Harsco Corp. (HSC) Misses Q2 EPS by 2c; Slashes Outlook

Harsco Corp. (NYSE: HSC) reported Q2 EPS of $0.08, $0.02 worse than the analyst estimate of $0.10. Revenue for the quarter came in at $456 million versus the consensus estimate of $468.6 million.

Harsco Corp. sees FY2015 EPS of $0.41-$0.55, versus prior guidance of $0.68-$0.82 and the consensus of $0.73.

"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."

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

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