US Ecology Reports Drop in Net Income for Second Quarter 2014

US Ecology reported late yesterday a drop in net income for the second quarter of this year, but also reported a significant increase in revenue compared to the same period last year. For the second quarter of this year, US Ecology had a net income of $6.9 million, down from a net income of $7.2 million in the same quarter last year. Revenue for the second quarter of this year, though, was up 44 percent—$66 million compared to $45.8 million in the same quarter of 2013. US Ecology is scheduled to hold a call with investors on its latest financial results today at 9 a.m. Interested parties can access the conference call by dialing 866-825-1709 or 617-213-8060 and using the passcode 12600771. The conference call will also be broadcast live on the company’s website at www.usecology.com.

US Ecology’s financial results for the second quarter of this year include the operations of EQ Holdings, Inc., an integrated environmental services company, which US Ecology purchased for approximately $465.9 million. “We estimate that EQ’s operations contributed approximately $0.02 of earnings per diluted share in the second quarter of 2014,” a US Ecology release says. “Continued operational excellence across US Ecology’s facilities delivered strong quarterly financial results," US Ecology President and Chief Executive Officer Jeff Feeler said in the release. "Increased waste volumes and revenues were driven by strong project-based Event Business and continued growth in our recurring Base Business. With the addition of EQ, our portfolio of high quality treatment and disposal assets has been expanded geographically while new complementary front-end field and industrial services have been added. Together our management team is actively engaged in integrating and unlocking the potential of this unique combination of assets."