* Q2 rev $447.2 mln vs est $419.7 mln
* Ups FY rev view to $1.84-$1.88 bln
* Shares hit life-time high (Rewrites, adds details from conference call; update shares)
BANGALORE, Aug 3 (Reuters) - Clean Harbors Inc indicated a strong year ahead as increasing drilling activity spurs demand for its waste management and cleaning services, and the company said it is scouting for private equity-funded companies for acquisitions .
Clean Harbors shares were up 9 percent at $56.32 in early afternoon trade on the New York Stock Exchange. They touched a life-high at $59.33 earlier in a session, while the sector sub-index was almost flat.
The rise in spending by oil and natural gas companies and new environmental requirements have helped companies such as Nalco Holding and Clean Harbors offset falling spending by municipalities — their traditional customers.
During the second quarter, the company’s oil & gas field services segment grew 40 percent as continued investments in gas and oil production in the US and Canada drove demand.
The company expects its participation in the Yellowstone River oil spill clean-up effort to add up about $15 million to its third-quarter revenue.
On June 3, a pipeline operated by Exxon Mobil Corp leaked as many as 1,000 barrels of crude oil into the Yellowstone River in Montana, and Clean Harbors was on-site assisting with the early remediation efforts.
Clean Harbors, which opened a solar facility, will continue to target additional alternative energy where it sees a strong return on investment, Chief Executive Alan McKim said on a conference call.
Demand for its services has encouraged the company to scout for acquisitions in the U.S. and Canada, and the Norwell, Massachusetts-based company said it is evaluating a number of potential opportunities.
In June, the company had failed to buy Badger Daylighting , as the offer did not win enough support from the target company’s shareholders.
“We see a number of private equity-funded companies that are 4-to-5 year invested now and looking to find a liquidity event and we are participating in a number of those opportunities today,” McKim said during the call.
In May, McKim had told Reuters that the company will look at deals in the waste disposal business in North America and expects to seal more deals by the third quarter .
The company, which in April agreed to buy Peak Energy Services Ltd , revised its full-year revenue outlook to $1.84-$1.88 billion, up from $1.62-$1.67 billion earlier.
An average forecast by analysts was for revenue of $1.72 billion, according to Thomson Reuters I/B/E/S.
For April-June, the company posted a net profit of $29.1 million, or 55 cents a share, compared with analysts’ estimates of 42 cents a share. (Reporting by Vaishnavi Bala in Bangalore; Editing by Joyjeet Das and Sriraj Kalluvila)