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Harsco Corp. has a market cap of $2.79 billion; its shares were traded at around $34.59 with a P/E ratio of 35 and P/S ratio of 0.9. The dividend yield of Harsco Corp. stocks is 2.3%. Harsco Corp. had an annual average earning growth of 0.2% over the past 10 years.
Highlight of Business Operations: · Net facilities discontinuance and restructuring expense, which includes property gains, costs for exit activities and termination benefits and other items, increased $2.2 million from the first quarter of 2010 due to the timing of certain expense recognition from the 2010 restructuring programs and a net reduction in contingent consideration adjustments. In the first quarter of 2011, this included favorable contingent consideration adjustments totaling $4.0 million compared with $8.3 million in the first quarter of 2010. For additional information regarding contingent consideration adjustments see Note 3. Acquisitions and Dispositions to the unaudited Condensed Consolidated Financial Statements included in Part I, Item 1, “Financial Statements.”
· The new 25-year joint venture relationship currently being finalized with TISCO and also subject to Chinese government approval, as announced in December 2010, will effectively address the environmentally beneficial processing and metal recovery of TISCO’s stainless and carbon steel slag production by-products across a range of potential commercial applications. The Company anticipates that the joint venture has the potential to generate new revenues of an estimated $30 million per year initially, ramping up to a projected run rate of approximately $50 million to $60 million per year when fully operational. Harsco and TISCO will respectively share a 60%-40% relationship in the partnership.
· The Company has substantially completed a comprehensive restructuring plan, which was announced in the fourth quarter of 2010, for the Harsco Infrastructure Segment. The Company anticipates pre-tax Harsco Infrastructure Segment benefits of approximately $43 million in 2011 from restructuring actions and fully annualized benefits of over $60 million beginning in 2012. The restructuring savings are expected to increase sequentially during each quarter of this year with the full annualized rate effective by the fourth quarter of the year. This sets the stage for improved results for this business starting in the second quarter of 2011 and, with some end-market improvement, a return to full-year profitability in 2012 and beyond. Additionally, during 2011 the Company expects to dispose of non-core product lines that are part of the restructuring program.
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