UPDATE 1-Canada floods dampen Clean Harbors full-year outlook

Wed Aug 7, 2013 9:15am EDT
 
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* Expects 2013 rev of $3.50-$3.55 bln vs prior view of $3.62-$3.67 bln

* Second-quarter earnings per share 38 cents vs est 59 cents

* Shares fall 8 pct before the bell

Aug 7 (Reuters) - Environmental clean-up company Clean Harbors Inc cut its core earnings and revenue forecast for the year after flooding in western Canada reduced drilling activity in the region, sending its shares down 8 percent in trading before the bell.

Record floods in June wreaked havoc in Alberta, home to many of Canada's oil companies.

"The flooding in Canada affected both our industrial and field services segment and oil and gas field services segment," Chief Executive Alan McKim said.

The Norwell, Massachusetts-based company, which played a key role in cleaning up after the Gulf of Mexico oil spill in 2010, offers pipeline cleaning, material processing and hydroblasting services to the oil and gas industry.

Clean Harbors said it expects revenue of $3.50 billion to $3.55 billion in the year, down from the earlier forecast of $3.62 billion to $3.67 billion.

On an adjusted basis, earnings before interest, taxes, depreciation and amortization (EBITDA) are expected to be between $535 million and $545 million for the year. It had earlier forecast $605 million to $620 million.   Continued...