HSC - Harsco estimates Q2 operating results updates full year outlook
- Harsco ( NYSE: HSC ) expects Q2 GAAP operating loss from continuing operations to be between $95 and $97M including a non-cash goodwill impairment charge estimated at ~$100M.
- Adj. EBITDA is seen ranging between $47.5 to $50M.
- The company sees a FY22 U.S. GAAP operating loss from continuing operations to be between $51 and $61M including a non-cash goodwill impairment charge of ~$100M; adj. EBITDA within a range of $210 to $220M.
- Operational execution in Harsco Environmental (HE) was positive in the quarter and the business experienced sequential earnings growth; HE Q2 results are expected to be at the lower-end of prior implied guidance.
- Clean Earth adj. EBITDA is expected to be ~$5M or ~$12M below the mid-point of prior implied guidance.
- With the company implementing a cost reduction program along with efficiency initiatives focused on reducing transportation, procurement, and container expenditures, the actions are expected to deliver 2H22 benefits of $30M+.
- The company targets a longer-term CE EBITDA margin target of 15%.
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Harsco estimates Q2 operating results, updates full year outlook