Harsco Shares Up 17% Despite 2Q Profit Loss, FY Adj EPS Outlook Cut

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By Kathryn Hardison

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Shares of Harsco Corp. climbed 17% to $5.61 on Tuesday despite the industrial services company’s second-quarter profit loss, which it said was brought on by extreme inflationary pressures.

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The company swung to a loss of $105.6 million, or $1.33 per share, compared with a profit of $13.4 million, or 17 cents per share, a year ago. The company also posted adjusted earnings in the recent period of 1 cent.

Chief Executive Nick Grasberger said the second-quarter results were heavily impacted by inflation. In its Clean Earth segment, Mr. Grasberger said the company is raising prices and reducing costs to offset challenges moving forward.

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Revenue rose to $481 million in the quarter.

The company also lowered its full-year outlook for adjusted earnings per share to be between zero cents and a loss of 13 cents, compared with its May guidance of a profit between 35 cents and 44 cents.

Shares were 66% lower for the year.

Write to Kathryn Hardison at [email protected]

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Credit: www.marketwatch.com /

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