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Last $11.26 USD
Change Today +0.63 / 5.93%
Volume 920.8K
As of 8:04 PM 08/28/15 All times are local (Market data is delayed by at least 15 minutes).

harsco corp (HSC) Key Developments

Harsco Corporation Reports Unaudited Consolidated Earnings Results for Second Quarter and Six Months Ended June 30, 2015; Revises Earnings Outlook for the Year Ending December 31, 2015; Provides Earnings Outlook for the Third Quarter of 2015

Harsco Corporation reported unaudited consolidated earnings results for second quarter and six months ended June 30, 2015. For the quarter, the company’s total revenues were $455,747,000 against $535,344,000 a year ago. Operating income from continuing operations was $35,729,000 against $8,694,000 a year ago. Income from continuing operations was $7,489,000 against loss of $13,688,000 a year ago. Income from continuing operations, net of tax attributable to company common stockholders was $6,302,000 or $0.08 per basic and diluted share against loss of $13,702,000 or $0.17 per basic and diluted share a year ago. Net income attributable to company common stockholders was $6,575,000 or $0.08 per basic and diluted share against loss of $12,612,000 or $0.16 per basic and diluted share a year ago. Net cash provided by operating activities was $34,745,000 against $47,846,000 a year ago. Purchases of property, plant and equipment was $31,616,000 against $42,657,000 a year ago. Maintenance of capital expenditures was $24,440,000 against $30,821,000 a year ago. Growth capital expenditures were $7,176,000 against $11,836,000 a year ago. Adjusted diluted earnings per share from continuing operations excluding special items were $0.08 against $0.19 a year ago. Adjusted operating income excluding special items was $35,729,000 against $42,571,000 a year ago. At the end of the second quarter, the company maintained net debt of approximately $876 million. Free cash flow was $10 million, declined $10 million versus the second quarter of 2014 as lower CapEx was offset by the change in cash earnings and the fact that prior year quarter included additional cash proceeds from the sale of infrastructure business. For the six months, the company’s total revenues were $907,326,000 against $1,047,827,000 a year ago. Operating income from continuing operations was $74,610,000 against $40,921,000 a year ago. Income from continuing operations was $23,725,000 against loss of $1,672,000 a year ago. Income from continuing operations, net of tax attributable to company common stockholders was $21,973,000 or $0.27 per basic and diluted share against loss of $3,088,000 or $0.04 per basic and diluted share a year ago. Net income attributable to company common stockholders was $21,839,000 or $0.27 per basic and diluted share against loss of $2,401,000 or $0.03 per basic and diluted share a year ago. Net cash provided by operating activities was $45,218,000 against $75,330,000 a year ago. Purchases of property, plant and equipment was $63,246,000 against $82,496,000 a year ago. Maintenance of capital expenditures was $43,445,000 against $56,781,000 a year ago. Growth capital expenditures were $19,801,000 against $25,715,000 a year ago. Adjusted diluted earnings per share from continuing operations excluding special items were $0.27 against $0.35 a year ago. Adjusted operating income excluding special items was $74,610,000 against $76,607,000 a year ago. For the year ending December 31, 2015, the company expects net cash provided by operating activities in the range of $205 million to $214 million. Capital expenditures expects in the range of $146 million to $136 million. Adjusted operating income for the full year is expected to range from $120 million to $135 million compared with $155 million in 2014 and a previous range of $145 million to $160 million. Free cash flow in the range of $60 million to $80 million; compared with $52 million in 2014 and a previous range of $75 million and $100 million. Net interest expense is forecasted to range from $48 million to $52 million; unchanged. Effective tax rate is expected to range from 42% to 44% before Brand Energy Joint Venture equity income; changed from 35% to 37%. Adjusted earnings per share for the full year in the range of $0.41 to $0.55 compared with $0.76 per share in 2014 and a previous range of $0.68 to $0.82. The company expects to improve free cash flow and EBITDA minus CapEx margins this year despite a $50 million negative effect on profit from market conditions. Capital budget is now expected to be between $135 million to $145 million as compared with $165 million to $170 million previously. For the third quarter of 2015, the company expects adjusted operating income of $20 million to $25 million. Adjusted earnings per share expects in the range of $0.05 to $0.09.

Harsco Corporation Seeks Acquisitions

Harsco Corporation (NYSE:HSC) is seeking acquisitions. Nick Grasberger, President and Chief Executive Officer, said, "We are also excited about the pipeline and possible acquisitions we've identified In terms of portfolio balance, we have committed much more growth capital over the past year to Rail and Industrial than to M&M. And our acquisition focus remains fixed on our manufacturing businesses."

Harsco Corporation to Report Q2, 2015 Results on Aug 05, 2015

Harsco Corporation announced that they will report Q2, 2015 results at 9:00 AM, Eastern Standard Time on Aug 05, 2015

Harsco Corporation, Q2 2015 Earnings Call, Aug 05, 2015

Harsco Corporation, Q2 2015 Earnings Call, Aug 05, 2015

Harsco Corporation Announces Board Changes

The employment of Richard E. Lundgren, Jr., Senior Vice President of Harsco Corporation and Group President of Harsco Metals & Minerals, ended July 16, 2015.

 

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Industry Analysis

HSC

Industry Average

Valuation HSC Industry Range
Price/Earnings 100.0x
Price/Sales 0.5x
Price/Book 3.4x
Price/Cash Flow 435.9x
TEV/Sales NM Not Meaningful
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