HARRISBURG, Pa., Dec. 7, 2007 (PRIME NEWSWIRE) -- Addressing the investment community today in New York City, Harsco Corporation (NYSE:HSC) Chairman and Chief Executive Officer Derek C. Hathaway and the Company's senior management team reaffirmed the Company's continued confidence in its global growth prospects. Joining Mr. Hathaway were Salvatore D. Fazzolari, President and Chief Financial Officer; Geoffrey D. H. Butler, CEO of the Company's Access Services and Mill Services Groups; and Richard C. Neuffer, President of the Minerals & Rail Services and Products Group.
Mr. Fazzolari, who will become Harsco's CEO on January 1st, reiterated the Company's expectations for 2007 earnings from continuing operations in the range of $2.93 - $2.97 per diluted share. This represents an increase of approximately 33 percent over 2006's $2.21 earnings per diluted share. The Company expects 2007 revenues from continuing operations to grow approximately 19 percent to $3.6 billion, reflecting the Company's strong organic growth and strategic acquisitions.
Mr. Fazzolari provided the Company's initial guidance for 2008 earnings from continuing operations in the range of $3.35 - $3.45 per diluted share, an increase of approximately 14-17 percent over 2007's expected amount. Sales in 2008 are forecast to grow approximately 8 percent to $3.9 billion, continuing a growth trend that has seen a doubling of the Company's revenues over the past five years, a more than 210 percent increase in diluted earnings per share from continuing operations, and an approximately 80 percent increase in cash flows from operations. During this period, the Company has also increased its dividend by more than 35 percent, part of a continuing record of consecutive dividend increases in each of the past 14 years.
An archived webcast of the meeting, including the synchronized presentation slides, can be accessed through the Harsco Corporation website at www.harsco.com.
Forward Looking Statements
The nature of the Company's business and the many countries in which it operates subject it to changing economic, competitive, regulatory, and technological conditions, risks, and uncertainties. In accordance with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, the Company provides the following cautionary remarks regarding important factors which, among others, could cause future results to differ materially from the forward-looking statements, expectations and assumptions expressed or implied herein. Forward-looking statements contained herein could include information about management's confidence and strategies for performance; expectations for new and existing products, technologies, and opportunities; and expectations regarding growth, sales, cash flows, earnings, and EVA. These statements are identified by the use of such terms as "may," "could," "expect," "anticipate," "intend," "believe," or other comparable terms.
Factors which could cause results to differ include, but are not limited to: (1) changes in the worldwide business environment in which the Company operates, including general economic conditions; (2) changes in currency exchange rates, certain commodity prices and costs, interest rates and capital costs; (3) changes in the performance of stock and bond markets that could affect, among other things, the valuation of the assets of the Company's pension plans and the accounting for pension assets, liabilities and expenses; (4) changes in governmental laws and regulations, including environmental, taxes and import tariff standards; (5) market and competitive changes, including pricing pressures, market demand and acceptance for new products, services, and technologies; (6) unforeseen business disruptions in one or more of the many countries in which the Company operates due to political instability, civil disobedience, armed hostilities or other calamities; (7) the seasonal nature of the Company's business; (8) the successful integration of the Company's strategic acquisitions; and (9) other risk factors listed from time to time in the Company's SEC reports. The Company cautions that these factors may not be exhaustive and that many of these factors are beyond the Company's ability to control or predict. Accordingly, forward-looking statements should not be relied upon as a prediction of actual results. The Company undertakes no duty to update forward-looking statements.
About Harsco
Harsco Corporation is one of the world's leading diversified industrial services companies, serving major customers in the global construction and infrastructure, steel and metals, energy and railway industries. Harsco's common stock is a component of the S&P MidCap 400 Index and the Russell 1000 Index. Additional information can be found at www.harsco.com
The Harsco Corporation logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=361