Harsco Corporation (NYSE: HSC) today reported fourth-quarter 2022 results. On a U.S. GAAP basis, fourth quarter of 2022 diluted loss per share from continuing operations was $0.30, after unusual items including restructuring costs and an intangible asset impairment within Harsco Environmental. Adjusted diluted earnings per share from continuing operations in the fourth quarter of 2022 were $0.01. These figures compare with fourth quarter of 2021 GAAP diluted earnings per share from continuing operations of $0.13 and adjusted diluted earnings per share from continuing operations of $0.22.
GAAP operating income from continuing operations for the fourth quarter of 2022 was $2 million. Adjusted EBITDA was $61 million in the quarter, compared to the Company's previously provided guidance range of $47 million to $54 million.
“Harsco delivered strong quarterly operating performance to finish 2022. We exited the year with positive momentum, driven in large part by the realization of cost efficiencies and commercial pricing initiatives, while benefiting from stabilizing market conditions," said Harsco CEO Nick Grasberger. “In particular, Clean Earth benefited from the continued implementation of initiatives that drove lower operating costs as well as incremental demand from infrastructure-related markets.
“Harsco Environmental results were aided by lower costs relative to expectations. I would like to thank our employees for their efforts through 2022, which began with unprecedented pressures related to inflation and the Russia-Ukraine conflict. Our resilience, adaptability through change and unwavering commitment to our customers enabled us to deliver against our objectives in the second half of the year.”
HSC shares grabbed 49 cents, or 6.1%, to $8.55.
