HARSCO CORPORATION REPORTS FOURTH QUARTER 2013 RESULTS
February 20, 2014
Harsco Corporation Reports Fourth Quarter 2013 Results
Operating Income in Line With Guidance, Excluding Special Items
Camp Hill, PA (February 20, 2014) . . . Harsco Corporation (NYSE: HSC) today reported fourth quarter 2013 results. Excluding special items and results from the Company’s Infrastructure segment that was divested during the quarter, adjusted diluted earnings per share from continuing operations in the fourth quarter of 2013 were $0.25 compared with $0.32 in the fourth quarter of 2012. Adjusted operating income, excluding special items, Infrastructure segment results, and corporate costs, was $39 million, in line with the Company’s guidance.
On a U.S. GAAP (“GAAP”) basis, fourth quarter 2013 diluted loss per share from continuing operations was $0.31, which includes charges related to the Infrastructure transaction as well as charges for certain special items related to operations. This compares with GAAP diluted loss per share of $3.27 in the fourth quarter of 2012, during which a $3.29 per share non-cash goodwill impairment charge was recorded.
“During 2013 we took several important steps that we believe will help position Harsco to achieve long-term growth, enhance profitability and increase shareholder value,” said Harsco President and CEO Patrick Decker. “In the fourth quarter our three operating units performed as expected and we achieved growth in both Metals & Minerals and Industrial. During the quarter we also completed the divestiture of our Infrastructure business, which delivered approximately $300 million in net cash proceeds and provides Harsco investors with an ongoing 29 percent equity interest in a stronger, combined business.
“As we outlined at our December Investor Day, Harsco’s 2014 agenda is focused on improving returns in Metals & Minerals; adding to our project pipeline in Rail; integrating our recent acquisition in Industrial; and building a leaner operating model. Our 2014 outlook includes double-digit growth in operating income from our three business segments as well as double-digit cash flow from operations. Our entire organization remains focused on achieving our goals and shaping a stronger future for Harsco. We look forward to executing on these objectives throughout 2014 and believe we are building the foundation necessary to achieve sustainable, top quartile returns for our shareholders.”
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