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Stock Market & Financial Investment News

News Breaks
July 31, 2014
09:10 EDTHSCHarsco appoints COO Grasberger as CEO, Everitt elected chairman
Harsco announced the completion of its previously announced executive leadership plans with the appointment of F. Nicholas Grasberger as the company's president and CEO, effective immediately. Grasberger succeeds David Everitt, who has been serving as Interim CEO since February 28. Everitt will continue as a member of the board and has been elected to succeed Henry W. Knueppel as non-executive chairman, effective immediately. Knueppel will continue to serve on the board as an independent director.
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September 16, 2014
08:17 EDTHSCHarsco sees FY14 adjusted EPS 92c-$1.04, consensus 96c
Sees 2014 adjusted operating profit +10%-20% vs. 2013 at $170M-$180M. Sees FY14 free cash flow $35M-$65M, ROIC 7.5%-8%, net interest expense $43M-$47M, effective tax rate 31%-33%. Says longer-term outlook for business is attractive, says targeting ROIC of 10%-12% for 2017 vs. 6% in 2013. Says primary focus is ROIC. Sees moderate growth in revenue over next three years, sees cash earnings outpacing top-line growth. Says Metals & Minerals initiatives to drive margin improvement. Sees 2014 as "transition year" for Metals & Mining for capital spending. Says attractive acquisitions will be pursued in Rail and Industrial. Says will maintain dividend per share. Says value of minority stake in Brand JV to grow significantly over next three years. Sees EBITDA improving from $330M in 2013 to $440M-$480M in 2017. Sees free cash flow increasing from $20M in 2013 to $115M-$150M in 2017. For 2014, sees improved free cash flow due to Rail advances, reduction in CapEx, sees Project Orion benefits of $5M-$7M, Rail performing in line with plan and prior year, Industrial experiencing favorable volume growth and operating leverage, sees Hammco acquisition accretive. Sees 2014 Metals & Minerals revenues up in the low single digits vs. 2013, sees Industrial revenue up in the high single to low double digits vs. 2013. Comments from slides that will be presented at the 5th Annual Credit Suisse Small & Mid Cap Conference.

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