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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 $0.43 in the second quarter of 2012. There were no special items in the second quarter of 2013. (See the attached Non-GAAP Financial Measures tables for reconciliation of GAAP and adjusted results.)
"Second quarter earnings per share were within our guidance range and driven by the performance of the Infrastructure, Rail and Industrial businesses," said Harsco President and CEO Patrick Decker. "The Metals & Minerals business, however, continues to face macro industry challenges and as a result, this business performed below our expectations.
"We are confident that we are taking the steps necessary to better position Harsco for financial and operational success," continued Mr. Decker. "At the same time, we are also aware of the need to achieve our goals more quickly and deliver more value to all of our stakeholders. To that end, we are executing a comprehensive simplification program that is focused on improving our operating model to increase our speed and ability to execute. We are also continuing to explore ways to optimize our portfolio of businesses to drive future growth. We believe that these initiatives are highly complementary and demonstrate our commitment to improving Harsco's financial profile and shareholder returns."
Harsco Corporation—Selected Second Quarter Results
($ in millions, except per share amounts)
Operating income from continuing operations--GAAP
Operating margin from continuing operations--GAAP
Diluted EPS from continuing operations--GAAP
Special items per diluted share
Adjusted operating income--excluding special items
Adjusted operating margin--excluding special items
Diluted EPS from continuing operations--excluding special items
Return on invested capital (trailing 12 months)
Consolidated 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.