Harsco Slashes FY22 Outlook As Q2 Results Top Estimates

(RTTNews) - Harsco Corp. (HSC) reported Tuesday second-quarter net loss from continuing operations attributable to common stockholders of $106.70 million or $1.34 per share, compared to net income of $8.54 million or $0.11 per share in the prior-year quarter.

Excluding items, adjusted earnings per share from continuing operations was $0.01, compared to last year's $0.20.

Net loss attributable to common stockholders was $1.33 per share, compared to net income of $0.17 per share last year.

Total revenues from continuing operations for the quarter increased 3 percent to $481.05 million from $468.67 million in the same quarter last year.

On average, seven analysts polled by Thomson Reuters expected the company to report a loss of $0.01 per share on revenues of $465.77 million for the quarter. Analysts' estimates typically exclude special items.

The Company has updated its 2022 guidance to reflect heightened inflation challenges as well as the effects of foreign exchange translation.

Looking ahead to the third quarter, the company expects to report a loss in a range $0.10 to $0.16 per share and adjusted loss in a range $0.02 to $0.08 per share, both from continuing operations.

For fiscal 2022, the company now projects a loss in a range of $1.58 to $1.72 per share and adjusted loss in a range of $0.00 to 0.13 per share, both from continuing operations. Previously, the company expected earnings in a range of $0.02 to 0.10 per share and adjusted earnings in a range of $0.35 to 0.44 per share, both from continuing operations.

The Street is currently looking for earnings of $0.06 per share for the quarter and $0.01 per share for the year.

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