(Recasts; adds conference call details, 2008 forecast, share movement)
May 7 (Reuters) - Waste management company Clean Harbors Inc CLHB.O reported a 160 percent jump in quarterly earnings, boosted by strength in its technical and site services, and raised its 2008 revenue view, sending its shares up about 4 percent to a lifetime high.
Clean Harbors is also looking at potential acquisitions, Chief Executive Alan McKim said in a conference call.
“There is a diverse mix of healthy as well as some distressed assets on our radar screen. We are in the process of carefully evaluating candidates but we are going to be very selective as in the past,” McKim said.
The company, which had acquired environmental services company Universal Environmental Inc in March, said its recent public offering generated $173 million in proceeds and it already has $250 million in cash and cash equivalents.
The company, which competes with larger rival Waste Management Inc WMI.N, reported first-quarter earnings of $8.9 million, or 43 cents a share, compared with $3.4 million, or 17 cents a share, in the year-ago period.
Revenue rose 18 percent to $242.5 million.
Analysts were looking for earnings of 44 cents a share, before items, on revenue of $240.7 million, according to Reuters Estimates.
“While we are facing ongoing cost pressures related to fuel, healthcare and raw materials, we continued to be proactive with our fuel recovery surcharges and the implementation of price increases to offset some of these expenses,” McKim said in a statement.
For the second quarter, the company expects revenue of $260 million to $263 million. Analysts were expecting $271.7 million. Clean Harbors said it expects 2008 revenue to increase by 8 percent to 10 percent. It had previously forecast a 6 percent to 8 percent rise. Revenue for 2007 was $946.9 million.
It sees EBITDA growth in the range of 20 percent to 22 percent for the year, up from its prior view of 17 percent to 20 percent.
The company expects 2008 capital expenditure of $55 million to $60 million.
Shares of the Norwell, Massachusetts-based company rose to an all-time high of $67.97, before falling back to trade up 91 cents at $66.56 in noon trade on Nasdaq. (Reporting by Shradhha Sharma in Bangalore; Editing by Anil D‘Silva, Deepak Kannan)