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Harsco Corporation Reports Third Quarter 2013 Results

Stocks in this article: HSC

CAMP HILL, Pa., Nov. 7, 2013 (GLOBE NEWSWIRE) -- Diversified global industrial company Harsco Corporation (NYSE:HSC) today reported third quarter 2013 results. Including special items related to the Company's previously announced Infrastructure joint venture transaction of $3.09 per share, third quarter 2013 U.S. GAAP ("GAAP") diluted loss per share from continuing operations was $2.89. This compares with GAAP diluted earnings per share of $0.32 in the third quarter of 2012. Excluding special items, adjusted diluted earnings per share from continuing operations were $0.20 in the third quarter of 2013 and $0.39 in the third quarter of 2012. (See the attached Non-GAAP Financial Measures tables for reconciliation of GAAP and adjusted results.)

CEO Comment

"Our third quarter results were in line with our guidance, and cash flow generation was quite strong," said Harsco President and CEO Patrick Decker. "During the quarter we announced the first major step to transform Harsco through the sale of our Infrastructure business into a joint venture with Clayton, Dubilier & Rice. We are on track to close the transaction in the fourth quarter. The transaction will immediately strengthen our financial profile and increase our financial flexibility to pursue higher return, higher growth opportunities. Moreover, we believe our minority equity stake in the new, stronger infrastructure joint venture will create significant additional value for our shareholders.

"We are committed to strengthening Harsco's financial return profile and are confident that we are taking the necessary actions to achieve this goal," continued Mr. Decker. "In Metals & Minerals, we are executing initiatives to drive greater returns on capital and operating effectiveness across the business. In Rail, we are actively rebuilding our project backlog and are pleased to have recently announced our strategic entry into the influential European market with a significant contract win valued at $100 million."

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