HARSCO CORPORATION REPORTS SECOND QUARTER 2015 RESULTS
August 5, 2015
FOR IMMEDIATE RELEASE
Harsco Corporation Reports Second Quarter 2015 Results
Camp Hill, PA (August 5, 2015) . . . Harsco Corporation (NYSE:HSC) today reported second quarter 2015 results. Diluted earnings per share from continuing operations in the second quarter of 2015 were $0.08. This result compares with adjusted diluted earnings per share of $0.19 in the second quarter of 2014. On a U.S. GAAP (“GAAP”) basis, second quarter 2014 diluted loss per share from continuing operations was $0.17 which included Project Orion severance and exited site costs, contract termination charges and other adjustments.
Operating income for the second quarter of 2015 was $36 million, which was above the guidance range of $30 million to $35 million provided by the Company. Also, the Company’s second quarter 2015 earnings included an equity loss of approximately $8 million ($0.06 per share after tax) from the Brand Energy joint venture, which was impacted by inter-company foreign currency (“FX”) losses.
“The second quarter was somewhat stronger than anticipated given favorable performance in Rail, and overall, our Q2 performance builds on the positive financial results reported in Q1,” said President and CEO Nick Grasberger. “Our Industrial business managed well through a challenging market environment and Metals & Minerals progressed against its key improvement initiatives. Looking forward, however, we now expect that the second half of the year will be more difficult than anticipated a few months ago. Sustained weakness in the metals and energy markets, along with site-exit costs and operating challenges at a few M&M locations in South America, lead us to lower our outlook for the balance of the year.”
“We remain confident in the internal progress and core strategies within each of our businesses. Industrial has improved its competitive position, while Rail is positioned to capitalize on numerous growth opportunities. In M&M, the initial improvement initiatives have fundamentally strengthened this business over the past year while we continue to evaluate further options to improve its returns. Overall, we see considerable value within the Harsco businesses and we remain focused on balancing our portfolio and achieving our financial targets.”
See attachment for full Earnings Release.
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