Heritage-Crystal Clean reports 32% revenue growth

ELGIN - Heritage-Crystal Clean Inc. Thursday reported financial results for its fiscal year first quarter, including revenue of $139.4 million, as compared to $105.4 million for the same quarter of 2021, an increase of 32.2%.

Net income for the quarter was $12.9 million compared to net income of $9.2 million in the year-ago period. Basic earnings per share were 55 cents compared to 39 cents in the first quarter of 2021.

The company said it is facing increased financial pressure as a result of higher disposal, transportation and container costs caused by extraordinarily high inflation.

"We are very pleased with the level of revenue growth we achieved during the quarter compared to 2021," said President and CEO Brian Recatto. "During the second quarter we are taking additional steps to help battle the unprecedented inflationary pressure we are experiencing in this (Environmental Services) segment."

Heritage-Crystal Clean provides manufacturing parts cleaning, used oil re-refining, and hazardous and nonhazardous waste disposal services, primarily focused on small and mid-sized customers.