Business

Heritage-Crystal Clean's third quarter revenue declines

Posted October 14, 2020 11:00 pm

ELGIN - Heritage-Crystal Clean Inc. Thursday said its third quarter revenue was $87.1 million, compared to $104.8 million for the same quarter of 2019, a decrease of 16.9%. The results were attributed to lower economic activity caused by the COVID-19 pandemic.

Heritage-Crystal Clean is a provider of parts cleaning, used oil re-refining and hazardous and nonhazardous waste services.

"While we continue to feel the impact of lower economic activity as a result of the COVID-19 pandemic, we experienced significant improvement in our business during the third quarter compared to the second quarter, which we believe was the low point of this pandemic driven downturn," President and CEO Brian Recatto said. "The initiatives we put in place to adjust our cost structure during the second quarter helped minimize the negative impact on our profitability during the third quarter."

The company's fiscal year third quarter ended Sept. 5.

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