By Kathryn Hardison
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.
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.
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 /