Customer focus is to be strengthened with the announcement of a new executive management team at Harsco Corporation.
The new committee will continue to expand the cross-market synergies among the Taylor-Wharton, Sherwood, Structural Composites Industries and American Welding and Tank brand names.
Vice president and controller, James Cline, will head the Harsco GasServe executive management team with Scott Boyd, vice president sales and marketing Industrial Gas Products, Donald Fabricy, vice president sales and marketing Propane Products, Hoyt Fitzsimmons, vice president and general manager Cryogenics, Michael Larsen, vice president and general manager American Welding and Tank and Kenneth Miller, vice president and general manager Structural Composites Industries.
The company has reported record quarter earnings with income from continuing operations up 35 per cent to $41.8 million from $31 million last year.
Second quarter sales were up 13 per cent to a record $696 million, compared with $618 million in the same period last year. For the first six months of 2005, sales, income from continuing operations, and diluted earnings per share were all records. Income from continuing operations was $64.9 million. Sales for the first six months of 2005 were $1.34 billion, an increase of 14 percent from sales of $1.17 billion in the same period a year ago.
Commenting on the company’s performance, Harsco chairman, president and CEO Derek Hathaway said: “We are very pleased with our strong second quarter and first half 2005 performance. Particularly encouraging is the balance of our three key growth platforms, Mill Services, Access Services and Engineered Products and Services, with all three reporting double-digit growth in sales and operating income although the Gas Technologies Segment performed below last year’s results.
“As we enter the second half of 2005, we anticipate the continuation of our overall growth, and have raised our full-year EPS guidance accordingly. Harsco’s business and geographic diversity serve our growth strategies well. Additionally, our strong cash flows will allow us to take advantage of the many opportunities we see ahead for market share growth.”
In the Gas Technologies segment, sales in the second quarter were up nine per cent to $90 million compared with $83 million last year. Operating income of $3.6 million was down 31 per cent from last year’s $5.3 million. Three of the segment’s five product lines posted higher sales and income in the quarter, including cylinders, composites and cryogenics but the positive performance was offset by below prior year performance from the valve and propane tank product lines.