CAMP HILL, Pa. (AP) Harsco Corp. said Wednesday that it lost money in its first quarter, a period in which it was burdened by a large restructuring charge.
The industrial services and engineered products company also lowered its second-quarter earnings outlook, saying the timing of a one-time gain may shift to the third quarter.
Its stock dropped 80 cents, or 3.6 percent, to $21.51 in midday trading. Over the past year, the shares have traded between $17.77 and $35.92.
Harsco lost $29.4 million, or 36 cents per share, for the period ended March 31. A year earlier it earned $11.4 million, or 14 cents per share.Excluding a restructuring charge of 41 cents per share and other one-time items, earnings were 7 cents per share. The performance beat the 4 cents per share that analysts polled by Fact Set expected. Revenue slipped 3 percent to $752.3 million from $779.1 million, pulled down by unfavorable foreign currency translation and lower sales in its infrastructure and metals and minerals segments. But the results topped Wall Street's forecast of $738.2 million. Harsco now expects second-quarter earnings of 32 cents to 38 cents per share. The Camp Hill, Pa. company said its revised guidance excludes a one-time gain of 4 cents per share related to its restructuring. Harsco said the gain may now occur in the third quarter, so it is taking it out of its second-quarter forecast. Analysts predict second-quarter earnings of 48 cents per share.
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