HARRISBURG, Pa., Dec. 11, 2009 (GLOBE NEWSWIRE) -- Addressing the investment community today in New York City, Harsco Corporation (NYSE:HSC) Chairman and Chief Executive Officer Salvatore D. Fazzolari expressed confidence that the Company would return to earnings growth in 2010 at a double-digit rate, saying that Harsco was successfully executing its stated global strategies for countermeasures, continuous improvement and emerging market expansion while maintaining Harsco's traditionally strong balance sheet and cash flows from operations.
Mr. Fazzolari cited the Company's success in lowering the break-even points of its businesses and strengthening its global leadership team, both of which will continue to reinforce the Company's confidence in its outlook. Mr. Fazzolari further noted that, while near-term challenges still remain due to lower global non-residential construction, the expectations for higher steel production in 2010 and a weakening U.S. dollar year-over-year are both improving business drivers that should contribute to overall growth in the year ahead.
Joining Mr. Fazzolari in detailing the Company's growth expectations and strategies were Stephen Schnoor, Senior Vice President and CFO; Galdino Claro, CEO Harsco Metals and Harsco Minerals; Scott Jacoby, President Harsco Rail; and Richard Sullivan, Vice President-Business Transformation.
Mr. Schnoor provided the Company's initial guidance for 2010 earnings from continuing operations in the range of $2.00 - $2.10 per diluted share, which represents double-digit earnings growth over the Company's previously-announced 2009 EPS guidance of $1.70 - $1.75. He also noted that the Company continues to maintain a strong and liquid balance sheet, has paid a dividend since 1939 and has increased its dividend in each of the past 16 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
This news release contains forward-looking statements based on management's current expectations, estimates and projections. All statements that address expectations or projections about the future, including statements about the company's strategy for growth, product development, market position, expected expenditures and financial results are forward-looking statements. Some of the forward-looking statements may be identified by words like "may," "could," "believes," "expects," "anticipates," "plans," "intends," "projects," "indicates," and similar expressions. These statements are not guarantees of future performance and involve a number of risks, uncertainties and assumptions. Many factors, including those discussed more fully elsewhere in this release and in documents filed with the Securities and Exchange Commission by Harsco, particularly its latest annual report on Form 10-K and quarterly report on Form 10-Q, as well as others, could cause results to differ materially from those stated. These factors include, but are not limited to, changes in the worldwide business environment in which the Company operates, including as a result of the current global financial and credit crisis; changes in the performance of the equity and debt markets; changes in governmental laws and regulations; market and competitive changes, including pricing pressures, market demand and acceptance for new products, services, and technologies; unforeseen business disruptions in one or more of the many countries in which the Company operates; the seasonal nature of the Company's business; our ability to successfully enter into new contracts and complete new acquisitions in the timeframe contemplated; the financial condition of the Company's customers; the successful integration of the Company's strategic acquisitions; and the amount and timing of repurchases of the Company's common stock, if any. 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 key industries that play a fundamental role in worldwide economic growth, including infrastructure, metals, railways and energy. 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.
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