Loading...
•
Jun 30, 2020
Harsco Q2 2020 Earnings Report
Reported a GAAP loss of $10 Million or $0.14 Per Share; Adjusted Earnings Per Share of $0.13; Adjusted EBITDA Totaled $59 Million; Net Cash Provided by Operating Activities of $33 Million; Free Cash Flow Totaled $18 Million.
Key Takeaways
Harsco Corporation reported a GAAP loss of $10 million, or $0.14 per share, for the second quarter of 2020. However, adjusted earnings per share were $0.13. The company's adjusted EBITDA totaled $59 million. Net cash provided by operating activities was $33 million, and free cash flow totaled $18 million.
Second Quarter GAAP Loss of $10 Million or $0.14 Per Share Including Anticipated Acquisition, Integration and Financing Costs; Adjusted Earnings Per Share of $0.13
Adjusted EBITDA Totaled $59 Million, Highlighting Positive Operational and Cost Performance While Facing COVID-19 Headwinds, as Well as Timing of Expenditures and Acquisition Contributions
Net Cash Provided by Operating Activities of $33 Million in Q2; Free Cash Flow Totaled $18 Million Driven by Actions to Lower Capital Spending as Well as Working Capital Initiatives
Company Net Leverage Ratio of 3.9x and Liquidity Position Exceeded $390 Million at Quarter-End
Harsco
Harsco
Forward Guidance
Harsco anticipates that its revenues in the third quarter will increase relative to the second quarter of 2020. However, the Company believes that its third quarter adjusted EBITDA will be slightly below second quarter 2020 results.
Positive Outlook
- Revenues in the third quarter will increase relative to the second quarter of 2020.
- Some modest improvement in end-markets during the third quarter
Challenges Ahead
- Third quarter adjusted EBITDA will be slightly below second quarter 2020 results.
- Timing of certain expenditures which were less impactful on the Company's second quarter 2020 results.