Harsco Corp
F:HA7
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Harsco Corp
Harsco Corp. engages in the provision of industrial services and engineered products. The company is headquartered in Camp Hill, Pennsylvania and currently employs 12,000 full-time employees. The firm operates through two segments: Harsco Environmental and Harsco Clean Earth. The Harsco Environmental segment provides environmental services and material processing to the global steel and metals industries. This segment partners with its global customer base to deliver production-critical on-site operational support and resource recovery services, through management of its customers primary waste or byproduct streams. The company also provides zero-waste solutions for relevant waste or byproduct streams. Its Harsco Clean Earth segment provides processing and beneficial reuse solutions for hazardous wastes and soil and dredged materials. This segment also offers waste transportation, processing and services provider with a portfolio of disposal solutions for customers primarily across the industrial, retail and healthcare markets.
Harsco Corp. engages in the provision of industrial services and engineered products. The company is headquartered in Camp Hill, Pennsylvania and currently employs 12,000 full-time employees. The firm operates through two segments: Harsco Environmental and Harsco Clean Earth. The Harsco Environmental segment provides environmental services and material processing to the global steel and metals industries. This segment partners with its global customer base to deliver production-critical on-site operational support and resource recovery services, through management of its customers primary waste or byproduct streams. The company also provides zero-waste solutions for relevant waste or byproduct streams. Its Harsco Clean Earth segment provides processing and beneficial reuse solutions for hazardous wastes and soil and dredged materials. This segment also offers waste transportation, processing and services provider with a portfolio of disposal solutions for customers primarily across the industrial, retail and healthcare markets.
Strategic Review: Enviri is making progress on its strategic review and expects to conclude the process, including a potential Clean Earth sale, before year-end.
Q3 Performance: Third quarter revenue was $575 million and adjusted EBITDA was $74 million, both high for the year but below management’s earlier expectations.
Clean Earth Strength: Clean Earth delivered record quarterly results with revenue and earnings growing single digits, and margins exceeding 17%.
Rail Weakness: Rail segment demand for standard equipment and aftermarket parts remains weak, driving most of the Q3 shortfall and a lowered outlook for the year.
Guidance Cut: The company reduced its full-year EBITDA guidance midpoint by $27 million and free cash flow by $50 million, mostly due to ongoing rail weakness.
Harsco Environmental: Margins improved to 17% and free cash flow reached $30 million, but results were slightly lower than expected due to higher costs and lower new site contributions.
Cash Flow: Adjusted free cash flow for Q3 was $6 million, $20 million above Q2 and in line with expectations.
