Business

Heritage-Crystal Clean reports record quarter

Posted October 23, 2022 11:00 pm

HOFFMAN ESTATES - Heritage-Crystal Clean Inc. announced financial results for its fiscal year third quarter, which ended Sept. 10, including revenue of $172.2 million compared to $123.2 million for the same quarter of 2021, an increase of 39.8%.

Heritage-Crystal Clean is a provider of used oil re-refining, hazardous and nonhazardous waste disposal, manufacturing parts cleaning, and emergency and spill response.

Overall operating margin during the quarter increased by $12.3 million, or 31.6%, driven by growth in the Environmental Services segment and both growth and improved profitability in the Oil Business segment, compared to the third quarter of 2021, the company said.

Net income was a record high $23.2 million in the quarter, up 25.4% compared to net income of $18.5 million in the third quarter of 2021. Basic earnings per share were a record high of 98 cents for the quarter, an increase of 24.1% compared to 79 cents for the third quarter of 2021.

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