PHILADELPHIA, PA — Enviri Corporation (NYSE: NVRI) reported flat third-quarter revenue and a deeper loss from continuing operations as uneven performance across its business segments and lingering market headwinds prompted the company to cut its full-year outlook.
The environmental services and industrial solutions firm posted $575 million in revenue for the quarter, essentially unchanged from a year earlier. The company recorded a GAAP loss from continuing operations of $20 million, compared with an $11 million loss in the same period last year. Adjusted EBITDA fell to $74 million from $85 million in the prior-year quarter, reflecting softer contributions from Harsco Environmental and Harsco Rail.
CEO Nick Grasberger cited record performance from the Clean Earth division, driven by higher volumes and stronger pricing. But he acknowledged broader pressures, pointing to weak demand in Harsco Rail and higher operating costs and project delays in Harsco Environmental. “Given the mixed performance in the quarter, we’ve lowered our full year outlook,” Grasberger said.
Segment Results Show Uneven Momentum
Harsco Environmental booked $261 million in revenue, down from $279 million a year earlier. The decline was tied to divestitures, lower eco-product sales, and site exits. Segment operating income dropped sharply to $13 million from $33 million. Clean Earth, meanwhile, delivered a 6% revenue increase to $250 million, maintaining steady operating income and improving adjusted earnings. Harsco Rail posted a 10% revenue increase to $64 million but sustained another operating loss as higher manufacturing costs and a less favorable mix weighed on results.
Revised Outlook Reflects Persistent Challenges
Enviri now expects full-year adjusted EBITDA between $268 million and $278 million, down from a previously projected $290 million to $310 million. The company also forecasts adjusted free cash flow between negative $30 million and negative $20 million, reversing earlier expectations for positive results. Management said the updated guidance reflects ongoing volume and cost pressures, as well as timing shifts in anticipated payments.
Credit Agreement Amendment Expands Strategic Options
The company amended its credit agreement in November, easing leverage requirements and granting flexibility to pursue potential portfolio moves — including the option to sell Clean Earth. The changes, Enviri said, strengthen its financial position as it continues exploring strategic alternatives.
Despite the near-term turbulence, Grasberger said Enviri remains well positioned to capitalize on long-term demand for environmental and industrial waste-management services. The company expects improvement initiatives and market recovery to support earnings growth over time.
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