Harsco Corporation Reports Consolidated Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011; Provides Earnings Guidance for the First Quarter of 2012 and Reaffirms Earnings Guidance for the Year 2012
January 26, 2012 at 06:30 pm IST
Harsco Corporation reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2011. For the quarter, the company reported operating loss from continuing operations of $56,648,000, loss from continuing operations before income taxes and equity income of $67,845,000, loss from continuing operations of $92,720,000 or $1.14 per diluted share and net loss attributable to company of $92,468,000 or $1.14 per diluted share on total revenues of $792,730,000 compared with operating loss from continuing operations of $55,746,000, loss from continuing operations before income taxes and equity income of $68,311,000, loss from continuing operations of $49,210,000 or $0.62 per diluted share and net loss attributable to company of $51,122,000 or $0.63 per diluted share on total revenues of $757,351,000 for the same period a year ago. Net cash provided by operating activities of $108,669,000 and purchase of property, plant and equipments of $72,281,000 compared with net cash provided by operating activities of $165,447,000 and purchase of property, plant and equipments of $62,406,000 for the same period a year ago. Sales in the fourth quarter of 2011 increased approximately 5% to $793 million, compared with $757 million in the fourth quarter of last year. Foreign currency translation decreased sales in the fourth quarter of 2011 by approximately $5 million when compared with the fourth quarter of 2010.
For the full year, the company reported operating income from continuing operations of $87,649,000, income from continuing operations before income taxes and equity income of $41,665,000, loss from continuing operations of $7,493,000 or $0.12 per diluted share and net loss attributable to company of $11,510,000 or $0.14 per diluted share on total revenues of $3,302,740,000 compared with operating income from continuing operations of $78,431,000, income from continuing operations before income taxes and equity income of $20,476,000, income from continuing operations of $16,590,000 or $0.13 per diluted share and net income attributable to company of $6,754,000 or $0.08 per diluted share on total revenues of $3,038,678,000 for the same period a year ago. Net cash provided by operating activities of $298,776,000 and purchase of property, plant and equipments of $313,101,000 compared with net cash provided by operating activities of $401,427,000 and purchase of property, plant and equipments of $192,348,000 for the same period a year ago. Sales for the full year 2011 were $3.30 billion, an increase of almost 9% over 2010 sales of $3.04 billion. For the full year 2011 foreign currency translation increased sales by approximately $104 million and increased pre-tax income by approximately $4 million or $0.04 per diluted share, compared with the full year 2010 results.
The company gives initial guidance for the first quarter of 2012 in the range of $0.01 to $0.06 per diluted share from continuing operations, excluding carry-over restructuring charge. A much higher tax rate in the area of 50% is expected in the first quarter, this compares with 25% in the first quarter of 2011. The higher first quarter 2012 rate results from a lower UK tax benefit.
The company reaffirms earnings guidance for 2012 in the range of $1.55 to $1.70 per diluted share from continuing operations, excluding carry-over restructuring charge. The effective income tax rate for the full year 2012 is expected to be in the area of 27.5%.