Harsco Corp (HSC) 10-Q Quarterly Report Thu Aug 02 2018


•	Operating Income Excluding Unusual Items Increased 20 Percent Compared with the Prior-Year Quarter to $52 Million, Exceeding Guidance Due to Strong Performance in Industrial and Rail As Well As Lower Corporate Costs


•	Q2 Revenues Increased 9 Percent Compared with the Prior-Year Quarter


•	GAAP Diluted Earnings per Share Totaled $0.48, While Adjusted Diluted Earnings per Share Excluding Unusual Items Increased 64 Percent to $0.36


•	2018 Full-Year Adjusted Operating Income Guidance Increased to Between $175 Million to $185 Million; Compared with Prior Range of $165 Million to $180 Million

CAMP HILL, PA (August 2, 2018) - Harsco Corporation (NYSE: HSC) today reported second quarter 2018 results. On a U.S. GAAP ("GAAP") basis, second quarter of 2018 diluted earnings per share from continuing operations were $0.48, which included Altek Group acquisition costs, a non-cash deferred tax asset valuation allowance adjustment, expenses incurred to amend and reprice the Company's credit facilities and a Metals & Minerals expense accrual reversal. Excluding these items, diluted earnings per share from continuing operations in the second quarter of 2018 were $0.36. These figures compare with second quarter of 2017 GAAP and adjusted diluted earnings per share from continuing operations of $0.22.

GAAP operating income from continuing operations for the second quarter of 2018 was $54 million. Excluding the above unusual items, operating income for the second quarter of 2018 was $52 million, which exceeded the guidance range of $45 million to $50 million previously provided by the Company.

"The second quarter included a number of achievements and milestones for Harsco,” said President and CEO Nick Grasberger. “The company reached its highest level of quarterly profitability in a number of years and each segment delivered double-digit margins. In addition, the momentum across our businesses continued to strengthen, as evidenced by strong backlog growth within Rail and Industrial. The added market visibility and continued internal execution has enabled us to once again raise our guidance for the year.”

“We also continue to pursue a pipeline of growth opportunities across Harsco. During the quarter, we completed our first acquisition in Metals & Minerals in over a decade. Altek fits perfectly with our environmental solutions strategy and provides us a breakthrough innovation that expands Harsco’s capabilities in managing industrial waste into the aluminum industry. We are confident that our continued execution against our strategic priorities will enable Harsco to achieve its financial goals and create additional value for shareholders.”

The following information was filed by Harsco Corp (HSC) on Thursday, August 2, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

Please wait while we load the requested 10-Q report or click the link below:

https://last10k.com/sec-filings/report/45876/000004587618000126/hsc-06302018_10q.htm

View differences made from one quarter to another to evaluate Harsco Corp's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ) — *Sample 10-K Year-over-Year (YoY) Comparison*

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were ~~removed~~ , added and changed by Harsco Corp.

Continue

Assess how Harsco Corp's management team is paid from their Annual Proxy

Harsco Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:

Voting Procedures
Board Members
Executive Team
Salaries, Bonuses, Perks
Peers / Competitors

Continue

Rating
Learn More

Filter by Sentiment:

All

Positive

Negative

Filter by Category:

All

Revenue

M & A

Financial

Other

Filter by Subcategory:

All

Product

Expense

Earnings

Shares / Equity

Income

Debt

Other

Inside Harsco Corp's 10-Q Quarterly Report:

Revenue - Product Highlight
A favorable sales mix and higher prices led to increased operating income in the industrial grating businesses.

Revenue - Product Highlight
Higher overall volumes in the air-cooled heat exchanger business and a favorable product mix, resulting in increased operating income during the second quarter and first six months of 2018 compared with the same periods in prior year.
M & A - Other Highlight
The Company plans to redeploy discretionary cash on a disciplined basis for potential growth opportunities, such as organic growth through higher-return service contract opportunities in attractive markets and investments to strengthen the technical and applied product capabilities for the Harsco Metals & Minerals Segment, and strategic investments or possible acquisitions including in the Harsco Rail and Harsco Industrial Segments that improve competitive positioning in core growth and technology applications and adjacent markets.
Financial - Expense Highlight
Corporate spending is now expected to be consistent when compared with 2017, while interest expense is forecasted to decline meaningfully following the repricing of the Companys Senior Secured Credit Facility in both December 2017 and June 2018.
Revenue - Product Highlight
A more favorable mix and increased demand for after-market part sales increased operating income during the second quarter and first six months of 2018 compared with the same periods in the prior year.
Revenue - Product
Improved demand and a favorable...Read more
Revenue - Product
A less favorable mix of...Read more
Financial - Expense
Decreased selling, general and administrative...Read more
Other - Other
The Company expects to continue...Read more
Financial - Earnings
Diluted earnings per common share...Read more
Other - Other
A further discussion of these,...Read more
Financial - Expense
These change are primarily related...Read more
Revenue - Product
Markets served by the Harsco...Read more
Other - Other
Net cash used by investing...Read more
Other - Other
Net cash provided by financing...Read more
M & A - Other
The Company is also focused...Read more
Financial - Expense
Interest expense during the second...Read more
Other - Other
While the Companys remaining non-U.S....Read more
Financial - Shares / Equity
The extent to which the...Read more
Other - Other
The change primarily relates to...Read more
Financial - Income
Effective income tax rate for...Read more
Other - Other
The Harsco Industrial Segments air-cooled...Read more
Financial - Debt
Based on balances and covenants...Read more
Financial - Expense
Cost of services and products...Read more
Financial - Expense
Cost of services and products...Read more
Financial - Expense
Increased costs due to changes...Read more
Other - Other
Additionally, increased demand for metal...Read more
Revenue - Product
The Companys principal sources of...Read more
Revenue - Product
Revenues for both the second...Read more
Financial - Expense
Selling, general and administrative expenses...Read more
Financial - Expense
Selling, general and administrative expenses...Read more
Financial - Income
The net of new and...Read more
Revenue - Product
Revenues for the second quarter...Read more
Revenue - Product
Revenues for the first six...Read more
Financial - Income
Factors Negatively Impacting Operating Income:...Read more
Financial - Income
Factors Negatively Impacting Operating Income:...Read more
Financial - Income
Factors Negatively Impacting Operating Income:...Read more
Revenue - Product
The primary drivers for these...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Harsco Corp provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32: Section 1350 Certification

Ticker: HSC
CIK: 45876
Form Type: 10-Q Quarterly Report
Accession Number: 0000045876-18-000126
Submitted to the SEC: Thu Aug 02 2018 11:39:04 AM EST
Accepted by the SEC: Thu Aug 02 2018
Period: Saturday, June 30, 2018
Industry: Fabricated Structural Metal Products