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# Clean Harbors' $120 Million Warehouse-Fire Job Is Upside, Not Baseline, Executives Say
- URL: https://www.bullished.co/clean-harbors-120-million-warehouse-fire-job-is-upside-not-baseline-executives-say-3c76c359/
- Published: 2026-10-28T14:47:27.000Z
- Updated: 2026-10-28T14:47:27.000Z
- Description: Management said big emergency jobs sit outside its planning models, and flagged about 30 basis points of 2027 margin headwind from acquisitions.
- Author: Matteo Parrino
- Tags: Earnings, CLH, Industry: Industrials

[Clean Harbors](https://www.bullished.co/tag/clh/), which collects, treats and disposes of hazardous waste across North America, booked about [$120 million](https://markets.ft.com/data/announce/detail?dockey=600-202610280730BIZWIRE%5FUSPRX%5F%5F%5F%5F20261028%5FBW315826-1&ref=bullished.co) of third-quarter revenue from one Los Angeles-area warehouse fire cleanup, Co-Chief Executive Officer Eric Gerstenberg said on the company's earnings call Wednesday. Executives told analysts such jobs are hard to forecast and are not in their planning models.

## A food warehouse, 75,000 tons of waste

Gerstenberg said the fire burned down half of a food transfer and distribution warehouse. Crews were on scene within 24 hours, facing more than 75,000 tons of frozen food waste that was deteriorating quickly, and finished the cleanup within the third quarter.

The job helped drive Environmental Services revenue up $220 million from a year earlier, with field services up more than 70%. The segment's adjusted EBITDA margin was 27.4%, up 60 basis points. A Bank of America analyst noted that figure included the emergency revenue; Chief Financial Officer Eric Dugas said the margin was "positively impacted" by these jobs.

Dugas said the segment beat the company's estimates by about $30 million. He put the large emergency job at half of that, "maybe a little more than half." He said the job is "pretty much completed," and that some of its work probably landed in the third quarter rather than the fourth, as had been expected three months earlier.

## Fourth quarter and 2027 assumptions

Dugas said guidance assumes no large-scale emergency events in the fourth quarter, and he guided Environmental Services to a 6% to 7% year-over-year increase against a tough comparison. The company raised its 2026 adjusted EBITDA outlook to $1.44 billion to $1.48 billion, with a $1.46 billion midpoint, $80 million above the prior midpoint.

Asked by a Wells Fargo analyst about 2027 margins, Dugas cited roughly 30 basis points of headwind from integrating acquisitions. On emergency work, he said the large jobs are "difficult to forecast" and "you can't assume they're going to happen again." He added that they would offer upside to whatever guidance comes in February.

Co-CEO Mike Battles said the company's planning guidelines include no large-scale emergency response events, which he called "upside to these models." Dugas described mid-single-digit growth in Environmental Services as a minimum guideline, not guidance.

## Record quarter, leadership change

Total revenue rose 21% to $1.87 billion, and adjusted EBITDA climbed 42% to $456 million. Earnings were $3.93 a share. The company's market value was $16.5 billion in Wednesday trading.

The company also announced that Gerstenberg becomes sole CEO on January 1, while Battles retires from his co-CEO role and board seat at year end.

Clean Harbors will give its 2027 guidance in February, when it reports fourth-quarter results.

### Sources

- [Compared to Estimates, Clean Harbors (CLH) Q3 Earnings: A Look at Key Metrics](https://finance.yahoo.com/markets/stocks/articles/compared-estimates-clean-harbors-clh-123004333.html?.tsrc=rss&ref=bullished.co) — Yahoo Finance
- [Clean Harbors (CLH) Q3 Earnings and Revenues Surpass Estimates](https://finance.yahoo.com/markets/stocks/articles/clean-harbors-clh-q3-earnings-123002520.html?.tsrc=rss&ref=bullished.co) — Yahoo Finance
- [Clean Harbors Announces Third-Quarter 2026 Financial Results – Company Announcement - FT.com](https://markets.ft.com/data/announce/detail?dockey=600-202610280730BIZWIRE%5FUSPRX%5F%5F%5F%5F20261028%5FBW315826-1&ref=bullished.co) — Financial Times
- [Clean Harbors (CLH) Broker Upgrades Raise The Question Of Whether Shares Are Fully Valued](https://sg.finance.yahoo.com/news/clean-harbors-clh-broker-upgrades-170849304.html?ref=bullished.co) — Yahoo Finance

### More on Clean Harbors

- [Clean Harbors Co-CEO Mike Battles To Retire At Year End, Leaving Eric Gerstenberg As Sole CEO](https://www.bullished.co/clean-harbors-co-ceo-mike-battles-to-retire-at-year-end-leaving-eric-gerstenberg-as-sole-e25b4987/)
- [Clean Harbors Raises 2026 Profit Outlook As Quarterly Net Income Climbs 75% To $208.1 Million](https://www.bullished.co/clean-harbors-raises-2026-profit-outlook-as-quarterly-net-income-climbs-75-to-208-1-f9b2ae8a/)

[All Clean Harbors (CLH) coverage →](https://www.bullished.co/tag/clh/)