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American Ecology (ECOL) Releases 3rd Quarter Results and Revises Guidance
American Ecology released its third quarter results today. Operating income was 6.8 million, an increase of 3% from last year. Revenue was $41.1 million, an increase of 4% from last year. Gross profit decreased 2%, from $10.2 million this time last year to $10 million this year. However, the gross profit figure from last year included a large, one-time adjustment of $797,000 to closure and post-closure obligations, so the change isn’t as great as it first appears. Net income declined slightly. Last year, the figure was $4.5 million, or $0.25 per diluted share. This year, it decreased to $4.3 million, or $0.23 per diluted share.
American Ecology Chairman and CEO Stephen Romano commented on the results, saying
"While disposal volumes are up 15% year-to-date, delayed waste receipts from both government and private industry ‘event’ clean-up projects led to the first quarterly volume decline since the third quarter of 2006. Waste shipments are now back on track with multiple ongoing projects shipping in the fourth quarter."
Romano also commented on the Company’s new thermal desorption recycling service in Texas. "We are pleased with progress made in launching our new thermal desorption service for a broad spectrum of recyclable materials. While certain equipment modifications led to some downtime in the third quarter, we are now able to more efficiently process high moisture content material, delivering increased throughput capacity."
Based on those delayed waste receipts, the company is narrowing its guidance slightly, from $1.17 to $1.23 per diluted share to $1.17 to $1.20 per diluted share.
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