HARSCO have recently announced that Fourth quarter 2005 diluted earnings per share from continuing operations are $1.23, up 46 per cent on fourth quarter of 2004 with just $0.84 EPS.
Fourth quarter income from continuing operations was $51.9 million, compared with $35.0 million last year, an increase of 48 per cent. Fourth quarter sales totalled $733 million, up 3 per cent from sales of $711 million in the same period last year. Harsco reports that negative foreign currency translation reduced sales by $20 million and pre-tax income by $0.7 million in this years fourth quarter.
For the full year 2005, income from continuing operations was $156.8 million, or $3.73 per diluted share, compared with income from continuing operations of $113.5 million, or $2.73 per diluted share in 2004, an increase in income and diluted EPS of 38 percent and 37 percent respectively. Sales for the full year 2005 reached $2.77 billion, an increase of 11 percent from last year\\$quot;s sales of $2.50 billion. Positive foreign currency translation contributed approximately $15 million to sales in 2005 and approximately $3.0 million to pre-tax income.
Income from discontinued operations in 2005 was immaterial. Full year income from discontinued operations in 2004 was $7.7 million after-tax, or $0.18 per diluted share, principally from the previously reported favorable settlement of the Federal Excise Tax (FET) dispute, from which the Company received a cash payment refund of approximately $12.5 million in the fourth quarter of 2004. Including discontinued operations, 2005 full-year net income was $156.7 million, or $3.72 per diluted share, compared with full-year net income of $121.2 million, or $2.91 per diluted share in 2004.
Commenting on the Company\\$quot;s results, Harsco Chairman and Chief Executive Officer Derek C. Hathaway said, \\$quot;Our strong fourth quarter performance completed a year in which record operating results in sales, income, and diluted EPS were achieved, reflecting the successful execution of the Company\\$quot;s strategies for growing its industrial services and niche manufactured products businesses on a global scale.
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