Posted on March 4, 2024
Philadelphia-based Enviri Corp., whose business units are Harsco Corp., Harsco Rail and Clean Earth, has reported a 2023 fourth quarter diluted loss per share from continuing operations of 17 cents. The company cites “strategic expenses and other unusual items” for the loss.
That per share figure compares with a fourth quarter 2022 generally accepted accounting principles (GAAP) diluted loss per share from continuing operations of 30 cents. Enviri says that quarterly loss resulted in part from “a $15 million intangible asset impairment within Harsco Environmental.”
The specialty waste and steel mill services provider says its GAAP operating income from continuing operations in last year’s fourth quarter was $28 million and its adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) figure was $73 million.
For the full year, Enviri has reported consolidated revenue from continuing operations of $2.07 billion in 2023. That compares with $1.89 billion of revenue in 2022. “The revenue increase for the year [is] attributable to higher volumes and pricing in both the Clean Earth and Harsco Environmental segments,” says the company.
The waste handling company has reported 2023 GAAP operating income from continuing operations of $111 million, which it says contrasts with an operating loss from continuing operations of $57 million in 2022. That year featured a Clean Earth non-cash goodwill impairment charge of $105 million, says Enviri.
“Enviri had a strong 2023, finishing the year with solid quarterly results and significant momentum in both Clean Earth and Harsco Environmental,” says Nick Grasberger, Enviri’s board chair and CEO. “Our results benefited from healthy end market demand and continuing operational excellence across our businesses.”
Continues the CEO, “Looking forward, we expect to maintain our strong business momentum and that our operating results will improve further in 2024, with Clean Earth again leading the way. In addition, we are pleased to see improving financial and operating trends in Rail, and our efforts to strengthen and sell the business remain ongoing.”
Enviri announced in late 2021 that it intended to sell its Harsco Rail subsidiary to focus on the “environmental solutions” aspects of its other two business units. The firm describes Harsco Rail as “a global supplier for railway track maintenance and construction.”
