HARSCO CORPORATION REPORTS FOURTH QUARTER AND FULL-YEAR 2017 RESULTS
Q4 GAAP Operating Income of $38 Million; Each Business Segment Contributed to Results That Exceeded Guidance Range
Q4 Revenues Increased 26 Percent Compared with the Prior-Year Quarter
Net Cash Provided by Operating Activities Totaled $94 Million in Q4 and $177 Million for 2017
Free Cash Flow Totaled $63 Million in Q4 and $93 Million for the Full-Year; Company's Credit Agreement Net Leverage Ratio Declined as a Result to 1.9x at Year-End
2018 GAAP and Adjusted Operating Income Expected to Increase to be Between $150 Million to $170 Million; Free Cash Flow Anticipated Within a Range of $80 Million and $100 Million
2018 GAAP and Adjusted Diluted Earnings Per Share Expected Between $0.97 and $1.14
CAMP HILL, PA (February 22, 2018) - Harsco Corporation (NYSE: HSC) today reported fourth quarter and full-year 2017 results. On a U.S. GAAP ("GAAP") basis, fourth quarter 2017 diluted loss per share from continuing operations was $0.42, which included expenses incurred to reprice the Company's outstanding term loan as previously disclosed and a provisional non-cash adjustment to the Company's deferred tax assets due to the impact of U.S. tax reform. Excluding these items, diluted earnings per share from continuing operations in the fourth quarter of 2017 were $0.20. These figures compare with fourth quarter of 2016 GAAP diluted loss per share from continuing operations of $0.19 and diluted earnings per share from continuing operations of $0.16, excluding unusual items such as early extinguishment of debt costs and a forward loss provision in Rail.
GAAP operating income from continuing operations for the fourth quarter of 2017 was $38 million, which exceeded the guidance range of $28 million to $33 million previously provided by the Company.
“We finished the year with a strong fourth quarter, and I’m pleased with our achievements in the year,” said President and CEO Nick Grasberger. “Execution of our strategic objectives along with positive market momentum led to a very successful year for Harsco. We exceeded the operating targets established at the beginning of the year, with positive contributions from each operating business. We also continued to generate strong cash flow, realized a meaningful improvement in our ROIC and further strengthened our financial flexibility.”
“We expect that 2018 will be another year of positive momentum for Harsco, with each business again expected to see a year-over-year improvement in underlying performance. Our strategic priorities remain focused on portfolio growth and development as well as serving our customers and operational excellence. We announced a number of growth investments over the past year and I’m very enthusiastic about the pipeline of
The following information was filed by Harsco Corp (HSC) on Thursday, February 22, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Ticker: HSC CIK: 45876 Form Type:10-K Annual Report Accession Number: 0000045876-18-000014 Submitted to the SEC: Thu Feb 22 2018 1:35:24 PM EST Accepted by the SEC: Thu Feb 22 2018 Period: Sunday, December 31, 2017 Industry: Fabricated Structural Metal Products