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Mar 31, 2023
Harsco Q1 2023 Earnings Report
Reported strong first quarter results driven by steady demand and focused execution.
Key Takeaways
Harsco Corporation reported a 9% increase in first-quarter revenues from continuing operations, totaling $496 million. GAAP operating income was $29 million, and adjusted EBITDA reached $63 million, a 28% increase over the prior year. The company raised its full-year adjusted EBITDA guidance to between $260 million and $275 million.
First Quarter Revenues from Continuing Operations Totaled $496 Million, an Increase of 9 Percent Over the Prior-Year Quarter.
Q1 GAAP Operating Income from Continuing Operations of $29 Million.
Adjusted EBITDA from Continuing Operations in Q1 Totaled $63 million, an Increase of 28 Percent Over the Prior-Year Quarter.
Full Year 2023 Adjusted EBITDA Guidance Range Increased to Between $260 Million and $275 Million.
Harsco
Harsco
Harsco Revenue by Segment
Revenue by Segment
Harsco Environmental Revenue
CapyFin.com Forward Guidance
The Company has increased its 2023 guidance to reflect its positive business momentum and improved visibility in each of its businesses
Positive Outlook
- Harsco Environmental adjusted EBITDA is projected to be modestly above 2022 results.
- Higher services pricing, restructuring benefits, site improvement initiatives and new contracts are expected to be partially offset by FX translation impacts and lower commodity prices.
- Clean Earth adjusted EBITDA is expected to significantly increase versus 2022, as a result of higher services pricing as well as cost reduction and operational improvement actions, offsetting the impacts of continued labor-market and supply-chain (disposal) tightness.
- Corporate spending is anticipated to be higher relative to the prior year due to the normalization of certain expenditures, including travel and higher planned incentive compensation.
- Harsco Free Cash Flow is now projected to be within a range of $25 million to $45 million for the year.
Challenges Ahead
- FX translation impacts
- lower commodity prices
- continued labor-market tightness
- supply-chain (disposal) tightness
- Corporate spending is anticipated to be higher relative to the prior year due to the normalization of certain expenditures, including travel and higher planned incentive compensation.