Business

Heritage-Crystal Clean reports revenue growth

Posted May 09, 2023 11:00 pm

HOFFMAN ESTATES - Heritage-Crystal Clean Inc. reported its fiscal year first quarter financial results, including revenue of $193.5 million, as compared to $139.4 million for the same quarter in 2022, an increase of 38.8%.

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

Net income for the first quarter was $16.6 million compared to net income of $12.9 million in the year-ago quarter. Basic earnings per share were 70 cents compared to 55 cents in the same period last year.

"We are pleased by the fact that during the first quarter, despite a sequentially declining base oil netback, and intentionally running our re-refinery at slower rates due to soft base oil demand, we were still able to produce what would have been considered a record operating margin percentage only two years ago," said President and CEO Brian Recatto.

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