Harsco Corp, operating more than a dozen divisions worldwide that offer high pressure gas cylinders and valves and heat exchangers among other services, has boosted its earnings forecast for the year after recording stirring third quarter results.
Total third quarter sales were up 20% at $927m, from $773m the previous year, while earnings from continuing operations totalled $70.3m – a rise of 30% from $54.2m a year ago.
With the Q3 results in and overall performance and outlook upbeat, Harsco increased its 2007 earnings guidance for the third time this year and now expects earnings of $2.93 to $2.97 per share. The company reported 2006 earnings of $2.21 per share from continuing operations.
Salvatore D. Fazzolari, president and chief financial officer who will become CEO as of 1st January 2008, described the outlook for the forthcoming year as ‘another year of growth – another record year’.
Adding the results of Harsco’s gas technologies business, which is now classified as a discontinued operation, per-share earnings totalled 91 cents. The gas technologies business, including the Taylor-Wharton operations, is the subject of divestment by the group and now in the closing stages, is expected to be sold before the end of 2007.