HARSCO CORPORATION REPORTS SECOND QUARTER 2018 RESULTS
Q2 GAAP Operating Income of $54 Million
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.
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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