Heritage-Crystal Results Top Estimate; To Buy FCC Environmental For $90 Mln

(RTTNews) - Heritage-Crystal Clean Inc (HCCI) Thursday reported third-quarter net earnings of $2.4 million or $0.13 per share compared with $1.3 million or $0.07 per share last year.

Revenues for the quarter were up 15.3% at $78 million compared with $67.6 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.10 per share on revenues of $76.8 million for the quarter. Analysts' estimates typically exclude special items.

Heritage-Crystal, based in Elgin, Illinois, provides industrial and hazardous waste services to small and mid-sized customers in the manufacturing and vehicle service sectors.

Also, the company said its subsidiary Heritage-Crystal Clean LLC acquired FCC Environmental from Spain-based Fomento de Construcciones y Contratas S.A. for $90 million.

FCC Environmental is an environmental services provider and a collector of used oil in the United States, and had sales of $160 million during fiscal 2013.

Heritage-Crystal expects the deal to be accretive in fiscal 2015. The deal provides the company an opportunity to capture synergies estimated to be $20 million annually once the integration is complete.