HARSCO CORP

CIK:0000045876|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenues from continuing operations:
Total revenues	$ 549,803	$ 547,907
Costs and expenses from continuing operations:
Selling, general and administrative expenses	91,456	89,108
Research and development expenses	465	467
Other expense (income), net	12,861	4,291
Total costs and expenses	549,010	518,646
Operating income (loss) from continuing operations	793	29,261
Interest income	473	454
Interest expense	(27,833)	(26,574)
Facility fees and debt-related income (expense)	(2,294)	(2,612)
Defined benefit pension income (expense)	(3,936)	(5,201)
Income (loss) from continuing operations before income taxes and equity in income	(32,797)	(4,672)
Income tax benefit (expense) from continuing operations	24,387	(2,001)
Equity in income (loss) of unconsolidated entities, net	23	28
Income (loss) from continuing operations	(8,387)	(6,645)
Discontinued operations:
Income (loss) from discontinued businesses	(1,558)	(1,579)
Income tax benefit (expense) from discontinued businesses	407	412
Income (loss) from discontinued operations, net of tax	(1,151)	(1,167)
Net income (loss)	(9,538)	(7,812)
Less: Net loss (income) attributable to noncontrolling interests	(1,127)	(1,201)
Net income (loss) attributable to Enviri Corporation	(10,665)	(9,013)
Amounts attributable to Enviri Corporation common stockholders:
Income (loss) from continuing operations, net of tax	(9,514)	(7,846)
Income (loss) from discontinued operations, net of tax	(1,151)	(1,167)
Net income (loss) attributable to Enviri Corporation	$ (10,665)	$ (9,013)
Weighted-average shares of common stock outstanding (in shares)	82,291	80,331
Basic earnings (loss) per common share attributable to Enviri Corporation common stockholders:
Continuing operations (in dollars per share)	$ (0.12)	$ (0.10)
Discontinued operations (in dollars per share)	(0.01)	(0.01)
Basic earnings (loss) per share attributable to Enviri Corporation common stockholders (in dollars per share)	$ (0.13)	$ (0.11)
Diluted weighted-average shares of common stock outstanding (in shares)	82,291	80,331
Diluted earnings (loss) per common share attributable to Enviri Corporation common stockholders:
Continuing operations (in dollars per share)	$ (0.12)	$ (0.10)
Discontinued operations (in dollars per share)	(0.01)	(0.01)
Diluted earnings (loss) per share attributable to Enviri Corporation common stockholders (in dollars per share)	$ (0.13)	$ (0.11)
Product Revenues
Revenues from continuing operations:
Total revenues	$ 65,778	$ 71,444
Costs and expenses from continuing operations:
Cost of services and products sold	62,264	52,378
Service Revenues
Revenues from continuing operations:
Total revenues	484,025	476,463
Costs and expenses from continuing operations:
Cost of services and products sold	$ 381,964	$ 372,402

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities:
Net income (loss)	$ (9,538)	$ (7,812)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation	40,428	36,442
Amortization	7,844	7,403
Deferred income tax (benefit) expense	(30,161)	(2,823)
Equity in (income) loss of unconsolidated entities, net	(23)	(28)
Right-of-use assets	8,343	7,416
Stock-based compensation	2,329	4,044
Other, net	(1,675)	(637)
Changes in assets and liabilities, net of acquisitions and dispositions of businesses:
Accounts receivable	(16,334)	(13,124)
Inventories	7,387	(7,978)
Contract assets	(6,563)	6,456
Accounts payable	16,296	9,138
Accrued interest payable	(6,728)	(6,931)
Accrued compensation	8,048	(15,105)
Advances on contracts and other customer advances	688	(14,770)
Operating lease liabilities	(8,323)	(7,435)
Retirement plan liabilities, net	3,530	4,656
Other assets and liabilities	5,988	7,688
Net cash (used) provided by operating activities	21,536	6,600
Cash flows from investing activities:
Purchases of property, plant and equipment	(33,727)	(21,624)
Proceeds from sales of assets	1,950	1,447
Expenditures for intangible assets	(185)	(7)
Net proceeds (payments) from settlement of foreign currency forward exchange contracts	1,294	1,737
Net cash used by investing activities	(30,668)	(18,447)
Cash flows from financing activities:
Short-term borrowings, net	109	2,812
Borrowings and repayments under Revolving Credit Facility, net	31,000	30,000
Repayments of Term Loan	(1,250)	(1,250)
Cash paid for finance leases and other long-term debt	(5,548)	(4,158)
Stock-based compensation - Employee taxes paid	(16,252)	(1,277)
Net cash (used) provided by financing activities	8,059	26,127
Effect of exchange rate changes on cash and cash equivalents, including restricted cash	(2,799)	(9)
Net increase (decrease) in cash and cash equivalents, including restricted cash	(3,872)	14,271
Cash and cash equivalents, including restricted cash, at beginning of period	125,348	90,158
Cash and cash equivalents, including restricted cash, at end of period	121,476	104,429
Reconciliation of cash and cash equivalents and restricted cash reported in the Condensed Consolidated Balance Sheets:
Cash and cash equivalents	105,697	102,471
Restricted cash	15,779	1,958
Cash and cash equivalents, including restricted cash, at end of period	$ 121,476	$ 104,429

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 105,697	$ 103,671
Restricted cash	15,779	21,677
Trade accounts receivable, net	285,516	267,439
Other receivables	40,328	46,930
Inventories	173,276	180,548
Current portion of contract assets	32,217	26,968
Prepaid expenses	52,983	61,996
Other current assets	16,314	11,452
Total current assets	722,110	720,681
Property, plant and equipment, net	690,091	699,664
Right-of-use assets, net	133,073	132,323
Goodwill	753,858	758,680
Intangible assets, net	266,508	273,088
Retirement plan assets	55,740	55,743
Deferred income tax assets	24,142	11,419
Other assets	58,587	57,073
Total assets	2,704,109	2,708,671
Current liabilities:
Short-term borrowings	8,699	11,490
Current maturities of long-term debt	25,835	25,874
Accounts payable	257,326	239,650
Accrued compensation	74,804	67,331
Income taxes payable	5,006	4,083
Reserve for forward losses on contracts	56,743	61,037
Current portion of advances on contracts	8,825	7,982
Derivative liabilities	14,122	20,839
Current portion of operating lease liabilities	29,924	30,077
Other current liabilities	159,408	165,661
Total current liabilities	640,692	634,024
Long-term debt	1,556,751	1,530,309
Retirement plan liabilities	25,912	26,208
Operating lease liabilities	105,538	104,654
Environmental liabilities	38,019	38,256
Deferred tax liabilities	6,495	21,689
Other liabilities	55,791	57,944
Total liabilities	2,429,198	2,413,084
COMMITMENTS AND CONTINGENCIES
HARSCO CORPORATION STOCKHOLDERS' EQUITY
Common stock	152,334	149,519
Additional paid-in capital	272,950	273,436
Accumulated other comprehensive loss	(509,773)	(514,481)
Retained earnings	1,200,569	1,211,234
Treasury stock	(882,901)	(864,646)
Total Enviri Corporation stockholders’ equity	233,179	255,062
Noncontrolling interests	41,732	40,525
Total equity	274,911	295,587
Total liabilities and equity	$ 2,704,109	$ 2,708,671