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Text: I'm Dave Martin, VP of Investor Relations for Harsco.
A few weeks ago, we announced the appointment of our new CFO Anshooman Aga.
He will join us later this month.
and I could not be more pleased with the outcome of our search process.
We look forward to introducing Anshooman to you once he is settled into the role.
Again, I appreciate Pete's willingness to defer his retirement and remain with us through the transition over the next few months.
I'm also very pleased with our Q2 results.
We delivered our highest quarterly revenue since 2013, and our adjusted EBITDA growth and margins were strong, both year-over-year and sequentially versus our first quarter.
Our results reflect impressive execution by our team.
And I'll highlight the ongoing integration of ESOL and Clean Earth, our high level of service to a booming steel industry and advances in operational excellence in the Rail business.
The Rail and Contaminated Materials segments had lagged the recovery of other sectors, and we are pleased with the way in which we've met the increased demand.
In short, the business momentum is now more broad based than it was in Q1, and we are maintaining a positive outlook for the balance of the year.
I'll comment on each of the segments, beginning with Harsco Environmental.
Capacity utilization of the steel mills that we support is approaching that of the first half of 2019 before the market began to turn down.
And the outlook into next year includes further volume growth.
When coupled with the shift toward an improved mix of environmental services and lower capital spending, AG's outlook for 2022 is as bright as ever.
From a macro perspective, the steel industry's heightened focus on sustainability fits well with our focus on ESG and the portfolio of environmental solutions in our innovation pipeline.
Our business has never been better positioned as a true strategic partner to the steel industry, and we look forward to continuing the work with our customers to advance and expand their green steel initiatives.
Our Clean Earth segment continues to perform well.
We are delivering on our commitment to maximize the value from last year's ESOL acquisition while also taking advantage of the benefits of a market recovery.
After realizing more than $10 million of synergies last year, we anticipate at least another $20 million this year.
So while the recovery in the each of Clean Earth's end markets is firmly rooted, the business is experiencing some pressure from tightness in the labor market and with end disposal assets.
We have factored these items into our outlook for the year and where possible, are taking action to mitigate the impact.
At the same time, we continue to recognize new growth opportunities in the hazardous waste industry supporting the initial steps we have taken to transform our portfolio of businesses.
The Rail segment recorded its highest quarterly profit in two years, and we expect EBITDA growth to exceed 60% for the full year.
The business has benefited from a recovery in domestic spending and also its global aftermarket platform.
COVID challenges remain, particularly in Asia and Latin America, but this has been accounted for in our outlook.
The team is also executing at a high level of managing our large contracts, dealing with COVID-related supply chain issues and as noted earlier, improving key operational metrics.
Finally, in May, we released our most comprehensive ESG report to date, highlighting our ESG accomplishments and providing a detailed look at our ESG strategy as well as focus areas, the governance structure to align with our business strategy and commitment to ESG with shareholder value creation.
Highlights of these are on page four of the slide deck.
We are particularly proud of our safety record last year and our contributions to the circular economy.
Last year, Harsco recycled or repurposed over 75% of the material that we processed and we continue to see increases in our ESG ratings.
We are reinforcing our commitment to the environment and to social and governance matters by incorporating related goals into Harsco's annual incentive plan.
So let me start by turning to our results for the quarter and our unchanged outlook for the year.
As Nick mentioned, we are pleased with our Q2 results and our continued expectations for a strong year.
Harsco's revenues totaled $570 million and adjusted EBITDA reached $78 million in the second quarter outperforming the prior year and sequential quarters.
Also, our Q2 EBITDA was at the top end of the guidance range we provided in May.
Importantly, each of our segments performed well in the quarter.
Strong performance and execution in Environmental as well as the mix and timing of some shipments in Rail drove results to the higher end of our guidance.
Clean Earth results were consistent with our expectations, and it was good to see the anticipated improvement in our Contaminated Materials business that we discussed on our May earnings call.
Both our Contaminated Materials business and Rail business which have been lagging as economic conditions strengthened over the past year are now experiencing positive momentum.
And as Nick noted, these businesses are expected to further improve in the second half of the year.
Harsco consolidated revenues increased 27% compared with the second quarter of 2020 and 8% compared with the first quarter of 2021.
Each of our segments contributed to these increases.
Harsco's adjusted earnings per share from continuing operations for the second quarter was $0.28, and this figure compares favorably to adjusted earnings per share of $0.13 in the prior year quarter and is above the guidance range of $0.21 to $0.27 we provided in May.
Lastly, our free cash flow for the quarter of $6 million was consistent with our expectations.
The change versus the comparable quarter in 2020 is principally driven by higher capital spending, much of which, as we've discussed before, had been deferred from the prior year.
We did see a sequential improvement in cash flow from Q1, as anticipated, and we expect our cash performance to improve meaningfully for the remaining quarters of the year.
Revenues totaled $273 million and adjusted EBITDA was $58 million.
These results compare favorably to the prior year quarter when EBITDA totaled $40 million.
Our quarterly margin improved to just over 21%.
Compared with Q2 of 2020, the EBITDA improvement is primarily attributable to higher services and applied products demand globally.
These impacts also include the benefit of higher nickel prices in the quarter.
These positives were partially offset by higher SG&A, including incentive compensation as well as a modest impact from site exits.
Steel production at our customer sites continued to improve.
Liquid steel tonnage, or LST, increased roughly 25% versus the prior year, and we expect to benefit from increased production as the global economy continues to improve.
Our customers operated at less than 80% of capacity in Q2, which leaves room for further improvement in service levels in the future.
For the quarter, revenues were $196 million, and adjusted EBITDA totaled $18 million.
Compared to the second quarter of 2020, revenues increased 21% with both our contaminated and hazardous materials businesses contributing higher revenues.
The EBITDA increase year-on-year was mainly driven by higher hazardous waste volumes and our integration and value creation activities.
Integration benefits totaled roughly $5 million in the quarter versus the prior year period.
And overall, our integration efforts are progressing well with us on track to realize $20 million of benefits this year.
These positive impacts were partially offset by incentive comp and SG&A investments, including some rebranding and IT costs, which won't repeat next year.
Lastly, on Clean Earth, I'd highlight that our year-to-date free cash flow now totals $24 million.
This total represents more than 70% of its EBITDA and reflects the positive results and financial characteristics of this business.
Rail revenues totaled $101 million, up 24% from the prior year quarter and the segment's adjusted EBITDA totaled $10 million in the second quarter.
The revenue increase versus the prior year quarter is attributable to higher equipment sales, including our work progress under a number of long-term contracts.
Meanwhile, EBITDA was essentially unchanged year-on-year.
Here, the benefit of higher equipment contributions was offset by a less favorable aftermarket mix, mainly in Asia, timing of certain contracting services and higher selling-related costs.
With this said, our Q2 results in Rail improved sequentially and were slightly better than anticipated.
Again, this reflects the positive market developments and improved outlook we discussed on our May earnings call.
So now turning to slide nine, which is our consolidated 2021 outlook.
As I mentioned earlier, our outlook details are unchanged from those communicated in May.
Adjusted EBITDA is expected to be within a range of $295 million to $310 million.
Adjusted earnings per share is expected to be within a range of $0.82 and $0.96 and we expect free cash flow of $35 million to $55 million for the year.
Our Q2 results support this guidance.
Underlying market performance was consistent with expectations in recent months, and our outlook for the relevant end markets is unchanged.
With that said, our implied outlook range for the second half of the year also contemplates some modest potential headwinds largely comprising labor availability and inflation related to our trucking fleet at Clean Earth.
Also, the tightness and availability of end disposal options in the industry, including incineration capacity remains a potential headwind in the coming months.
We are, however, anticipating end disposal markets to loosen later in the year.
Let me conclude on slide 10 with our third quarter guidance.
Q3 adjusted EBITDA is expected to range from $75 million to $81 million.
Each segment is expected to see improvement relative to the prior year quarter, given favorable market conditions as well as internal improvements and investments.
Sequentially, Q3 results are expected to be comparable with the second quarter at the midpoint of the range, reflecting some improvements in Clean Earth and Rail.
In Environmental, we expect that services mix will be slightly less favorable in Q3 versus the second quarter.
I've met him I spoke with him.
He will be a fantastic addition to the leadership team of this company, a company that I've had the privilege to be part of for seven years.
Since this will be my last earnings call, let me once again say that while my wife and I are very excited about starting the retirement phase of our lives, there is much I will miss about Harsco.
Most importantly, the great people I've been proud to work with.
Nick, my colleagues on the executive leadership team and my global finance and IT teams, I will miss them greatly.
However, rest assured, I will enjoy watching and sharing in the continued successes of Harsco on the sidelines as an investor for years to come.

user
q2 adjusted earnings per share $0.28 from continuing operations.
q2 revenue $570 million versus refinitiv ibes estimate of $556.4 million.
sees 2021 adjusted diluted earnings per share $0.82 - 0.96.
sees q3 gaap earnings per share $0.15 - 0.21.

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