Harsco Corporation reported 2019 first quarter results, with operating income excluding unusual items at $42 million, up 14 percent compared to last year’s first quarter. Quarterly revenues increased 10 percent to $447 million compared to the same quarter last year.
The Rail Segment’s revenues were up 15 percent from the 2018 first quarter to $69 million. The increase was due to improved demand for original equipment from North American customers and higher after-market parts sales. Operating income for the quarter was $5 million compared with $2 million in last year’s quarter.
"Harsco delivered a strong start to 2019, highlighting the solid operational foundation we have in place and supported by healthy demand across the end markets we serve,” stated Nick Grasberger, Harsco chairman and CEO. “Revenues for the quarter increased 10 percent year-over-year driven by our Industrial and Rail performance.”
“Five years ago, we recognized the need to enhance our business model and begin adapting our portfolio to generate greater shareholder value,” added Grasberger. “Today, we announced two strategic transactions that will accelerate our transformation to a global market leader of environmental solutions. These transactions align with our strategy to decrease complexity of the portfolio, focus on less cyclical industries and pursue higher growth businesses with strong margins. Harsco will continue to optimize its portfolio to better position the Company to compete and drive value for our customers and shareholders.”