Harsco Corporation (HSC) Tops Q2 EPS by 5c

Harsco Corporation (NYSE: HSC) reported Q2 EPS of $0.15, $0.05 better than the analyst estimate of $0.10. Revenue for the quarter came in at $370 million versus the consensus estimate of $377.3 million.

“We were particularly pleased with the performance of Metals & Minerals in the second quarter,” said President and CEO Nick Grasberger. “The performance in Metals & Minerals reflects the structural and operational improvements completed over the past two years, strong execution against our key priorities and an improved market environment. Our second quarter results also benefited from lower than anticipated Corporate costs, and our Industrial business performed well in a challenging economic environment. As previously announced, our reported results were impacted by the recognition of expected losses on our SBB contracts in Rail. While we are disappointed with this outcome, our SBB development work is progressing and we expect to begin delivering key components under these contracts during the second-half of the year.”

Grasberger continued, “Looking forward, we expect the internal momentum to continue in our Metals & Minerals segment and believe that our businesses are well positioned to show significant operating leverage as key markets recover. Accordingly, we have raised our 2016 Outlook for adjusted operating income. As we enter the second-half of the year, our priorities are unchanged. We remain focused on achieving meaningful debt reduction during the year and will continue to pursue initiatives to strengthen the market positions and capital returns of our businesses. Finally, we are committed to rebalancing our business portfolio and realizing the embedded value within our businesses.”

For earnings history and earnings-related data on Harsco Corporation (HSC) click here.

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