Idaho-based environmental services provider US Ecology nearly tripled its net income in the second quarter of 2018, as earnings improved largely across the board.
Net income landed at $13.2 million ($0.60 per share) for the three-month period ended June 30, up from a flat $5 million ($0.23 per share) in the second quarter of 2017. The half-year numbers were also strong: $22.5 million in net income ($1.02 per share), versus $10.2 million ($0.47 per share).
Management attributed $0.08 per share of gain for the quarter to federal tax reform, according to the Aug. 2 earnings report.
The company brought in $136.9 million in revenue in the second quarter, up by more than $10 million from $126.1 million last year. The half-year result rose by $20 million, from $236.3 million to $256.9 million.
Adjusted earnings per share spiked by 61 percent, to $0.61.
US Ecology manages one of four active U.S. facilities licensed by the Nuclear Regulatory Commission for disposal of low-level radioactive waste, on the Department of Energy’s Hanford Site in Washington state. The business is kept within US Ecology’s Environmental Services segment, which for the quarter reported year-over-year revenue growth from $89.6 million to $99 million.
“This increase was driven by a 9 percent increase in treatment and disposal revenue and a 13 percent increase in transportation service revenue,” Chief Financial Officer Eric Gerratt said during the company’s quarterly earnings call. “Base business for the Environmental Services segment was up 13 percent compared to the second quarter last year and represented 81 percent of treatment and disposal revenue.”
Management retained its prior forecast for full-year earnings before interest, taxes, depreciation, and amortization, a range of $122 million to $128 million. Earnings per share are expected to come in from $2.15 to $2.34.
