Harsco Issues Q4 View; Tightens FY16 Adj. EPS Forecast - Quick Facts

(RTTNews) - Harsco Corp. (HSC), a provider of industrial services and engineered products, on Thursday said it expects fourth-quarter adjusted earnings per share of $0.06 to $0.11, compared with $0.11 recorded in the prior-year quarter.

On average, three analysts polled by Thomson Reuters expect earnings of $0.10 per share for the quarter. Analysts' estimates typically exclude special items.

Adjusted operating income for the quarter is estimated to be $20 million to $29 million, compared with $26 million in the prior-year quarter.

For fiscal 2016, the company now expects reported loss per share in the range of $0.76 to $0.85, compared to last year's earnings of $0.09. Adjusted earnings per share for the full year is now expected in the range of $0.36 to $0.45, compared to previously expected $0.33 to $0.49. This is in comparison to last year's adjusted earnings of $0.56 per share.

Analysts expect earnings of $0.42 per share for the year.

GAAP operating income for the full year is expected to range from $60 million to $69 million, compared with $89 million in 2015. Adjusted operating income is expected to range from $108 million to $117 million, compared to previous estimate of $105 million to $120 million. Last year's adjusted operating income was $135 million.

President and CEO Nick Grasberger said, "Looking ahead, our strategic priorities remain unchanged as we pursue initiatives to improve our market position and capital returns in each of our businesses, and we remain optimistic about our earnings potential as markets recover."