PHILADELPHIA, PA — Enviri Corporation (NYSE: NVRI) has released its financial results for the third quarter of 2024, reporting revenues of $574 million and a GAAP operating income of $37 million. The company achieved an Adjusted EBITDA of $85 million, marking a 3% increase from the same period last year. This growth has been driven despite various market challenges.
A notable development in the quarter was the completion of the Reed Minerals sale, which enabled Enviri to exceed its asset sales target for 2024, set between $50 and $75 million. This strategic move, along with refinanced credit facilities, has enhanced the company’s financial flexibility.
Nick Grasberger, Enviri’s Chairman and CEO, commented on the company’s performance, stating, “Enviri reported results within our quarterly earnings guidance range, despite market weakness in Harsco Environmental as well as shipment delays and operational challenges within Harsco Rail.” Grasberger highlighted the strong performance of Clean Earth, which achieved record profits and margins through improved pricing and efficiency, as a key contributor to the quarter’s success.
The company’s outlook for 2024 reflects both challenges and opportunities. Enviri anticipates continued headwinds in Harsco Environmental and Harsco Rail, with shipment delays and supply chain issues affecting performance. However, the firm remains focused on strategic priorities that aim to drive meaningful earnings and cash flow improvements over time.
In terms of segment performance, Harsco Environmental’s revenues decreased by 2% to $279 million, primarily due to foreign exchange impacts and divestitures. Clean Earth reported a slight revenue dip to $237 million, though it saw an increase in operating income and EBITDA due to higher pricing and efficiency gains. Harsco Rail experienced a 20% revenue drop to $58 million, affected by delayed shipments and lower volumes.
Looking ahead, Enviri has adjusted its 2024 EBITDA guidance to account for the Reed Minerals sale and other factors. The company expects a 5% increase in Adjusted EBITDA compared to 2023, reflecting positive trends in Clean Earth and strategic pricing initiatives across segments.
Enviri continues to navigate market conditions with a focus on long-term growth, aiming to enhance shareholder value by capitalizing on its diverse portfolio and operational efficiencies.
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