Business

Heritage-Crystal Clean sees revenue increase

Posted August 09, 2023 11:00 pm

HOFFMAN ESTATES - Heritage-Crystal Clean Inc. Wednesday announced financial results for the fiscal year second quarter, which ended June 30.

Beginning with its 2023 fiscal year, Heritage changed its financial reporting cycle to a calendar year-end and end-of-month quarterly reporting cycle. The second quarter of 2023 includes five additional working days as a result of the fiscal quarter change.

Revenue for the second quarter was $192 million compared to $157 million for the second quarter of 2022, an increase of 22.7%.

Heritage-Crystal Clean provides machine parts cleaning, hazardous and nonhazardous waste services, used oil re-refining, antifreeze recycling, industrial and field services, and emergency and spill response services.

Net income for the second quarter was $8.6 million compared to net income of $21.1 million in the year-ago quarter. Basic earnings per share were 36 cents compared to 90 cents in the year-ago quarter.

In July 19, the company announced that it is being taken private as it had entered into a definitive merger agreement to be acquired by an investment affiliate of J.F. Lehman & Co.

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