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Nick Grasberger, Harsco President and CEO, to Lead Metals & Minerals on an Interim Basis; Company Announces Q2 Earnings Guidance
07/20/2015 - Harsco Corporation announced that Nicholas Grasberger, the Company's President and Chief Executive Officer and member of the Board of Directors, will assume the leadership of the Harsco Metals & Minerals segment on an interim basis effective immediately, following the departure of Metals & Minerals President Richard Lundgren to pursue other opportunities.
A search to find a permanent replacement will commence immediately.
"I want to thank Rick for his contributions, especially with regard to the successful execution of Project Orion," said Mr. Grasberger. "Together with his team, Rick helped lead the group through an important transformation, including streamlining operations, cutting costs and enhancing customer relationships. With the progress from Project Orion beginning to take hold, we still have more opportunity ahead. The entire Harsco executive team is committed to achieving our goals and several key members will be joining me in taking on a more active role in aiding and overseeing our Metals & Minerals operations."
Second Quarter and Full Year Update
The Company reaffirmed its key second quarter 2015 earnings guidance of adjusted operating income of $30 million to $35 million and adjusted earnings per share of $0.06 to $0.12. During the quarter, Rail performed strongly and offset challenges within Metals & Minerals, where results did improve compared with the preceding quarter. Meanwhile, performance in the Industrial segment reflected the internal initiatives being taken to manage through reduced activity among key energy customers. Looking forward, the Company anticipates that certain macro-economic factors and developments could present some business uncertainty for the remainder of the year. These external challenges, which impact a number of the Company's businesses, include weak global steel demand, lower metal prices and uncertainty related to U.S. energy capital spending. The Company plans to provide a thorough update when it reports Q2 2015 results in early August.
Harsco's diversified services and engineered products serve major industries that are fundamental to worldwide economic progress, including steel and metals production, railways and energy. Harsco's common stock is a component of the S&P SmallCap 600 Index and the Russell 2000 Index. Additional information can be found at www.harsco.com.
"I want to thank Rick for his contributions, especially with regard to the successful execution of Project Orion," said Mr. Grasberger. "Together with his team, Rick helped lead the group through an important transformation, including streamlining operations, cutting costs and enhancing customer relationships. With the progress from Project Orion beginning to take hold, we still have more opportunity ahead. The entire Harsco executive team is committed to achieving our goals and several key members will be joining me in taking on a more active role in aiding and overseeing our Metals & Minerals operations."
Second Quarter and Full Year Update
The Company reaffirmed its key second quarter 2015 earnings guidance of adjusted operating income of $30 million to $35 million and adjusted earnings per share of $0.06 to $0.12. During the quarter, Rail performed strongly and offset challenges within Metals & Minerals, where results did improve compared with the preceding quarter. Meanwhile, performance in the Industrial segment reflected the internal initiatives being taken to manage through reduced activity among key energy customers. Looking forward, the Company anticipates that certain macro-economic factors and developments could present some business uncertainty for the remainder of the year. These external challenges, which impact a number of the Company's businesses, include weak global steel demand, lower metal prices and uncertainty related to U.S. energy capital spending. The Company plans to provide a thorough update when it reports Q2 2015 results in early August.
Harsco's diversified services and engineered products serve major industries that are fundamental to worldwide economic progress, including steel and metals production, railways and energy. Harsco's common stock is a component of the S&P SmallCap 600 Index and the Russell 2000 Index. Additional information can be found at www.harsco.com.
