U.S. Ecology announced better than expected 3rd quarter results late yesterday, with positive net income and operating income. During the 3rd quarter, the company’s net income was $13.3 million, up from $10.3 million earned in the same period in 2013. Operating income was $26.8 million, up from $15.5 million in the third quarter last year. Treatment and disposal revenue increased 11 percent from the same period in the prior year, reflecting a 10 percent increase in Base Business and an 11 percent increase in project-based Event Business, the company said.
Much of the success was attributed to the recently acquired EQ sites. “Strong execution across US Ecology’s facilities, including the acquired EQ operations, delivered better than anticipated quarterly results,” President and CEO Jeff Feeler said in a statement. “In the legacy US Ecology business, continued strength in project-based Event Business and solid growth in our recurring Base Business drove year-over-year organic growth. The acquired EQ business performed consistent with expectations in aggregate in this seasonally high point of the year; fueled by strength in the environmental services group. All in, I cannot be more pleased with the collective effort of the team in this first full quarter of the combined company. We look forward to leveraging this unique combination of high quality treatment and disposal assets and complementary services provided by the acquisition of EQ.”