Harsco Infrastructure on the up
09 August 2013
Scaffolding and rental company Harsco Infrastructure saw revenues grow 7% to $251 million in the second quarter of 2013, compared to the second quarter in 2012.
The company said this reflected improved volume for industrial services and rental equipment in some global regions. Foreign currency translation positively impacted revenues by $3 million.
Operating loss was $2 million, slightly better than the same period last year, which stood at $3 million loss. “This performance reflected a higher mix of lower margin revenues and continued softness in certain European countries,” explained a company spokesman.
Across the Harsco Corporation group revenues declined 1% to $760 million, primarily due to lower Metals & Minerals division volume in the face of continued end-market weakness. This was partially offset by volume growth in Infrastructure and Industrial, said the company. Operating income from continuing operations increased 47% to $51 million.
“Second quarter earnings per share were within our guidance range and driven by the performance of the Infrastructure, Rail and Industrial businesses,” said Patrick Decker, Harsco president and CEO. “The Metals & Minerals business, however, continues to face macro industry challenges and as a result, this business performed below our expectations.”
Mr Decker added that the company was taking the steps to better position it for financial and operational success.
“At the same time, we are also aware of the need to achieve our goals more quickly and deliver more value to all of our stakeholders. To that end, we are executing a comprehensive simplification programme that is focused on improving our operating model to increase our speed and ability to execute.”