Record Performance in Clean Earth
Clean Earth achieved another record quarter in terms of EBITDA and EBITDA margin, with adjusted EBITDA increasing over 20% versus Q3 of last year and the EBITDA margin improving by over 300 basis points to 17.5%.
Strengthened Balance Sheet
The company improved its balance sheet through asset sales, achieving over $75 million in proceeds, and extended short-term credit facilities. Additionally, the company's sizable pension fund in the U.K. is now fully funded, achieved a year earlier than expected.
Positive Cash Flow from Clean Earth and Harsco Environmental
Despite challenges, Clean Earth and Harsco Environmental together generated approximately $50 million of free cash flow in the quarter, offsetting interest costs and other corporate items.