Last $24.33 USD
Change Today -0.27 / -1.10%
Volume 383.5K
HSC On Other Exchanges
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Berlin
As of 8:04 PM 08/26/14 All times are local (Market data is delayed by at least 15 minutes).

harsco corp (HSC) Key Developments

Harsco Metals Cuts Around 50 Jobs and Plans to Close Manufacturing Facility

Birmingham will lose 50 or more jobs as Harsco Metals and Minerals plans to close their manufacturing facility in the city. The Harsco facility, located at 50th Street South, is just one of the corporation's 160 locations that can be found in thirty countries. The plant is scheduled to shutdown at the end of September or the very beginning of October.

Harsco Corporation Reports Unaudited Consolidated Earnings Results for Second Quarter and Six Months Ended June 30, 2014; Provides Earnings Outlook for the Third Quarter of 2014; Revised Earnings Outlook for the Full Year of 2014

Harsco Corporation reported unaudited consolidated earnings results for second quarter and six months ended June 30, 2014. For the quarter, the company’s total revenues were $534,577,000 against $759,736,000 a year ago. Operating income from continuing operations was $6,236,000 against $50,847,000 a year ago. Loss from continuing operations was $15,051,000 against income of $27,909,000 a year ago. Loss from continuing operations, net of tax attributable to company common stockholders was $15,065,000 against profit from continuing operations, net of tax attributable to company common stockholders of $24,331,000 a year ago. Net loss attributable to company common stockholders was $13,975,000 against net income attributable to company common stockholders of $23,798,000 a year ago. Basic and diluted loss per common share attributable to company common stockholders from continuing operations was $0.19 against basic and diluted earnings per common share attributable to company common stockholders from continuing operations of $0.30 a year ago. Basic and diluted loss per share attributable to company common stockholders was $0.17 against basic and diluted profit per common share attributable to company common stockholders of $0.29 a year ago. Net cash provided by operating activities was $46,921,000 against $52,954,000 a year ago. Purchases of property, plant and equipment was $41,732,000 against $66,458,000 a year ago. Excluding special items, adjusted diluted earnings per share from continuing operations in the second quarter of 2014 were $0.17. This compares with $0.30 in the second 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 $41 million against $51 million last year. For the six months, the company’s total revenues were $1,047,276,000 against $1,475,131,000 a year ago. Operating income from continuing operations was $38,575,000 against $76,632,000 a year ago. Loss from continuing operations was $2,107,000 against income from continuing operations of $37,378,000 a year ago. Loss from continuing operations, net of tax attributable to company common stockholders was $3,523,000 against profit from continuing operations, net of tax attributable to company common stockholders of $31,973,000 a year ago. Net loss attributable to company common stockholders was $2,836,000 against net income attributable to company common stockholders of $31,043,000 a year ago. Basic and diluted loss per common share attributable to company common stockholders from continuing operations was $0.04 against diluted earnings per share attributable to company common stockholders from continuing operations of $0.39 a year ago. Basic and diluted loss per share attributable to company common stockholders was $0.04 against basic and diluted profit per common share attributable to company common stockholders of $0.38 a year ago. Net cash provided by operating activities was $74,449,000 against $56,369,000 a year ago. Purchases of property, plant and equipment was $81,615,000 against $120,191,000 a year ago. For the full year, the company expects adjusted operating income in the range from $170 million to $180 million against previous range of $170 million to $185 million; free cash flow in the range of $35 million to $65 million increased from negative $15 million to positive $15 million. Net interest expense is forecasted to range from $43 million to $47 million; unchanged. Effective tax rate is expected to range from 31% to 33%; previously was 30% to 32%. Adjusted earnings per share is expected in the range of $0.92 to $1.04. For the third quarter of 2014, the company expects adjusted operating income in the range of $43 million to $48 million compared with $41 million in the prior-year quarter. The company expects adjusted earnings per share in the range of $0.26 to $0.31.

Harsco Corporation Announces Management Changes

Harsco Corporation announced the appointment of F. Nicholas Grasberger as the company's President and Chief Executive Officer, effective immediately. Mr. Grasberger succeeds David Everitt, who has been serving as Interim Chief Executive Officer since February 28, 2014. Mr. Everitt will continue as a member of the Board of Directors and has been elected to succeed Henry W. Knueppel as Non-Executive Chairman, effective immediately. Mr. Knueppel will continue to serve on the Board as an independent director. Mr. Grasberger, 50, joined Harsco in April 2013 as Senior Vice President and Chief Financial Officer and was appointed President and Chief Operating Officer on April 8, 2014. The company is continuing its search for a permanent CFO and Mr. Grasberger will continue to be designated as the company's principal financial officer pending the successful conclusion of this process. Prior to joining Harsco, Mr. Grasberger served as the Managing Director of the multinational Precision Polymers Division of Fenner Plc. Mr. Everitt has served as a member of the Harsco Board since 2010. He completed a distinguished 37-year career with Deere & Company in 2012, where he served as co-leader of Deere's operating group, the Agriculture and Turf Division.

Harsco Corporation Declares Regular Quarterly Cash Dividend, Payable on November 15, 2014

The Board of Directors of Harsco Corporation has declared a regular quarterly cash dividend of $0.205 per share, or $0.82 per share on an annualized basis, payable on November 15, 2014 to shareholders of record at the close of business on October 15, 2014.

Harsco Corporation to Report Q2, 2014 Results on Aug 07, 2014

Harsco Corporation announced that they will report Q2, 2014 results at 9:00 AM, Eastern Standard Time on Aug 07, 2014

 

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