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Harsco Corp. Raises Earnings Guidance; Announces Acquisition Of Clean Earth

Harsco Corp. (HSC) said the company delivered a strong start to 2019, with revenues rising 10 percent year-over-year driven by its Industrial and Rail performance. As a result of the positive momentum, the company raised its fiscal 2019 earnings guidance.

For 2019, adjusted earnings per share from continuing operations is now projected in the range of $1.35 to $1.53; compared with $1.29 to $1.47 previously. Analysts polled by Thomson Reuters expect the company to report profit per share of $1.39. Analysts' estimates typically exclude special items.

For the second-quarter, the company expects adjusted earnings per share from continuing operations of $0.35 to $0.40. Analysts expect the company to report profit per share of $0.39.

For the first-quarter, excluding special items, earnings per share from continuing operations were $0.29 compared to $0.22, prior year. On average, 3 analysts polled by Thomson Reuters expected the company to report profit per share of $0.23 for the quarter. Total revenues were $447 million, an increase of 10 percent compared with the prior-year quarter. Analysts expected revenue of $443.51 million, for the quarter.

Separately, Harsco has announced a deal to acquire Clean Earth, Inc. from Compass Group Diversified Holdings LLC and certain other minority stockholders for $625 million. Headquartered in Hatboro, PA, Clean Earth is one of the largest specialty waste processing companies in the U.S.

Also, Harsco has entered into a definitive agreement to sell its Air-X-Changers business to Chart Industries, Inc. (GTLS) for $592 million. The company will use the proceeds to pay down debt.

"The strategic acquisition of Clean Earth, the addition of ALTEK Group in May 2018, and the exit of certain businesses, together bring us closer to realizing our vision of becoming a global market leader and provider of environmental solutions to a variety of industries," said CEO Nick Grasberger.

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