PHILADELPHIA, PA — Enviri Corporation (NYSE: NVRI) has announced its financial results for the second quarter of 2024, revealing stable revenue and significant growth in key earnings metrics.
Second Quarter Financial Summary:
- Revenue: $610 million, consistent with the prior-year quarter.
- GAAP Operating Income: $31 million.
- Adjusted EBITDA: $86 million, up 7% from the previous year.
- Net Leverage Ratio: Declined to 3.9x at quarter-end.
- Full-Year 2024 Adjusted EBITDA Guidance: Expected between $327 million and $340 million.
Earnings Per Share:
- GAAP Diluted Loss Per Share: $0.16, including certain contract adjustments and other unusual items.
- Adjusted Diluted Earnings Per Share: $0.02, compared to $0.05 in the prior-year quarter.
CEO’s Remarks:
Enviri’s Chairman and CEO, Nick Grasberger, noted, “Enviri again delivered growth and favorable quarterly results supported by consistent execution in each of our three business units. Our results were supported by Clean Earth, which achieved record quarterly earnings against a challenging comparison period, and Harsco Rail, which achieved its highest adjusted earnings in some time due to higher demand. Also, Harsco Environmental results were better than anticipated due to operational execution and services demand. This performance, along with our focus on cash, drove our leverage ratio below 4x, its lowest level since mid-2020.”
Business Segment Highlights:
Harsco Environmental:
- Revenue: $293 million, up 1% from the prior-year quarter.
- GAAP Operating Income: $20 million.
- Adjusted EBITDA: $49 million, compared to $53 million in the previous year.
Clean Earth:
- Revenue: $236 million, a 2% increase over the prior-year quarter.
- GAAP Operating Income: $24 million.
- Adjusted EBITDA: $38 million, up from $35 million in the prior-year quarter.
Harsco Rail:
- Revenue: $81 million, a 9% decrease from the prior-year quarter.
- GAAP Operating Loss: $3 million.
- Adjusted EBITDA: $7 million, up from $2 million in the previous year.
Cash Flow:
Net cash provided by operating activities was $39 million, compared with a net cash use of $9 million in the prior-year period. Adjusted free cash flow was $9 million, a significant improvement from $(51) million in the previous year.
2024 Outlook:
Enviri maintains its midpoint guidance for full-year 2024 adjusted EBITDA, expecting it to fall between $327 million and $340 million. The company anticipates continued growth driven by stable economic conditions and performance improvements across its business segments.
Enviri remains optimistic about its strategic initiatives, debt reduction, and stronger cash flow, which are expected to create substantial shareholder value in the future.
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