US Ecology sees FY18 at lower end of prior guidance after Grand View explosion
In a regulatory 8-K filing released yesterday, US Ecology stated that it is "refining its FY18 financial guidance as a result of an explosion at its Grand View waste facility that occurred on November 17, 2018. As a result of the incident, the entire Grand View waste facility is closed pending regulatory and internal investigations. While the facility is closed, we are re-routing waste to our other facilities wherever possible. Based on currently available information, we now expect that we will finish 2018 at the lower end of our previously issued guidance range, released on November 1, 2018, of adjusted EBITDA of $125 million to $130 million and adjusted earnings per share of $2.28 to $2.44. This guidance revision is based on available information as of the date of this filing. Through the first nine months of 2018, the Grand View facility contributed approximately 8% of total consolidated revenue and approximately 12% of total Environmental Services segment revenue."