|
|
Harsco Corporation Other News
Harsco Reports 18% Increase in Second Quarter 2008 Diluted EPS and 16% Increase in Sales
Jul 30, 2008 11:28:19
HARRISBURG, PA (July 29, 2008) . . .Worldwide industrial services company Harsco Corporation (NYSE: HSC) today reported record second quarter 2008 results from continuing operations.
Second quarter 2008 diluted EPS from continuing operations was a record $1.07, up 18 percent from $0.91 in the second quarter of 2007. Income from continuing operations was a record $90.4 million, compared with $77.0 million last year, an increase of 17 percent. Overall operating margins were 13.3 percent, compared with 14.4 percent in the second quarter of last year. Second quarter sales totaled a record $1.1 billion, up 16 percent from sales of $946 million in the same period last year. The weaker U.S. dollar in relation to foreign currencies added approximately $58 million to second quarter sales and approximately $7.8 million in pre-tax income, but was also a factor in the Company’s increased fuel costs. The Company was particularly impacted during the quarter in its Mill Services Segment, which incurred net higher fuel costs of approximately $9 million over this time last year.
For the first six months of 2008, sales, income from continuing operations, and diluted earnings per share were all records. Income from continuing operations was $147.3 million, or $1.74 per diluted share, compared with income from continuing operations of $122.5 million, or $1.45 per diluted share in the first six months of 2007, an increase of 20 percent in both income and diluted EPS. Sales for the first six months of 2008 were $2.1 billion, an increase of 17 percent from $1.8 billion in the same period a year ago. Foreign currency translation increased first half sales by approximately $120 million, and contributed $14.2 million to pre-tax operating income. Here again, though, the weaker dollar contributed to an approximately $12 million year-over-year increase in net fuel costs for the Company’s Mill Services Segment.
Highlights:
Second quarter sales up 16 percent to a record $1.1 billion; diluted EPS from continuing operations up 18 percent to a record $1.07
Record performance led by 18 percent increase in operating income from Company’s Access Services Segment
Second quarter cash flow from operations a record $178 million, up 15 percent; cash from operations through the first half of 2008 exceeds $200 million for the first time
Company expects continued mid-teens EPS growth in 2008 second half, adjusts full-year 2008 guidance for diluted EPS from continuing operations from $3.45 to $3.55 to new range of $3.50 to $3.55
Related News
... Titaniun-Jewelry.com offers designs from ArtCarved, COGE, Diana Classic, Edward Mirell™, Formotion Watches, Orange County Choppers and Triton. ...View Full Article Read More
MarketWatch - Sep 24, 2008Sales of the company's tests for natural toxins increased by 12% in the quarter, led by increases in sales of test kits for histamine, aflatoxin, ...NEOGRead Original Story Read More
The online holiday shopping season kicked off on Black Friday and could provide a small bright spot in an otherwise dismal retail season. ...View Full Article Read More
|