Harsco Corp., which plans to relocate its Camp Hill headquarters to Philadelphia early next year, reported first-quarter revenue Tuesday from continuing operations of $453 million.
That represented a 1% increase from the prior quarter. Operating income from continuing operations was $8 million, and adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) totaled $49 million.
Founded in 1853, Harsco provides environmental solutions for industrial and specialty waste systems and technology for the rail sector. The company employs 12,000 in more than 30 countries.
“Despite Harsco facing a challenging operating environment marked by increased inflationary pressures, we met our first quarter guidance,” Chairman and CEO Nick Grasberger said in a release. “… As the global economy continues to grow and sustainability goals remain a focus, Harsco is poised to benefit as a leading provider of recycling and material re-use solutions within industrial markets.”
Underlying demand within most key markets – including the steel industry – is firm, he said. “The global steel market is in the process of rebalancing as a result of the Russia-Ukraine conflict, and we anticipate limited impacts over time given the diversity of our portfolio.
“Meanwhile, continued high inflation as well as supply-chain and labor-market tightness remain concerns, particularly in the U.S. Internal actions are underway to mitigate these impacts and we remain confident that each of our businesses is positioned to deliver operating results growth in 2022.”
Harsco has updated its 2022 guidance to reflect the challenges related to inflation – particularly in transportation and container costs – and ongoing labor-market tightness. It now expects to report $81 million to $96 million in operating income for the year.