was a 12-week quarter record of
with operating margin of$19.8 million 21.5% .
-
EBITDA for the quarter was a record
, up$35.9 million 37.0% compared to EBITDA of in the second quarter of 2021.$26.2 million
-
Adjusted EBITDA for the quarter was a record
, up$39.9 million 43.1% compared to Adjusted EBITDA of in the second quarter of 2021.$27.9 million
-
Adjusted net earnings for the quarter were
and adjusted diluted earnings per share were$23.1 million .$0.97
Second Quarter Review
Revenue for the second quarter of 2022 was
Overall Operating Margin increased by
Net income for the second quarter was
Segments
Our Environmental Services segment includes parts cleaning, containerized waste, wastewater vacuum, antifreeze recycling, and field services. Environmental Services revenue was
President and CEO
Our Oil Business segment includes used oil collection and re-refining activities, as well as sales of recycled fuel oil. During the second quarter of fiscal 2022, Oil Business revenue was a record high for a 12-week quarter at
Recatto commented, "Structural changes in the used oil re-refining business, along with refining industry capacity limitations, provided the foundation for our team to deliver excellent results during the second quarter. We couldn't be more excited about the performance of our Oil Business team who produced a record fifth straight quarter of operating margin above
Safe Harbor Statement
All references to the “Company,” “we,” “our,” and “us” refer to
About
Conference Call
The Company will host a conference call on
The Company uses its website to make information available to investors and the public at www.crystal-clean.com.
Condensed Consolidated Balance Sheets (In Thousands, Except Share and Par Value Amounts) (Unaudited) |
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ASSETS |
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Current assets: |
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|
|
|
||||
Cash and cash equivalents |
|
$ |
73,760 |
|
|
$ |
56,269 |
|
Accounts receivable - net |
|
|
80,266 |
|
|
|
62,513 |
|
Inventory - net |
|
|
36,221 |
|
|
|
29,536 |
|
Assets held for sale |
|
|
1,125 |
|
|
|
1,125 |
|
Other current assets |
|
|
4,427 |
|
|
|
6,773 |
|
Total current assets |
|
|
195,799 |
|
|
|
156,216 |
|
Property, plant and equipment - net |
|
|
171,169 |
|
|
|
166,301 |
|
Right of use assets |
|
|
89,541 |
|
|
|
83,865 |
|
Equipment at customers - net |
|
|
25,107 |
|
|
|
24,146 |
|
Software and intangible assets - net |
|
|
44,610 |
|
|
|
45,949 |
|
|
|
|
49,695 |
|
|
|
49,695 |
|
Investments at fair value |
|
|
3,000 |
|
|
|
— |
|
Other assets |
|
|
616 |
|
|
|
692 |
|
Total assets |
|
$ |
579,537 |
|
|
$ |
526,864 |
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LIABILITIES AND STOCKHOLDERS' EQUITY |
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Current liabilities: |
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Accounts payable |
|
$ |
45,043 |
|
|
$ |
36,179 |
|
Current portion of lease liabilities |
|
|
22,576 |
|
|
|
20,146 |
|
Contract liabilities - net |
|
|
2,646 |
|
|
|
2,094 |
|
Accrued salaries, wages, and benefits |
|
|
7,669 |
|
|
|
8,980 |
|
Taxes payable |
|
|
8,503 |
|
|
|
8,474 |
|
Other current liabilities |
|
|
11,177 |
|
|
|
9,476 |
|
Total current liabilities |
|
|
97,614 |
|
|
|
85,349 |
|
Lease liabilities, net of current portion |
|
|
70,391 |
|
|
|
65,041 |
|
Other long term liabilities |
|
|
710 |
|
|
|
473 |
|
Contingent consideration |
|
|
1,410 |
|
|
|
2,819 |
|
Deferred income taxes |
|
|
32,070 |
|
|
|
31,126 |
|
Total liabilities |
|
$ |
202,195 |
|
|
$ |
184,808 |
|
|
|
|
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STOCKHOLDERS' EQUITY: |
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Common stock - 26,000,000 shares authorized at |
|
$ |
235 |
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|
$ |
235 |
|
Additional paid-in capital |
|
|
206,296 |
|
|
|
204,920 |
|
Retained earnings |
|
|
171,052 |
|
|
|
137,067 |
|
Accumulated other comprehensive loss |
|
|
(241 |
) |
|
|
(166 |
) |
Total stockholders' equity |
|
$ |
377,342 |
|
|
|
342,056 |
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|
|
|
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Total liabilities and stockholders' equity |
|
$ |
579,537 |
|
|
$ |
526,864 |
|
Condensed Consolidated Statements of Income (In Thousands, Except per Share Amounts) (Unaudited) |
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Second Quarter Ended, |
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First Half Ended, |
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Revenues |
|
|
|
|
|
|
|
|
||||||||
Service revenues |
|
$ |
75,583 |
|
$ |
60,033 |
|
|
$ |
144,490 |
|
$ |
117,732 |
|
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Product revenues |
|
|
74,790 |
|
|
|
51,551 |
|
|
|
139,272 |
|
|
|
93,817 |
|
Rental income |
|
|
6,274 |
|
|
|
5,695 |
|
|
|
12,251 |
|
|
|
11,111 |
|
Total revenues |
|
$ |
156,647 |
|
|
$ |
117,279 |
|
|
$ |
296,013 |
|
|
$ |
222,660 |
|
|
|
|
|
|
|
|
|
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Operating expenses |
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|
|
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Operating costs |
|
$ |
104,755 |
|
|
$ |
78,329 |
|
|
$ |
206,538 |
|
|
$ |
155,099 |
|
Selling, general, and administrative expenses |
|
|
15,024 |
|
|
|
13,039 |
|
|
|
28,759 |
|
|
|
25,228 |
|
Depreciation and amortization |
|
|
6,777 |
|
|
|
5,619 |
|
|
|
13,285 |
|
|
|
9,401 |
|
Other expense (income) - net |
|
|
1,001 |
|
|
|
(330 |
) |
|
|
791 |
|
|
|
(439 |
) |
Operating income |
|
|
29,090 |
|
|
|
20,622 |
|
|
|
46,640 |
|
|
|
33,371 |
|
Interest expense – net |
|
|
250 |
|
|
|
177 |
|
|
|
473 |
|
|
|
501 |
|
Income before income taxes |
|
|
28,840 |
|
|
|
20,445 |
|
|
|
46,167 |
|
|
|
32,870 |
|
Provision for income taxes |
|
|
7,733 |
|
|
|
5,334 |
|
|
|
12,182 |
|
|
|
8,553 |
|
Net income |
|
$ |
21,107 |
|
|
$ |
15,111 |
|
|
$ |
33,985 |
|
|
$ |
24,317 |
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|
|
|
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|
|
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|
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Net income per share: basic |
|
$ |
0.90 |
|
|
$ |
0.65 |
|
|
$ |
1.45 |
|
|
$ |
1.04 |
|
Net income per share: diluted |
|
$ |
0.89 |
|
|
$ |
0.64 |
|
|
$ |
1.44 |
|
|
$ |
1.03 |
|
|
|
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Number of weighted average shares outstanding: basic |
|
|
23,489 |
|
|
|
23,404 |
|
|
|
23,482 |
|
|
|
23,389 |
|
Number of weighted average shares outstanding: diluted |
|
|
23,644 |
|
|
|
23,565 |
|
|
|
23,640 |
|
|
|
23,537 |
|
Reconciliation of Operating Segment Information (Unaudited) |
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Second Quarter Ended, |
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(thousands) |
|
Environmental
|
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Oil
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Corporate and
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Consolidated |
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Revenues |
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|
|
|
|
|
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|
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Service revenues |
|
$ |
72,979 |
|
$ |
2,604 |
|
$ |
— |
|
$ |
75,583 |
Product revenues |
|
|
12,634 |
|
|
62,156 |
|
|
— |
|
|
74,790 |
Rental income |
|
|
6,265 |
|
|
9 |
|
|
— |
|
|
6,274 |
Total revenues |
|
$ |
91,878 |
|
$ |
64,769 |
|
$ |
— |
|
$ |
156,647 |
Operating expenses |
|
|
|
|
|
|
|
|
||||
Operating costs |
|
|
68,914 |
|
|
35,841 |
|
|
— |
|
|
104,755 |
Operating depreciation and amortization |
|
|
3,192 |
|
|
2,125 |
|
|
— |
|
|
5,317 |
Profit before corporate selling, general, and administrative expenses |
|
$ |
19,772 |
|
$ |
26,803 |
|
$ |
— |
|
$ |
46,575 |
Selling, general, and administrative expenses |
|
|
|
|
|
|
15,024 |
|
|
15,024 |
||
Depreciation and amortization from SG&A |
|
|
|
|
|
|
1,460 |
|
|
1,460 |
||
Total selling, general, and administrative expenses |
|
|
|
|
|
$ |
16,484 |
|
$ |
16,484 |
||
Other expense (income) - net |
|
|
|
|
|
|
1,001 |
|
|
1,001 |
||
Operating income |
|
|
|
|
|
|
|
|
29,090 |
|||
Interest expense – net |
|
|
|
|
|
|
250 |
|
|
250 |
||
Income before income taxes |
|
|
|
|
|
|
|
$ |
28,840 |
Second Quarter Ended, |
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(thousands) |
|
Environmental Services |
|
Oil Business |
|
Corporate and Eliminations |
|
Consolidated |
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|
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Revenues |
|
|
|
|
|
|
|
|
||||||||
Service revenues |
|
$ |
56,403 |
|
$ |
3,630 |
|
$ |
— |
|
|
$ |
60,033 |
|
||
Product revenues |
|
|
10,627 |
|
|
|
40,924 |
|
|
|
— |
|
|
|
51,551 |
|
Rental income |
|
|
5,686 |
|
|
|
9 |
|
|
|
— |
|
|
|
5,695 |
|
Total revenues |
|
$ |
72,716 |
|
|
$ |
44,563 |
|
|
$ |
— |
|
|
$ |
117,279 |
|
Operating expenses |
|
|
|
|
|
|
|
|
||||||||
Operating costs |
|
|
51,119 |
|
|
|
27,210 |
|
|
|
— |
|
|
|
78,329 |
|
Operating depreciation and amortization |
|
|
2,430 |
|
|
|
2,109 |
|
|
|
— |
|
|
|
4,539 |
|
Profit before corporate selling, general, and administrative expenses |
|
$ |
19,167 |
|
|
$ |
15,244 |
|
|
$ |
— |
|
|
$ |
34,411 |
|
Selling, general, and administrative expenses |
|
|
|
|
|
|
13,039 |
|
|
|
13,039 |
|
||||
Depreciation and amortization from SG&A |
|
|
|
|
|
|
1,080 |
|
|
|
1,080 |
|
||||
Total selling, general, and administrative expenses |
|
|
|
|
|
$ |
14,119 |
|
|
$ |
14,119 |
|
||||
Other (income) - net |
|
|
|
|
|
|
(330 |
) |
|
|
(330 |
) |
||||
Operating income |
|
|
|
|
|
|
|
|
20,622 |
|
||||||
Interest expense – net |
|
|
|
|
|
|
177 |
|
|
|
177 |
|
||||
Income before income taxes |
|
|
|
|
|
|
|
$ |
20,445 |
|
First Half Ended, |
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|
||||||||||||
(thousands) |
|
Environmental
|
|
Oil Business |
|
Corporate and
|
|
Consolidated |
||||
|
|
|
|
|
|
|
|
|
||||
Revenues |
|
|
|
|
|
|
|
|
||||
Service revenues |
|
$ |
139,278 |
|
$ |
5,212 |
|
$ |
— |
|
$ |
144,490 |
Product revenues |
|
|
25,023 |
|
|
114,249 |
|
|
— |
|
|
139,272 |
Rental income |
|
|
12,228 |
|
|
23 |
|
|
— |
|
|
12,251 |
Total revenues |
|
$ |
176,529 |
|
$ |
119,484 |
|
$ |
— |
|
$ |
296,013 |
Operating expenses |
|
|
|
|
|
|
|
|
||||
Operating costs |
|
|
136,532 |
|
|
70,006 |
|
|
— |
|
|
206,538 |
Operating depreciation and amortization |
|
|
6,081 |
|
|
4,209 |
|
|
— |
|
|
10,290 |
Profit before corporate selling, general, and administrative expenses |
|
$ |
33,916 |
|
$ |
45,269 |
|
$ |
— |
|
$ |
79,185 |
Selling, general, and administrative expenses |
|
|
|
|
|
|
28,759 |
|
|
28,759 |
||
Depreciation and amortization from SG&A |
|
|
|
|
|
|
2,995 |
|
|
2,995 |
||
Total selling, general, and administrative expenses |
|
|
|
|
|
$ |
31,754 |
|
$ |
31,754 |
||
Other expense (income) - net |
|
|
|
|
|
|
791 |
|
|
791 |
||
Operating income |
|
|
|
|
|
|
|
|
46,640 |
|||
Interest expense – net |
|
|
|
|
|
|
473 |
|
|
473 |
||
Income before income taxes |
|
|
|
|
|
|
|
$ |
46,167 |
|||
|
|
|
|
|
|
|
|
|
First Half Ended, |
||||||||||||||||
|
||||||||||||||||
(thousands) |
|
Environmental
|
|
Oil Business |
|
Corporate and
|
|
Consolidated |
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Revenues |
|
|
|
|
|
|
|
|
||||||||
Service revenues |
|
$ |
109,706 |
|
$ |
8,026 |
|
$ |
— |
|
|
$ |
117,732 |
|
||
Product revenues |
|
|
21,374 |
|
|
|
72,443 |
|
|
|
— |
|
|
|
93,817 |
|
Rental income |
|
|
11,093 |
|
|
|
18 |
|
|
|
— |
|
|
|
11,111 |
|
Total revenues |
|
$ |
142,173 |
|
|
$ |
80,487 |
|
|
$ |
— |
|
|
$ |
222,660 |
|
Operating expenses |
|
|
|
|
|
|
|
|
||||||||
Operating costs |
|
|
102,999 |
|
|
|
52,100 |
|
|
|
— |
|
|
|
155,099 |
|
Operating depreciation and amortization |
|
|
4,008 |
|
|
|
3,058 |
|
|
|
— |
|
|
|
7,066 |
|
Profit (loss) before corporate selling, general, and administrative expenses |
|
$ |
35,166 |
|
|
$ |
25,329 |
|
|
$ |
— |
|
|
$ |
60,495 |
|
Selling, general, and administrative expenses |
|
|
|
|
|
|
25,228 |
|
|
|
25,228 |
|
||||
Depreciation and amortization from SG&A |
|
|
|
|
|
|
2,335 |
|
|
|
2,335 |
|
||||
Total selling, general, and administrative expenses |
|
|
|
|
|
$ |
27,563 |
|
|
$ |
27,563 |
|
||||
Other (income) - net |
|
|
|
|
|
|
(439 |
) |
|
|
(439 |
) |
||||
Operating income |
|
|
|
|
|
|
|
|
33,371 |
|
||||||
Interest expense – net |
|
|
|
|
|
|
501 |
|
|
|
501 |
|
||||
Income before income taxes |
|
|
|
|
|
|
|
$ |
32,870 |
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Reconciliation of our Net Income Determined in Accordance with |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
Second Quarter Ended, |
|
First Half Ended, |
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
(thousands) |
|
|
|
|
|
|
|
|
||||||||
Net income |
|
$ |
21,107 |
|
$ |
15,111 |
|
$ |
33,985 |
|
$ |
24,317 |
||||
|
|
|
|
|
|
|
|
|
||||||||
Interest expense – net |
|
|
250 |
|
|
|
177 |
|
|
|
473 |
|
|
|
501 |
|
|
|
|
|
|
|
|
|
|
||||||||
Provision for income taxes |
|
|
7,733 |
|
|
|
5,334 |
|
|
|
12,182 |
|
|
|
8,553 |
|
|
|
|
|
|
|
|
|
|
||||||||
Depreciation and amortization |
|
|
6,777 |
|
|
|
5,619 |
|
|
|
13,285 |
|
|
|
9,401 |
|
|
|
|
|
|
|
|
|
|
||||||||
EBITDA (a) |
|
$ |
35,867 |
|
|
$ |
26,241 |
|
|
$ |
59,925 |
|
|
$ |
42,772 |
|
|
|
|
|
|
|
|
|
|
||||||||
Non-cash compensation (b) |
|
|
1,292 |
|
|
|
1,668 |
|
|
|
2,785 |
|
|
|
2,886 |
|
|
|
|
|
|
|
|
|
|
||||||||
Loss on disposal of re-refinery assets (c) |
|
|
1,194 |
|
|
|
— |
|
|
|
1,194 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
||||||||
Costs associated with business acquisitions (d) |
|
|
823 |
|
|
|
— |
|
|
|
835 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
||||||||
Provision for civil action settlement (e) |
|
|
750 |
|
|
|
— |
|
|
|
750 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
||||||||
Adjusted EBITDA (f) |
|
$ |
39,926 |
|
|
$ |
27,909 |
|
|
$ |
65,489 |
|
|
$ |
45,658 |
|
(a) |
EBITDA represents net income before provision for income taxes, interest income, interest expense, depreciation and amortization. We have presented EBITDA because we consider it an important supplemental measure of our performance and believe it is frequently used by analysts, investors, our lenders, and other interested parties in the evaluation of companies in our industry. Management uses EBITDA as a measurement tool for evaluating our actual operating performance compared to budget and prior periods. Other companies in our industry may calculate EBITDA differently than we do. EBITDA is not a measure of performance under |
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|
|
|
|
|
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|
EBITDA does not reflect our cash expenditures, or future requirements, for capital expenditures or contractual commitments; |
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|
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EBITDA does not reflect interest expense or the cash requirements necessary to service interest or principal payments on our debt; |
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|
|
|
|
|
|
|
|
|
|
|
EBITDA does not reflect tax expense or the cash requirements necessary to pay for tax obligations; and |
|
|
|
|
||||||
|
||||||||||
Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and EBITDA does not reflect any cash requirements for such replacements. |
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|
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We compensate for these limitations by relying primarily on our |
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|
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(b) |
Non-cash compensation expenses which are recorded in SG&A. |
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|
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(c) |
Loss on disposal of assets related to our re-refinery operations. |
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|
|
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(d) |
Acquisition costs associated with the pending Patriot Environmental business acquisition which are recorded in SG&A. |
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|
|
|
|
|
|
|
|
|
|
|
(e) |
Civil action settlement accrual recorded in SG&A. |
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|
|
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(f) |
We have presented Adjusted EBITDA because we consider it an important supplemental measure of our performance and believe it may be used by analysts, investors, our lenders, and other interested parties in the evaluation of our performance. Other companies in our industry may calculate Adjusted EBITDA differently than we do. Adjusted EBITDA is not a measure of performance under |
Use of Non-GAAP Financial Measures |
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|
|
|
|
|
|
|
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Adjusted net earnings (loss) and adjusted net earnings (loss) per share are non-GAAP financial measures. Non-GAAP financial measures should be considered in addition to, but not as substitute for, financial measures prepared in accordance with GAAP. Management believes that adjusted net earnings (loss) and adjusted net earnings (loss) per share provide investors and management useful information about the earnings impact from certain non-routine items for the second quarter and first half year of 2022 compared to the second quarter and first half year of 2021. | ||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
Reconciliation of our Net Earnings (loss) and Net Earnings (loss) Per Share Determined in Accordance with |
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(In thousands, except per share data) |
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(Unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
Second Quarter Ended, |
|
First Half Ended, |
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|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
GAAP net earnings |
|
$ |
21,107 |
|
|
$ |
15,111 |
|
$ |
33,985 |
|
|
$ |
24,317 |
||
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Loss on disposal of re-refinery assets (a) |
|
|
1,194 |
|
|
|
— |
|
|
|
1,194 |
|
|
|
— |
|
Tax effect on disposal loss |
|
|
(318 |
) |
|
|
— |
|
|
|
(313 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
||||||||
Costs associated with business acquisitions (b) |
|
|
823 |
|
|
|
— |
|
|
|
835 |
|
|
|
— |
|
Tax effect on business acquisitions costs |
|
|
(219 |
) |
|
|
— |
|
|
|
(219 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
||||||||
Provision for civil action settlement (c) |
|
|
750 |
|
|
|
— |
|
|
|
750 |
|
|
|
— |
|
Tax effect on provision for settlement |
|
|
(200 |
) |
|
|
— |
|
|
|
(196 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Adjusted net earnings |
|
$ |
23,137 |
|
|
$ |
15,111 |
|
|
$ |
36,036 |
|
|
$ |
24,317 |
|
|
|
|
|
|
|
|
|
|
||||||||
GAAP diluted earnings per share |
|
$ |
0.89 |
|
|
$ |
0.64 |
|
|
$ |
1.44 |
|
|
$ |
1.03 |
|
|
|
|
|
|
|
|
|
|
||||||||
Loss on disposal of re-refinery assets per share |
|
|
0.05 |
|
|
|
— |
|
|
|
0.05 |
|
|
|
— |
|
Tax effect on loss on disposal per share |
|
|
(0.01 |
) |
|
|
— |
|
|
|
(0.01 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
||||||||
Costs associated with business acquisitions per share |
|
|
0.03 |
|
|
|
— |
|
|
|
0.04 |
|
|
|
— |
|
Tax effect on costs associated with business acquisitions per share |
|
|
(0.01 |
) |
|
|
— |
|
|
|
(0.01 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
||||||||
Provision for civil action settlement per share |
|
|
0.03 |
|
|
|
— |
|
|
|
0.03 |
|
|
|
— |
|
Tax effect on provision for civil action settlement per share |
|
|
(0.01 |
) |
|
|
— |
|
|
|
(0.01 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Adjusted diluted earnings per share |
|
$ |
0.97 |
|
|
$ |
0.64 |
|
|
$ |
1.52 |
|
|
$ |
1.03 |
|
|
|
|
|
|
|
|
|
|
(a) |
Loss on disposal of assets related to our re-refinery operations. |
(b) |
Acquisition costs associated with the pending Patriot Environmental business acquisition which are recorded in SG&A. |
(c) |
Civil action settlement accrual recorded in SG&A. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20220727006002/en/
Source:
FAQ
What were Heritage-Crystal Clean's earnings for the second quarter 2022?
How did Heritage-Crystal Clean's revenue perform in the second quarter 2022?
What is the operating margin for Heritage-Crystal Clean's Oil Business segment?