- "Our overall business was similar to what we saw in the fourth quarter of 2009, although we experienced declines when compared to the first quarter last year," commented Chief Financial Officer, Jeff Feeler. "As expected, our Event Business was impacted as a result of the completed Honeywell Jersey City project. We estimate that the Honeywell Jersey City project contributed approximately $0.06 per share of earnings in the first quarter of 2009 that was not replaced in 2010. Our non-Honeywell Event business revenue was up almost 18% as compared with the same quarter last year. However, our Base business, while relatively flat with the fourth quarter, was lower than the same period last year consistent with the lag in our business to industrial production levels," Feeler concluded.
And, the business outlook:
Common sense implies that a stabilized and now growing economy, even if slowly, is positive news for both US Ecology and Clean Harbors. While pricing may remain competitive, the tide may be turning.
Disclosure: long CWST, BRK.B.
© 2010 Jeffrey Walkenhorst
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