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Harsco Corporation Reports Second Quarter 2013 Results

Stocks in this article: HSC

CAMP HILL, Pa., Aug. 8, 2013 (GLOBE NEWSWIRE) -- Diversified global industrial company Harsco Corporation (NYSE:HSC) today reported second quarter 2013 diluted earnings per share from continuing operations of $0.30, compared with $0.16 in the second quarter of 2012. Excluding special items, adjusted diluted earnings per share from continuing operations were $0.43 in the second quarter of 2012. There were no special items in the second quarter of 2013. (See the attached Non-GAAP Financial Measures tables for reconciliation of GAAP and adjusted results.)

CEO Comment

"Second quarter earnings per share were within our guidance range and driven by the performance of the Infrastructure, Rail and Industrial businesses," said Harsco President and CEO Patrick Decker. "The Metals & Minerals business, however, continues to face macro industry challenges and as a result, this business performed below our expectations.

"We are confident that we are taking the steps necessary to better position Harsco for financial and operational success," continued Mr. Decker. "At the same time, we are also aware of the need to achieve our goals more quickly and deliver more value to all of our stakeholders. To that end, we are executing a comprehensive simplification program that is focused on improving our operating model to increase our speed and ability to execute. We are also continuing to explore ways to optimize our portfolio of businesses to drive future growth. We believe that these initiatives are highly complementary and demonstrate our commitment to improving Harsco's financial profile and shareholder returns."

Harsco Corporation—Selected Second Quarter Results

($ in millions, except per share amounts)      
  2Q 13 2Q 12 % Change
Revenues  $ 760  $ 771 -1%
Operating income from continuing operations--GAAP  $ 51  $ 35 47%
Operating margin from continuing operations--GAAP 6.7% 4.5%  
Diluted EPS from continuing operations--GAAP  $ 0.30  $ 0.16 88%
Special items per diluted share  $ --   $ 0.27  
Adjusted operating income--excluding special items  $ 51  $ 58 -12%
Adjusted operating margin--excluding special items 6.7% 7.5%  
Diluted EPS from continuing operations--excluding special items  $ 0.30  $ 0.43 -30%
Return on invested capital (trailing 12 months) 4.6% 4.8%  

C onsolidated Second Quarter Operating Results

Total revenues declined 1 percent to $760 million, primarily due to lower Metals & Minerals volume in the face of continued end-market weakness. This was partially offset by volume growth in Infrastructure and Industrial.

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