PHILADELPHIA, PA — Enviri Corporation (NYSE: NVRI) has announced its financial results for the fourth quarter and full year of 2024, reporting mixed performance across its business segments amidst ongoing market challenges.
For the fourth quarter, Enviri recorded revenues of $559 million, while Adjusted EBITDA came in at $70 million, representing a 5% increase on an organic basis compared to the prior-year quarter. However, the company reported a GAAP consolidated loss from continuing operations of $82 million, reflecting headwinds within its Harsco Environmental and Rail divisions.
For the full year 2024, revenues totaled $2.34 billion, impacted by divestitures and foreign currency (FX) translation. Adjusted EBITDA reached a 10-year high of $319 million, up 11% on an organic basis from 2023. Despite this operational achievement, a GAAP consolidated loss from continuing operations of $119 million was reported for 2024. Free cash flow for the year landed at negative $34 million, compared to negative $12 million in 2023.
Clean Earth Shines Amid Challenges
Enviri saw strong performance from Clean Earth, its waste management and recycling segment, which achieved record profits and margins in 2024. Clean Earth revenues totaled $241 million in Q4, a 2% increase year-over-year, driven by higher pricing and efficiency gains. Adjusted EBITDA for the segment rose to $36 million, with an Adjusted EBITDA margin of 15.0%, up from 12.2% in Q4 2023.
“Enviri performed well in 2024, and we continued to focus on consistent execution in the fourth quarter as we faced ongoing headwinds at Harsco Environmental and Rail,” said Enviri Chairman and CEO Nick Grasberger. “The Company realized solid growth in 2024, and our adjusted earnings reached a 10-year high, led by Clean Earth.”
Harsco Environmental, however, faced notable challenges. Revenues declined 18% year-over-year to $240 million in Q4, impacted by divestitures, FX translation, and lower service levels, including contract exits. Adjusted EBITDA for the segment fell to $41 million, down from $56 million in the prior year.
Harsco Rail revenues increased by 10% year-over-year in Q4 to $77 million, reflecting stronger equipment demand, but the segment still posted an Adjusted EBITDA of just $2 million.
Strategic Priorities and 2025 Outlook
Looking ahead, Enviri projects 2025 Adjusted EBITDA between $305 million and $325 million, consistent with 2024 when adjusted for divestitures and FX impacts. Free cash flow is expected to improve considerably, reaching between $30 million and $50 million, supported by progress in Harsco Rail contracts and improved financial discipline.
Grasberger noted tempered expectations for 2025 due to weak dynamics in the global steel market, which are set to weigh on Harsco Environmental. However, Clean Earth is forecasted to continue its growth trajectory. “For 2025, our expectations are tempered as weak fundamentals within the global steel market persist and are expected to weigh on Harsco Environmental, while Clean Earth is projected to see continued growth,” Grasberger explained.
The company recently amended its Credit Agreement to provide additional financial flexibility, increasing capacity in its Securitization Facility and revising net leverage ratios to address market uncertainties.
Forward Momentum
Enviri remains committed to delivering sustainable value for shareholders. Grasberger emphasized, “We remain optimistic about Enviri’s growth potential and the underlying value within our businesses, and will continue to deliver on our strategic priorities to best position the Company to deliver sustainable value creation for shareholders.”
With strong operational execution and strategic alignment, Enviri aims to capitalize on growth opportunities in Clean Earth while addressing challenges in Environmental and Rail, setting the stage for renewed momentum in the years ahead.
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