Heritage-Crystal Clean has record quarter

HOFFMAN ESTATES - Heritage-Crystal Clean Inc. said its net income for the fourth quarter was a record $27.6 million, up significantly compared to net income of $18.1 million in the fourth quarter of fiscal year 2021.

For the full year, net income was $84.8 million, up from $61 million in 2021.

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

In 2022, the company generated $709 million in revenue compared to prior year revenue of $515 million, an increase of $194 million, or 37.6%.

The increase in revenue over the fourth quarter was mainly due to the continued reopening of the U.S. economy post the COVID-19 pandemic, the company said, as well as revenue from an acquisition made during the third quarter of fiscal 2022. The company experienced revenue increases across a majority of its service lines during the fourth quarter of fiscal 2022 when compared to the fourth quarter of 2021, it said.

"Due to the inflationary pressure we continue to face in various parts of our Environmental Services segment, we implemented another price increase in December of 2022," said President and CEO Brian Recatto. "Implementation of this increase should help improve our operating margin during 2023."