08:15 AM EDT, 07/30/2024 (MT Newswires) -- Secure Energy Services ( SECYF ) , a waste management and energy infrastructure company that saw its shares fall 2.5% yesterday, reported Tuesday second quarter earnings that missed forecast, but raised its full-year 2024 adjusted EBITDA guidance.

The company booked a net income of $32 million, or $0.12 per share, compared to $34 million, or $0.11 per share a year ago. It said the higher EPS was a result of share buybacks over the past year reducing the weighted average shares outstanding in the quarter by 11%. But Capital IQ had forecast EPS (GAAP) of $0.14.

It said revenue (excluding oil purchase and resale) was $337 million, down from $353 million a year earlier. But total revenue was $2,552 million versus $1,782 million.

SES reported Adjusted EBITDA of $114 million ($0.43 per basic and diluted share) compared to $119 million (0.40 for both) a year ago. It beat Capital IQ's forecast for Q2 of $102.15 million.

"Strong second quarter results were driven by robust industry fundamentals, favorable weather conditions, and continued operational execution across our business units, resulting in double digit revenue growth on a same store sales basis," said Allen Gransch, president and CEO.

"We achieved significant milestones in our capital allocation strategy, repurchasing approximately 14% of our outstanding shares in the second quarter and reinforcing our commitment to enhancing shareholder value and effectively managing proceeds from dispositions. Year to date, we have invested $60 million into the business, advancing organic projects backed by solid commercial agreements and ensuring consistent cash flows for the Corporation. Additionally, we were pleased to close a strategic tuck-in acquisition in our metal recycling business, expanding our network into a new operating region, diversifying our supply base, and bolstering our processing capabilities and logistics strategies."

The company raised its full-year 2024 adjusted EBITDA guidance to a range of $470 million to $490 million from the previous estimate of $450 million to $465 million, citing the strong first half and its tuck in metal acquisition.

Secure Energy's share price fell 2.5% yesterday to $11.46.