Harsco 3Q Income Plunges 75 Pct On Weak Demand

HARRISBURG, Pa. (AP) — Industrial services company Harsco Corp. said Thursday its third-quarter income plunged 75 percent, due to a one-time charge at its metals segment and falling demand at all three business segments.

The company said a stronger dollar, reduced global steel production and lower nonresidential construction all weighed on results at the company's business units.

But CEO Salvatore D. Fazzolari said the results could improve in coming quarters as steel production increases and the dollar continues to weaken, which raises overseas earnings.

The company also cut its full-year earnings forecast and issued a fourth-quarter guidance below analyst expectations.

Harsco said it earned $20.2 million, or 25 cents per share, in the three months ended Sept. 30. That's down from $80.3 million, or 95 cents per share, in the same quarter last year.

The results included a charge related to improper recording of revenue at the company's Harsco Metals business over a three-year period. Excluding this and other one-time items, the company earned 40 cents per share.