Consistent performance by Safety-Kleen helped parent company Clean Harbors edge past first quarter earnings expectations, according to co-CEO Eric Gerstenberg on an investor call last week.
Safety-Kleen managed to increase revenues by 5% from a year ago, even though the year got off to a challenging start, beset by extreme weather, according to media reports and stock exchange filings.
The company doubled the average price per gallon for oil collection, which had an impact on growth. It also optimized re-refinery operations, which included idling the California facility, according to co-CEO Mike Battles, who commented that the business was “recession resilient.”
In 2024, Safety-Kleen acquired Noble Oil Recycling, which collects used oil in the Eastern U.S. and rerefines it into vacuum gas oil, which also pushed volumes up and potentially offset the effects of idling a rerefinery in California.
“We think we’ve turned a corner,” said Battles.