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Harsco Profits Sink On Weak Construction Market

Stock quotes in this article: HSC  

HARRISBURG (AP) — Industrial service provider Harsco Corp. reported a steep drop in profit for the first quarter Thursday as the global financial crisis continued to erode construction projects and push steel production to historic lows.

Citing those difficulties, along with unfavorable currency exchange rates, the company slashed its full-year earnings guidance, sending shares lower in afternoon trading.

The company reported a first-quarter profit of $18.6 million, or 25 cents per share, down from $57 million, or 67 cents per share, in the same period last year. Revenue sank to $697 million from $988 million. ...

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