Worldwide industrial solutions company Harsco Corporation has announced fourth quarter and full year 2011 results.
Fourth quarter diluted EPS from continuing operations of USD 0.36 before restructuring charge and non cash tax charge; including charges, diluted EPS from continuing operations were a loss of USD 1.14. Excluding the restructuring charge, all four business segments achieved improved operating results in the quarter compared with last year's comparable period.
Fourth quarter pre tax restructuring charge of USD 101 million or USD 1.05 per diluted share, of which USD 67 million was non cash. The Company anticipates annual benefits of approximately USD 36 million in 2012 from these restructuring actions, or approximately USD 0.32 per share and fully annualized benefits of more than USD 65 million beginning in 2013 or approximately USD 0.58 per share. Additional non cash tax charge against UK deferred tax assets of USD 37 million or USD 0.45 per diluted share due to a multi year cumulative loss position in the Company's UK Infrastructure operations; once sustainable profitability is restored, this charge will be reversed.
Full year cash flow from operations of USD 299 million, compared with USD 401 million in 2010. Lower cash flow from operations due principally to timing of cash receipts and cash outflow from the Company's restructuring plan. Also, the Company generated USD 43 million in cash from asset sales in 2011, compared with USD 23 million in 2010.
Full year diluted EPS from continuing operations of USD 1.38, before restructuring and non cash tax charges; including these charges, full year diluted EPS were a loss of USD 0.12
Full year sales of USD 3.30 billion, compared with sales of USD 3.04 billion in 2010, an increase of approximately 9%.
Company reaffirms earnings guidance for 2012 in the range of USD 1.55 to USD 1.70 per diluted share from continuing operations, excluding the previously announced carry over restructuring charge. Company further gives initial guidance for the first quarter of 2012 in the range of USD 0.01 to USD 0.06 per diluted share from continuing operations, excluding the previously announced carry over restructuring charge.
