HARSCO Corporation announces operational result for Q1 2014

Harsco Corporation announced Q1 2014 results. Excluding special items, adjusted diluted earnings per share from continuing operations in the Q1 of 2014 were USD 0.16 compared with USD 0.09 in the Q1 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 USD 34 million above the Company’s guidance.

On a US GAAP basis, Q1 2014 diluted earnings per share from continuing operations were USD 0.14, which includes additional fees and costs related to the Infrastructure transaction. This compares with GAAP diluted earnings per share of USD 0.09 in the Q1 of 2013.

Mr David Everitt Interim CEO and board member of Harsco Corporation said that “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 Q1. 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 Mr Nick Grasberger as the next CEO of the Company. Mr Nick has been instrumental in driving positive change within our organization and has the skills and vision to take Harsco to the next level.”

Mr Everitt said that “Looking forward, our priorities remain unchanged, and include improving returns in Metals & Minerals, achieving growth inIndustrial, and adding to the major project pipeline in Rail. 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 H2 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.”