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Operating Income Above Guidance due to Market Demand, Internal Execution and Timing
Metals & Minerals Improvement Plan ("Project Orion") Expected to Nearly Double Segment ROIC
Company Raising 2014 Outlook to Reflect Business Confidence and Metals & Minerals Improvement Plan
CAMP HILL, Pa., May 8, 2014 (GLOBE NEWSWIRE) -- Harsco Corporation (NYSE:HSC) today reported first quarter 2014 results. Excluding special items, adjusted diluted earnings per share from continuing operations in the first quarter of 2014 were $0.16 compared with $0.09 in the first quarter of 2013, which included results from the Company's Infrastructure segment that was divested during the fourth quarter of 2013. Adjusted operating income excluding special items was $34 million, above the Company's guidance.
On a U.S. GAAP ("GAAP") basis, first quarter 2014 diluted earnings per share from continuing operations were $0.14, which includes additional fees and costs related to the Infrastructure transaction. This compares with GAAP diluted earnings per share of $0.09 in the first quarter of 2013.
"The Harsco strategy is beginning to produce positive results and 2014 is off to a solid start, as all three operating segments performed above expectations in the first quarter," said Interim CEO and board member David Everitt. "I thank the entire Harsco team for its dedicated efforts through our continued transformation of the Company and our commitment to strengthen profitability and increase returns for our shareholders. Further, I am pleased with the leadership development within Harsco and the appointment of Nick Grasberger as the next CEO of the Company. Nick has been instrumental in driving positive change within our organization and has the skills and vision to take Harsco to the next level.
"Looking forward, our priorities remain unchanged, and include improving returns in Metals & Minerals, achieving growth in Industrial, and adding to the major project pipeline in Rail," continued Mr. Everitt. "A key component of our agenda is executing on the Metals & Minerals Improvement Plan. We believe this program will deliver significant rewards through improved efficiencies, market penetration and capital discipline. A portion of the anticipated benefits or savings will materialize in the second half of this year and we have raised our 2014 Outlook as a result. Further in the future, the performance of our Metals & Minerals will be enhanced by the far-reaching changes we are making within this organization. We believe these changes will lead to a significant improvement in business-unit ROIC in the coming years."