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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.
Revenue by Segment
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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