Harsco Slashes FY22 Outlook As Q1 Adj. EPS Miss Estimates

(RTTNews) - Harsco Corp. (HSC) reported Tuesday first-quarter net loss from continuing operations attributable to common stockholders of $7.33 million or $0.09 per share, wider than net loss of $1.57 million or $0.02 per share in the prior-year quarter.

Excluding items, adjusted loss per share from continuing operations was $0.01, compared to last year's adjusted earnings per share of $0.11.

Net loss attributable to common stockholders was $0.50 per share, compared to $0.00 per share last year.

Total revenues from continuing operations for the quarter increased 1 percent to $452.80 million from $447.27 million in the same quarter last year.

On average, six analysts polled by Thomson Reuters expected the company to report earnings of $0.04 per share on revenues of $447.13 million for the quarter. Analysts' estimates typically exclude special items.

The Company has updated its 2022 guidance to reflect heightened inflation challenges, related to transportation and container costs, as well as ongoing labor-market tightness.

Looking ahead to the second quarter, the company expects to reported results between a loss of $0.01 per share and a profit of $0.03 per share as well as adjusted earnings in a range of $0.07 to 0.11 per share, both from continuing operations.

For fiscal 2022, the company now projects earnings in a range of $0.02 to 0.10 per share and adjusted earnings in a range of $0.35 to 0.44 per share, both from continuing operations. Previously, the company expected earnings in a range of $0.15 to 0.32 per share and adjusted earnings in a range of $0.50 to 0.66 per share.

The Street is currently looking for earnings of $0.16 per share for the quarter and $0.57 per share for the year.