Harsco Corp. (HSC, Financial) filed Quarterly Report for the period ended 2012-09-30.
Harsco Corporation has a market cap of $1.6 billion; its shares were traded at around $20.94 with a P/E ratio of 15.9 and P/S ratio of 0.5. The dividend yield of Harsco Corporation stocks is 4.1%. Harsco Corporation had an annual average earning growth of 3.9% over the past 10 years.
Diluted earnings per share from continuing operations for the third quarter of 2012 were $0.32 compared with $0.40 for the third quarter of 2011. For the first nine months of 2012, diluted earnings per share from continuing operations were $0.13 compared with $1.02 in the first nine months of 2011.
Longer-term, an example of the execution of the Company's strategy is the 25-year environmental solutions contract for on-site metal recovery in China that was awarded in July 2011 to the Company s previously announced venture with TISCO 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 venture has the potential to generate new revenues of an estimated $30 million per year initially, beginning after the start-up of operations in the fourth quarter of 2012, and ramping up to a projected run rate of approximately $50 million to $60 million per year when fully operational. The Company and TISCO will respectively share a 60%-40% relationship in the partnership and the Company consolidates the financial statements of the venture.
Cost of services and products sold for the third quarter of 2012 decreased $91.4 million or 13.6% from the third quarter of 2011. Cost of services and products sold for the first nine months of 2012 decreased $190.6 million or 9.8% from the first nine months of 2011. These decreases were higher than decreases in revenues for the same periods and were attributable to the following significant items:
The Company s net cash borrowings increased by $58.3 million in the first nine months of 2012, primarily to fund capital expenditures, principally in the Harsco Metals & Minerals Segment. The Company s debt to total capital ratio increased to 44.7% at September 30, 2012 from 42.7% at December 31, 2011. The increase at September 30, 2012 is primarily due to increased commercial paper borrowings and decreased total equity as a result of decreased retained earnings for the first nine months of 2012.
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Harsco Corporation has a market cap of $1.6 billion; its shares were traded at around $20.94 with a P/E ratio of 15.9 and P/S ratio of 0.5. The dividend yield of Harsco Corporation stocks is 4.1%. Harsco Corporation had an annual average earning growth of 3.9% over the past 10 years.
Highlight of Business Operations:
Revenues for the Company during the third quarter and first nine months of 2012 were $756.8 million and $2.3 billion, respectively, compared with $855.9 million and $2.5 billion, respectively, in the third quarter and first nine months of 2011. Foreign currency translation decreased revenues by $41.0 million and $115.3 million, respectively, for the third quarter and first nine months of 2012 in comparison with the third quarter and first nine months of 2011. Revenues from the Company's targeted growth markets (those outside North America and Western Europe) were approximately 26% in the first nine months of 2012 compared with 27% in first nine months of 2011.Diluted earnings per share from continuing operations for the third quarter of 2012 were $0.32 compared with $0.40 for the third quarter of 2011. For the first nine months of 2012, diluted earnings per share from continuing operations were $0.13 compared with $1.02 in the first nine months of 2011.
Longer-term, an example of the execution of the Company's strategy is the 25-year environmental solutions contract for on-site metal recovery in China that was awarded in July 2011 to the Company s previously announced venture with TISCO 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 venture has the potential to generate new revenues of an estimated $30 million per year initially, beginning after the start-up of operations in the fourth quarter of 2012, and ramping up to a projected run rate of approximately $50 million to $60 million per year when fully operational. The Company and TISCO will respectively share a 60%-40% relationship in the partnership and the Company consolidates the financial statements of the venture.
Cost of services and products sold for the third quarter of 2012 decreased $91.4 million or 13.6% from the third quarter of 2011. Cost of services and products sold for the first nine months of 2012 decreased $190.6 million or 9.8% from the first nine months of 2011. These decreases were higher than decreases in revenues for the same periods and were attributable to the following significant items:
The Company s net cash borrowings increased by $58.3 million in the first nine months of 2012, primarily to fund capital expenditures, principally in the Harsco Metals & Minerals Segment. The Company s debt to total capital ratio increased to 44.7% at September 30, 2012 from 42.7% at December 31, 2011. The increase at September 30, 2012 is primarily due to increased commercial paper borrowings and decreased total equity as a result of decreased retained earnings for the first nine months of 2012.
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