Harsco Corporation, a provider of equipment and services to rail and other industries, reported 2017 second quarter results, with operating income from continuing operations at $42 million and quarterly revenues up 7 percent to $395 million.
The Rail Segment’s revenues were up 24 percent to $62 million as a result of higher original equipment shipments, mainly to international customers.
“Q2 proved to be another strong quarter for Harsco,” said Harsco President and CEO Nick Grasberger. “Each business executed well and underlying market conditions were supportive in the quarter. As a result, our three businesses exceeded expectations in the second quarter."
“Looking forward, we expect our internal momentum to continue, which along with an improved market outlook within our Metals & Industrial businesses, lead us to raise our outlook for operating income and free cash flow for the year,” added Grasberger. “Beyond achieving these financial targets, we remain focused on developing our product and business capabilities and strengthening our returns. Lastly, we remain confident in the earnings potential of Harsco and our ability to create value for our shareholders in the future.”
The company's 2017 Outlook includes a full year operating income expected to range from $125 million to $140 million, compared to the previous guidance of $115 million to $130 million. For the Rail Segment 2017 Outlook, adjusted operating income is expected to modestly decline from 2016 as higher international demand for equipment and parts as well as Intelligent Solutions is likely to be offset by persistent weakness in the North American market.