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posted: 3/2/2021 2:11 PM

Business slowdown impacts Heritage-Crystal Clean

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ELGIN -- Heritage-Crystal Clean Inc. reported financial results for fiscal year 2020, saying it generated $406 million of revenue compared to 2019 revenue of $444.4 million, a decrease of $38.4 million, or 8.7%.

Heritage-Crystal Clean provides parts cleaning, hazardous and nonhazardous waste services, used oil re-refining, antifreeze recycling and field services primarily focused on small and mid-size customers.

Lower revenue was primarily the result of the negative impact of the COVID-19 pandemic and related shelter-in-place orders, the company said.

Since experiencing a 24.3% revenue decline on a year-over-year basis during the second quarter, amid the depths of the pandemic, the company's year-over-year revenue deficit shrank to 16.9% in the third quarter and only 4.9% in the fourth quarter, Heritage-Crystal Clean said.

"We are pleased that since the middle of the second quarter we have continually improved our year-over-year performance on both a revenue and operating margin basis despite the continued challenges posed by the impact of the COVID-19 pandemic on our business and our customers," said President and CEO Brian Recatto.