Heritage-Crystal Clean reports financial results

ELGIN - Heritage-Crystal Clean Inc. said revenue for the first quarter of 2021 was $105.4 million compared to $107.3 million for the same quarter last year, a decrease of 1.8%.

Net income for the first quarter was $9.2 million compared to $5.3 million in the year earlier quarter. Overall operating margin jumped to 24.8% due to strong oil business segment results, the company said.

Heritage-Crystal Clean is a provider of parts cleaning, used oil re-refining, and hazardous and nonhazardous waste services, primarily focused on small and mid-sized customers.

"We are very pleased with the level of profitability achieved during the first quarter and realize it would not have been possible without the support of our loyal customers and the unrelenting efforts of our entire team," said President and CEO Brian Recatto.

The company paid off a $30 million loan during the quarter and had no debt outstanding at the end of the period under its revolving loan. It also had $46.7 million of cash on its balance sheet, the company said.