Enviri Corporation Reports Second Quarter 2025 Results
Enviri Corporation (NYSE:NVRI) reported mixed Q2 2025 results with revenues of $562 million, down 8% year-over-year. The company posted a GAAP loss from continuing operations of $46 million and Adjusted EBITDA of $65 million.
While Clean Earth achieved record Q2 earnings with a 4% revenue increase to $246 million, Harsco Environmental revenues declined to $258 million, and Harsco Rail significantly underperformed with revenues dropping 28% to $58 million. Due to Rail's weak performance, Enviri lowered its 2025 guidance, now expecting Adjusted EBITDA of $290-310 million and free cash flow of $15-35 million.
The company also announced a formal process to evaluate strategic alternatives, including a potential tax-efficient sale or separation of the Clean Earth business.
Enviri Corporation (NYSE:NVRI) ha riportato risultati contrastanti nel secondo trimestre del 2025 con ricavi pari a 562 milioni di dollari, in calo dell'8% rispetto all'anno precedente. La società ha registrato una perdita GAAP dalle operazioni continuative di 46 milioni di dollari e un EBITDA rettificato di 65 milioni di dollari.
Mentre Clean Earth ha raggiunto un utile record nel secondo trimestre con un aumento dei ricavi del 4% a 246 milioni di dollari, i ricavi di Harsco Environmental sono diminuiti a 258 milioni di dollari e Harsco Rail ha registrato una performance significativamente inferiore con ricavi in calo del 28% a 58 milioni di dollari. A causa della debole performance di Rail, Enviri ha rivisto al ribasso le previsioni per il 2025, prevedendo ora un EBITDA rettificato tra 290 e 310 milioni di dollari e un flusso di cassa libero tra 15 e 35 milioni di dollari.
La società ha inoltre annunciato l'avvio di un processo formale per valutare alternative strategiche, inclusa una possibile vendita o separazione fiscalmente efficiente del business Clean Earth.
Enviri Corporation (NYSE:NVRI) reportó resultados mixtos en el segundo trimestre de 2025 con ingresos de 562 millones de dólares, una disminución del 8% interanual. La empresa registró una pérdida GAAP de operaciones continuas de 46 millones de dólares y un EBITDA ajustado de 65 millones de dólares.
Mientras que Clean Earth logró ganancias récord en el segundo trimestre con un aumento de ingresos del 4% hasta 246 millones de dólares, los ingresos de Harsco Environmental disminuyeron a 258 millones de dólares y Harsco Rail tuvo un desempeño significativamente inferior con ingresos que cayeron un 28% a 58 millones de dólares. Debido al bajo rendimiento de Rail, Enviri redujo sus previsiones para 2025, esperando ahora un EBITDA ajustado de 290 a 310 millones de dólares y un flujo de caja libre de 15 a 35 millones de dólares.
La compañía también anunció un proceso formal para evaluar alternativas estratégicas, incluida una posible venta o separación fiscalmente eficiente del negocio Clean Earth.
Enviri Corporation (NYSE:NVRI)는 2025년 2분기 실적에서 매출액 5억 6,200만 달러를 기록하며 전년 동기 대비 8% 감소한 혼조된 결과를 발표했습니다. 회사는 계속 영업 손실로 GAAP 기준 4,600만 달러 손실을 기록했고, 조정 EBITDA는 6,500만 달러였습니다.
Clean Earth는 매출이 4% 증가한 2억 4,600만 달러로 2분기 사상 최고 실적을 달성했으나, Harsco Environmental 매출은 2억 5,800만 달러로 감소했고, Harsco Rail은 매출이 28% 급감하여 5,800만 달러에 그쳤습니다. Rail 부문의 부진으로 인해 Enviri는 2025년 가이던스를 하향 조정하여 조정 EBITDA를 2억 9,000만~3억 1,000만 달러, 자유 현금 흐름을 1,500만~3,500만 달러로 예상하고 있습니다.
또한 회사는 Clean Earth 사업부의 잠재적인 세금 효율적 매각 또는 분리를 포함한 전략적 대안 평가를 위한 공식 절차를 발표했습니다.
Enviri Corporation (NYSE:NVRI) a publié des résultats mitigés pour le deuxième trimestre 2025 avec un chiffre d'affaires de 562 millions de dollars, en baisse de 8 % par rapport à l'année précédente. La société a enregistré une perte GAAP provenant des activités poursuivies de 46 millions de dollars et un EBITDA ajusté de 65 millions de dollars.
Alors que Clean Earth a réalisé un bénéfice record au deuxième trimestre avec une augmentation de 4 % du chiffre d'affaires à 246 millions de dollars, les revenus de Harsco Environmental ont diminué à 258 millions de dollars, et Harsco Rail a connu une performance nettement inférieure avec une baisse de 28 % du chiffre d'affaires à 58 millions de dollars. En raison de la faible performance de Rail, Enviri a abaissé ses prévisions pour 2025, prévoyant désormais un EBITDA ajusté compris entre 290 et 310 millions de dollars et un flux de trésorerie disponible entre 15 et 35 millions de dollars.
La société a également annoncé le lancement d’un processus formel visant à évaluer des alternatives stratégiques, incluant une éventuelle vente ou séparation fiscalement avantageuse de l’activité Clean Earth.
Enviri Corporation (NYSE:NVRI) meldete gemischte Ergebnisse für das zweite Quartal 2025 mit Umsätzen von 562 Millionen US-Dollar, was einem Rückgang von 8 % im Jahresvergleich entspricht. Das Unternehmen verzeichnete einen GAAP-Verlust aus fortgeführten Geschäftsbereichen von 46 Millionen US-Dollar sowie ein bereinigtes EBITDA von 65 Millionen US-Dollar.
Während Clean Earth im zweiten Quartal mit einem Umsatzanstieg von 4 % auf 246 Millionen US-Dollar Rekordgewinne erzielte, sanken die Umsätze von Harsco Environmental auf 258 Millionen US-Dollar, und Harsco Rail schnitt mit einem Umsatzrückgang von 28 % auf 58 Millionen US-Dollar deutlich schlechter ab. Aufgrund der schwachen Leistung von Rail senkte Enviri seine Prognose für 2025 und erwartet nun ein bereinigtes EBITDA von 290 bis 310 Millionen US-Dollar sowie einen freien Cashflow von 15 bis 35 Millionen US-Dollar.
Das Unternehmen kündigte zudem einen formellen Prozess zur Bewertung strategischer Alternativen an, einschließlich eines möglichen steuerlich effizienten Verkaufs oder einer Abspaltung des Clean Earth-Geschäfts.
- Clean Earth achieved record Q2 earnings with 4% revenue growth
- Clean Earth improved Adjusted EBITDA margin to 16.3% from 16.1% year-over-year
- Environmental businesses performed in line with expectations despite challenging conditions
- Overall revenues declined 8% year-over-year to $562 million
- GAAP loss from continuing operations widened to $46 million from $10 million in Q2 2024
- Harsco Rail revenues plunged 28% with negative EBITDA margin of -5.7%
- Company lowered 2025 guidance due to Rail segment weakness
- Adjusted free cash flow turned negative at -$14 million compared to $9 million in Q2 2024
Insights
Enviri reported lower Q2 results, reduced 2025 guidance due to Rail segment weakness, and launched strategic alternatives review amid declining performance.
Enviri Corporation reported concerning Q2 2025 results with revenue of
Performance varied significantly across segments. Clean Earth was the lone bright spot, achieving record Q2 earnings with revenue up
Management has reduced full-year guidance, now expecting Adjusted EBITDA of
Perhaps most significantly, Enviri announced a formal review of strategic alternatives, including potential "tax-efficient sale or separation of the Clean Earth business." This suggests management is seriously considering structural changes to unlock shareholder value, particularly by potentially separating their best-performing segment from underperforming businesses.
The company's cash flow deteriorated, with adjusted free cash flow turning negative at
- Second quarter revenues totaled
$562 million - Second quarter GAAP consolidated loss from continuing operations of
$46 million - Adjusted EBITDA in Q2 totaled
$65 million - 2025 Adjusted EBITDA now expected to be within a range of
$290 million to$310 million and free cash flow expected to be within a range of$15 million to$35 million ; updated guidance ranges reflect revised outlook for Harsco Rail - Announces formal process to evaluate strategic alternatives
PHILADELPHIA, Aug. 05, 2025 (GLOBE NEWSWIRE) -- Enviri Corporation (NYSE: NVRI) (the "Company") today reported second quarter 2025 results. Revenues in the second quarter of 2025 totaled
On a GAAP basis, the second quarter of 2025 diluted loss per share from continuing operations was
“Our environmental businesses performed well in the quarter and in line with our expectations,” said Enviri Chairman and CEO Nick Grasberger. “Clean Earth achieved record Q2 earnings while continuing to generate strong free cash flow, and Harsco Environmental again delivered consistent performance despite steel-industry volumes remaining subdued. Rail results were below our expectations and negatively impacted by weak demand and ongoing operating challenges.”
“The second quarter began with significant economic uncertainty, and our forward-looking outlook is mixed. Fundamentals for Clean Earth and Harsco Environmental remain stable, while market conditions for Harsco Rail have weakened due to slowing global demand. This weakness can be partially attributed to global trade tensions, and our revised 2025 guidance reflects a more cautious view on Rail. Looking into the second half of the year, we intend to continue executing on our strategic priorities with discipline, while concurrently reviewing strategic alternatives available to the Company to unlock the significant value inherent in our businesses.”
Enviri Corporation—Selected Second Quarter Results
| ($ in millions, except per share amounts) | Q2 2025 | Q2 2024 | ||||||
| Revenues | $ | 562 | $ | 610 | ||||
| Operating income/(loss) from continuing operations - GAAP | $ | (7 | ) | $ | 31 | |||
| Income (loss) from continuing operations | $ | (46 | ) | $ | (10 | ) | ||
| Diluted EPS from continuing operations - GAAP | $ | (0.58 | ) | $ | (0.16 | ) | ||
| Adjusted EBITDA - non-GAAP | $ | 65 | $ | 86 | ||||
| Adjusted EBITDA margin - non-GAAP | 11.5 | % | 14.1 | % | ||||
| Adjusted diluted EPS from continuing operations - non-GAAP | $ | (0.22 | ) | $ | 0.02 | |||
Note: Adjusted diluted earnings (loss) per share from continuing operations, Adjusted EBITDA and Adjusted EBITDA margin presented throughout this release are adjusted for unusual items; in addition, adjusted diluted earnings per share from continuing operations is adjusted for acquisition-related amortization expense. See below for definition of these non-GAAP measures and reconciliations to the most directly comparable GAAP financial measures.
Consolidated Second Quarter Operating Results
Consolidated revenues from continuing operations were
The Company's GAAP consolidated loss from continuing operations was
Second Quarter Business Review
Harsco Environmental
| ($ in millions) | Q2 2025 | Q2 2024 | ||||||
| Revenues | $ | 258 | $ | 293 | ||||
| Operating income (loss) - GAAP | $ | 4 | $ | 20 | ||||
| Adjusted EBITDA - non-GAAP | $ | 40 | $ | 49 | ||||
| Adjusted EBITDA margin - non-GAAP | 15.5 | % | 16.8 | % | ||||
Harsco Environmental revenues totaled
Clean Earth
| ($ in millions) | Q2 2025 | Q2 2024 | ||||||
| Revenues | $ | 246 | $ | 236 | ||||
| Operating income (loss) - GAAP | $ | 25 | $ | 24 | ||||
| Adjusted EBITDA - non-GAAP | $ | 40 | $ | 38 | ||||
| Adjusted EBITDA margin - non-GAAP | 16.3 | % | 16.1 | % | ||||
Clean Earth revenues totaled
Harsco Rail
| ($ in millions) | Q2 2025 | Q2 2024 | ||||||
| Revenues | $ | 58 | $ | 81 | ||||
| Operating income (loss) - GAAP | $ | (20 | ) | $ | (3 | ) | ||
| Adjusted EBITDA - non-GAAP | $ | (3 | ) | $ | 7 | |||
| Adjusted EBITDA margin - non-GAAP | (5.7 | )% | 9.1 | % | ||||
Harsco Rail revenues totaled
Cash Flow
Net cash provided by operating activities was
Exploration of Strategic Alternatives
In a separate press release today, the Company announced that its Board of Directors has authorized management to conduct a formal process to evaluate and explore strategic alternatives aimed at unlocking shareholder value.
The Company is evaluating a wide range of value creation alternatives including but not limited to a tax-efficient sale or separation of the Clean Earth business, along with the continued execution of the Company’s business plan.
There can be no assurances regarding any specific outcome or transaction resulting from this review. The Company has not established a timetable for completion of the review and does not intend to provide additional updates unless and until it determines further disclosure is appropriate or necessary. The release can be viewed on the Company's Investor Relations page at investors.enviri.com.
2025 Outlook
The Company's outlook for Adjusted EBITDA and Free Cash Flow is revised to reflect current expectations for Harsco Rail, where lower global demand for standard products and higher manufacturing costs are impacting performance. Rail orders throughout North America and Asia have been weak in the first-half of 2025 and the Company anticipates this softness will persist for the balance of the year, resulting in lower shipments than previously forecasted. Guidance for Harsco Environmental and Clean Earth are unchanged from the prior quarter. Key business drivers for each segment as well as other 2025 guidance details are below.
Harsco Environmental Adjusted EBITDA is projected to be below prior-year results. Currency impacts, business divestitures, exited contracts and a less favorable services mix are expected to be partially offset by improvement initiatives, new contracts and product volumes.
Clean Earth Adjusted EBITDA is expected to increase versus 2024 as a result of volume growth, efficiency initiatives and net higher pricing, offsetting the impact of investments and certain items not repeating in 2025 (such as the benefit in 2024 from the reduction in bad debt reserves).
Harsco Rail Adjusted EBITDA is expected to decline versus 2024 as a result of lower shipments, a less favorable business mix, and higher manufacturing costs.
Corporate spending is anticipated to increase when compared with 2024 mainly as a result of the normalization of incentive compensation as well as non-cash equity compensation.
| 2025 Full Year Outlook | Current | Prior |
| GAAP Loss From Continuing Operations | ||
| Adjusted EBITDA | ||
| GAAP Diluted Earnings/(Loss) Per Share from Continuing Operations | ||
| Adjusted Diluted Earnings/(Loss) Per Share from Continuing Operations | ||
| Net Cash Provided By Operating Activities | ||
| Adjusted Free Cash Flow | ||
| Net Interest Expense, Excluding Any Unusual Items | ||
| Account Receivable Securitization Fees | ~ | |
| Pension Expense (Non-Operating) | ~ | |
| Tax Expense, Excluding Any Unusual Items | ||
| Net Capital Expenditures | ||
| Q3 2025 Outlook | ||
| GAAP Loss From Continuing Operations | ||
| Adjusted EBITDA | ||
| GAAP Diluted Earnings/(Loss) Per Share from Continuing Operations | ||
| Adjusted Diluted Earnings/(Loss) Per Share from Continuing Operations |
Conference Call
The Company will hold a conference call today at 9:00 a.m. Eastern Time to discuss its results and respond to questions from the investment community. Those who wish to listen to the conference call webcast should visit investors.enviri.com, or by dialing (844) 539-1331 or (412) 652-1264 for international callers. Please ask to join the Enviri Corporation call. Listeners are advised to dial in approximately ten minutes prior to the call. If you are unable to listen to the live call, the webcast will be archived on the Company’s website.
Forward-Looking Statements
The nature of the Company's business, together with the number of countries in which it operates, subject it to changing economic, competitive, regulatory and technological conditions, risks and uncertainties. In accordance with the "safe harbor" provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, the Company provides the following cautionary remarks regarding important factors that, among others, could cause future results to differ materially from the results contemplated by forward-looking statements, including the expectations and assumptions expressed or implied herein. Forward-looking statements contained herein could include, among other things, statements regarding the Company’s exploration of strategic alternatives; statements about management's confidence in and strategies for performance; expectations for new and existing products, technologies and opportunities; and expectations regarding growth, sales, cash flows, and earnings. Forward-looking statements can be identified by the use of such terms as "may," "could," "expect," "anticipate," "intend," "believe," "likely," "estimate," "outlook," "plan," "contemplate," "project," "target" or other comparable terms.
Factors that could cause actual results to differ, perhaps materially, from those implied by forward-looking statements include, but are not limited to: (1) any delay to the Company’s review of strategic alternatives; (2) the Company’s inability to successfully secure a transaction as part of such review; (3) if such a transaction is entered into, the failure to consummate such transaction; (4) the possibility that any such transaction may not ultimately achieve the expected benefits; (5) the Company's ability to successfully enter into new contracts and complete new acquisitions, divestitures, or strategic ventures in the time-frame contemplated or at all; (6) the Company’s inability to comply with applicable environmental laws and regulations; (7) the Company’s inability to obtain, renew, or maintain compliance with its operating permits or license agreements; (8) various economic, business, and regulatory risks associated with the waste management industry; (9) the seasonal nature of the Company's business; (10) risks caused by customer concentration, the fixed price and long-term customer contracts, especially those related to complex engineered equipment, and the competitive nature of the industries in which the Company operates; (11) the outcome of any disputes with customers, contractors and subcontractors; (12) the financial condition of the Company's customers, including the ability of customers (especially those that may be highly leveraged or have inadequate liquidity) to maintain their credit availability; (13) higher than expected claims under the Company’s insurance policies, or losses that are uninsurable or that exceed existing insurance coverage; (14) market and competitive changes, including pricing pressures, market demand and acceptance for new products, services and technologies; changes in currency exchange rates, interest rates, commodity and fuel costs and capital costs; (15) the Company's ability to negotiate, complete, and integrate strategic transactions and joint ventures with strategic partners; (16) the Company’s ability to effectively retain key management and employees, including due to unanticipated changes to demand for the Company’s services, disruptions associated with labor disputes, and increased operating costs associated with union organizations; (17) the Company's inability or failure to protect its intellectual property rights from infringement in one or more of the many countries in which the Company operates; (18) failure to effectively prevent, detect or recover from breaches in the Company's cybersecurity infrastructure; (19) changes in the worldwide business environment in which the Company operates, including changes in general economic and industry conditions and cyclical slowdowns impacting the steel and aluminum industries; (20) fluctuations in exchange rates between the U.S. dollar and other currencies in which the Company conducts business; (21) unforeseen business disruptions in one or more of the many countries in which the Company operates due to changes in economic conditions, changes in governmental laws and regulations, including environmental, occupational health and safety, tax and import tariff standards and amounts; political instability, civil disobedience, armed hostilities, public health issues or other calamities; (22) liability for and implementation of environmental remediation matters; (23) product liability and warranty claims associated with the Company’s operations; (24) the Company’s ability to comply with financial covenants and obligations to financial counterparties; (25) the Company’s outstanding indebtedness and exposure to derivative financial instruments that may be impacted by, among other factors, changes in interest rates; (26) tax liabilities and changes in tax laws; (27) changes in the performance of equity and bond markets that could affect, among other things, the valuation of the assets in the Company's pension plans and the accounting for pension assets, liabilities and expenses; (28) risk and uncertainty associated with intangible assets; and the other risk factors listed from time to time in the Company's SEC reports. A further discussion of these, along with other potential risk factors, can be found in Part I, Item 1A, “Risk Factors” of the Company’s most recently filed Annual Report on Form 10-K, as updated by subsequent Quarterly Reports on Form 10-Q, which are filed with the Securities and Exchange Commission. The Company cautions that these factors may not be exhaustive and that many of these factors are beyond the Company's ability to control or predict. Accordingly, forward-looking statements should not be relied upon as a prediction of actual results. The Company undertakes no duty to update forward-looking statements except as may be required by law.
Non-GAAP Measures
Measurements of financial performance not calculated in accordance with GAAP should be considered as supplements to, and not substitutes for, performance measurements calculated or derived in accordance with GAAP. Any such measures are not necessarily comparable to other similarly-titled measurements employed by other companies. The most comparable GAAP measures are included within the definitions below and reconciliations of these non-GAAP measures to the most directly comparable GAAP financial measures are included at the end of this press release.
Adjusted diluted earnings per share from continuing operations: Adjusted diluted earnings (loss) per share from continuing operations is a non-GAAP financial measure and consists of diluted earnings (loss) per share from continuing operations adjusted for unusual items and acquisition-related intangible asset amortization expense. It is important to note that such intangible assets contribute to revenue generation and that intangible asset amortization related to past acquisitions will recur in future periods until such intangible assets have been fully amortized. The Company’s management believes Adjusted diluted earnings per share from continuing operations is useful to investors because it provides an overall understanding of the Company’s historical and future prospects. Exclusion of unusual items permits evaluation and comparison of results for the Company’s core business operations, and it is on this basis that management internally assesses the Company’s performance. Exclusion of acquisition-related intangible asset amortization expense, the amount of which can vary by the timing, size and nature of the Company’s acquisitions, facilitates more consistent internal comparisons of operating results over time between the Company’s newly acquired and long-held businesses, and comparisons with both acquisitive and non-acquisitive peer companies.
Adjusted EBITDA: Adjusted EBITDA is a non-GAAP financial measure and consists of income (loss) from continuing operations adjusted to add back income tax expense; equity income of unconsolidated entities, net; net interest expense; defined benefit pension income (expense); facility fees and debt-related income (expense); and depreciation and amortization (excluding amortization of deferred financing costs); and excludes unusual items. Segment Adjusted EBITDA consists of operating income from continuing operations adjusted to exclude unusual items and add back depreciation and amortization (excluding amortization of deferred financing costs). The sum of the Segments’ Adjusted EBITDA and Corporate Adjusted EBITDA equals consolidated Adjusted EBITDA. The Company‘s management believes Adjusted EBITDA is meaningful to investors because management reviews Adjusted EBITDA in assessing and evaluating performance.
Adjusted free cash flow: Adjusted free cash flow is a non-GAAP financial measure and consists of net cash provided (used) by operating activities less capital expenditures and expenditures for intangible assets; and plus capital expenditures for strategic ventures, total proceeds from sales of assets and certain transaction-related / debt-refinancing expenditures. The Company's management believes that Adjusted free cash flow is important to management and useful to investors as a supplemental measure as it indicates the cash flow available for working capital needs, repay debt obligations, invest in future growth through new business development activities, conduct strategic acquisitions or other uses of cash. It is important to note that Adjusted free cash flow does not represent the total residual cash flow available for discretionary expenditures since other non-discretionary expenditures, such as mandatory debt service requirements and settlements of foreign currency forward exchange contracts, are not deducted from this measure. This presentation provides a basis for comparison of ongoing operations and prospects.
About Enviri
Enviri is transforming the world to green, as a trusted global leader in providing a broad range of environmental services and related innovative solutions. The company serves a diverse customer base by offering critical recycle and reuse solutions for their waste streams, enabling customers to address their most complex environmental challenges and to achieve their sustainability goals. Enviri is based in Philadelphia, Pennsylvania and operates in more than 150 locations in over 30 countries. Additional information can be found at www.enviri.com.
| Investor Contact David Martin +1.267.946.1407 dmartin@enviri.com | Media Contact Karen Tognarelli +1.717.480.6145 ktognarelli@enviri.com |
| ENVIRI CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) | |||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||
| June 30 | June 30 | ||||||||||||||||
| (In thousands, except per share amounts) | 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Revenues from continuing operations: | |||||||||||||||||
| Service revenues | $ | 505,241 | $ | 505,283 | $ | 982,081 | $ | 1,004,437 | |||||||||
| Product revenues | 57,013 | 104,710 | 128,457 | 205,873 | |||||||||||||
| Total revenues | 562,254 | 609,993 | 1,110,538 | 1,210,310 | |||||||||||||
| Costs and expenses from continuing operations: | |||||||||||||||||
| Cost of services sold | 394,811 | 388,222 | 767,213 | 781,074 | |||||||||||||
| Cost of products sold | 68,339 | 91,996 | 119,700 | 177,406 | |||||||||||||
| Cost of services and products sold | 463,150 | 480,218 | 886,913 | 958,480 | |||||||||||||
| Selling, general and administrative expenses | 95,503 | 90,454 | 184,611 | 177,580 | |||||||||||||
| Research and development expenses | 995 | 943 | 1,462 | 1,804 | |||||||||||||
| Property, plant and equipment impairment charge | 7,386 | — | 7,386 | — | |||||||||||||
| Intangible asset impairment charge | — | 2,840 | — | 2,840 | |||||||||||||
| Remeasurement of long-lived assets | — | — | — | 10,695 | |||||||||||||
| Gain on sale of businesses, net | — | (1,877 | ) | — | (1,877 | ) | |||||||||||
| Other expense (income), net | 2,411 | 6,160 | 6,702 | 3,720 | |||||||||||||
| Total costs and expenses | 569,445 | 578,738 | 1,087,074 | 1,153,242 | |||||||||||||
| Operating income (loss) from continuing operations | (7,191 | ) | 31,255 | 23,464 | 57,068 | ||||||||||||
| Interest income | 470 | 3,435 | 924 | 5,132 | |||||||||||||
| Interest expense | (27,600 | ) | (27,934 | ) | (54,174 | ) | (56,056 | ) | |||||||||
| Facility fees and debt-related income (expense) | (2,619 | ) | (2,920 | ) | (5,231 | ) | (5,709 | ) | |||||||||
| Defined benefit pension income (expense) | (5,387 | ) | (4,166 | ) | (10,420 | ) | (8,342 | ) | |||||||||
| Income (loss) from continuing operations before income taxes and equity in income | (42,327 | ) | (330 | ) | (45,437 | ) | (7,907 | ) | |||||||||
| Income tax benefit (expense) from continuing operations | (3,609 | ) | (10,020 | ) | (11,555 | ) | (17,935 | ) | |||||||||
| Equity in income (loss) of unconsolidated entities, net | 44 | 127 | 72 | (122 | ) | ||||||||||||
| Income (loss) from continuing operations | (45,892 | ) | (10,223 | ) | (56,920 | ) | (25,964 | ) | |||||||||
| Discontinued operations: | |||||||||||||||||
| Income (loss) from discontinued businesses | (889 | ) | (1,211 | ) | (2,468 | ) | (2,703 | ) | |||||||||
| Income tax benefit (expense) from discontinued businesses | 232 | 314 | 644 | 701 | |||||||||||||
| Income (loss) from discontinued operations, net of tax | (657 | ) | (897 | ) | (1,824 | ) | (2,002 | ) | |||||||||
| Net income (loss) | (46,549 | ) | (11,120 | ) | (58,744 | ) | (27,966 | ) | |||||||||
| Less: Net loss (income) attributable to noncontrolling interests | (1,058 | ) | (2,481 | ) | (2,259 | ) | (3,597 | ) | |||||||||
| Net income (loss) attributable to Enviri Corporation | $ | (47,607 | ) | $ | (13,601 | ) | $ | (61,003 | ) | $ | (31,563 | ) | |||||
| Amounts attributable to Enviri Corporation common stockholders: | |||||||||||||||||
| Income (loss) from continuing operations, net of tax | $ | (46,950 | ) | $ | (12,704 | ) | $ | (59,179 | ) | $ | (29,561 | ) | |||||
| Income (loss) from discontinued operations, net of tax | (657 | ) | (897 | ) | (1,824 | ) | (2,002 | ) | |||||||||
| Net income (loss) attributable to Enviri Corporation common stockholders | $ | (47,607 | ) | $ | (13,601 | ) | $ | (61,003 | ) | $ | (31,563 | ) | |||||
| Weighted-average shares of common stock outstanding | 80,629 | 80,146 | 80,481 | 80,045 | |||||||||||||
| Basic earnings (loss) per common share attributable to Enviri Corporation common stockholders: | |||||||||||||||||
| Continuing operations | $ | (0.58 | ) | $ | (0.16 | ) | $ | (0.74 | ) | $ | (0.37 | ) | |||||
| Discontinued operations | $ | (0.01 | ) | $ | (0.01 | ) | (0.02 | ) | (0.03 | ) | |||||||
| Basic earnings (loss) per share attributable to Enviri Corporation common stockholders | $ | (0.59 | ) | $ | (0.17 | ) | $ | (0.76 | ) | $ | (0.39 | ) | (a) | ||||
| Diluted weighted-average shares of common stock outstanding | 80,629 | 80,146 | 80,481 | 80,045 | |||||||||||||
| Diluted earnings (loss) per common share attributable to Enviri Corporation common stockholders: | |||||||||||||||||
| Continuing operations | $ | (0.58 | ) | $ | (0.16 | ) | $ | (0.74 | ) | $ | (0.37 | ) | |||||
| Discontinued operations | $ | (0.01 | ) | $ | (0.01 | ) | (0.02 | ) | (0.03 | ) | |||||||
| Diluted earnings (loss) per share attributable to Enviri Corporation common stockholders | $ | (0.59 | ) | $ | (0.17 | ) | $ | (0.76 | ) | $ | (0.39 | ) | (a) | ||||
| (a) | Earnings (loss) per share attributable to Enviri Corporation common stockholders is calculated based on actual amounts. As a result, these per share amounts may not total due to rounding. |
| ENVIRI CORPORATION CONSOLIDATED BALANCE SHEETS (Unaudited) | ||||||||
| (In thousands) | June 30 2025 | December 31 2024 | ||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 97,796 | $ | 88,359 | ||||
| Restricted cash | 15,739 | 1,799 | ||||||
| Trade accounts receivable, net | 287,251 | 260,690 | ||||||
| Other receivables | 46,789 | 40,439 | ||||||
| Inventories | 195,777 | 182,042 | ||||||
| Current portion of contract assets | 44,439 | 59,881 | ||||||
| Prepaid expenses | 50,688 | 62,435 | ||||||
| Other current assets | 9,402 | 14,880 | ||||||
| Total current assets | 747,881 | 710,525 | ||||||
| Property, plant and equipment, net | 694,553 | 664,292 | ||||||
| Right-of-use assets, net | 124,668 | 92,153 | ||||||
| Goodwill | 760,082 | 739,758 | ||||||
| Intangible assets, net | 286,512 | 298,438 | ||||||
| Retirement plan assets | 79,218 | 73,745 | ||||||
| Deferred income tax assets | 20,882 | 17,578 | ||||||
| Other assets | 56,515 | 53,744 | ||||||
| Total assets | $ | 2,770,311 | $ | 2,650,233 | ||||
| LIABILITIES | ||||||||
| Current liabilities: | ||||||||
| Short-term borrowings | $ | 10,575 | $ | 8,144 | ||||
| Current maturities of long-term debt | 25,227 | 21,004 | ||||||
| Accounts payable | 240,747 | 214,689 | ||||||
| Accrued compensation | 55,490 | 63,686 | ||||||
| Income taxes payable | 4,744 | 5,747 | ||||||
| Reserve for forward losses on contracts | 52,187 | 54,320 | ||||||
| Current portion of advances on contracts | 6,315 | 13,265 | ||||||
| Current portion of operating lease liabilities | 29,753 | 26,049 | ||||||
| Derivative liabilities | 38,104 | 1,284 | ||||||
| Other current liabilities | 162,922 | 158,194 | ||||||
| Total current liabilities | 626,064 | 566,382 | ||||||
| Long-term debt | 1,482,138 | 1,410,718 | ||||||
| Retirement plan liabilities | 28,651 | 27,019 | ||||||
| Operating lease liabilities | 97,198 | 67,998 | ||||||
| Environmental liabilities | 43,157 | 46,585 | ||||||
| Deferred tax liabilities | 24,090 | 26,796 | ||||||
| Other liabilities | 51,182 | 55,136 | ||||||
| Total liabilities | 2,352,480 | 2,200,634 | ||||||
| ENVIRI CORPORATION STOCKHOLDERS’ EQUITY | ||||||||
| Common stock | 147,706 | 146,844 | ||||||
| Additional paid-in capital | 264,000 | 255,102 | ||||||
| Accumulated other comprehensive loss | (521,368 | ) | (538,964 | ) | ||||
| Retained earnings | 1,339,344 | 1,400,347 | ||||||
| Treasury stock | (853,416 | ) | (851,881 | ) | ||||
| Total Enviri Corporation stockholders’ equity | 376,266 | 411,448 | ||||||
| Noncontrolling interests | 41,565 | 38,151 | ||||||
| Total equity | 417,831 | 449,599 | ||||||
| Total liabilities and equity | $ | 2,770,311 | $ | 2,650,233 | ||||
| ENVIRI CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) | ||||||||||||||||
| Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||
| (In thousands) | 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Cash flows from operating activities: | ||||||||||||||||
| Net income (loss) | $ | (46,549 | ) | $ | (11,120 | ) | $ | (58,744 | ) | $ | (27,966 | ) | ||||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||||||||
| Depreciation | 37,901 | 37,026 | 74,343 | 73,946 | ||||||||||||
| Amortization | 7,561 | 8,006 | 14,964 | 16,180 | ||||||||||||
| Deferred income tax (benefit) expense | (5,163 | ) | 2,326 | (2,387 | ) | 5,771 | ||||||||||
| Equity in (income) loss of unconsolidated entities, net | (44 | ) | (127 | ) | (72 | ) | 122 | |||||||||
| Right-of-use assets | 7,711 | 7,595 | 15,127 | 16,194 | ||||||||||||
| Property, plant and equipment impairment charge | 7,386 | — | 7,386 | — | ||||||||||||
| Intangible asset impairment charge | — | 2,840 | — | 2,840 | ||||||||||||
| Remeasurement of long-lived assets | — | — | — | 10,695 | ||||||||||||
| Gain on sale of businesses, net | — | (1,877 | ) | — | (1,877 | ) | ||||||||||
| Stock-based compensation | 5,716 | 4,402 | 9,760 | 8,262 | ||||||||||||
| Other, net | (2,512 | ) | (5,169 | ) | (3,149 | ) | (8,257 | ) | ||||||||
| Changes in assets and liabilities, net of acquisitions and dispositions of businesses: | ||||||||||||||||
| Accounts receivable | (813 | ) | (6,793 | ) | (14,314 | ) | 17,633 | |||||||||
| Inventories | 695 | 1,312 | (8,300 | ) | (3,985 | ) | ||||||||||
| Contract assets | 5,957 | (3,688 | ) | 12,413 | (12,887 | ) | ||||||||||
| Accounts payable | 1,578 | 7,965 | 10,716 | (5,786 | ) | |||||||||||
| Accrued interest payable | 7,470 | 6,805 | 539 | (15 | ) | |||||||||||
| Accrued compensation | 3,672 | 2,987 | (11,433 | ) | (22,544 | ) | ||||||||||
| Advances on contracts and other customer advances | (3,554 | ) | (5,503 | ) | (18,324 | ) | (7,121 | ) | ||||||||
| Operating lease liabilities | (7,643 | ) | (7,664 | ) | (15,078 | ) | (15,876 | ) | ||||||||
| Retirement plan liabilities, net | 4,893 | (598 | ) | 9,381 | (938 | ) | ||||||||||
| Other assets and liabilities | (2,289 | ) | 311 | 5,745 | (4,007 | ) | ||||||||||
| Net cash (used) provided by operating activities | 21,973 | 39,036 | 28,573 | 40,384 | ||||||||||||
| Cash flows from investing activities: | ||||||||||||||||
| Purchases of property, plant and equipment | (39,035 | ) | (33,639 | ) | (60,659 | ) | (60,520 | ) | ||||||||
| Proceeds from sale of businesses, net | — | 16,588 | — | 16,588 | ||||||||||||
| Proceeds from sales of assets | 2,317 | 3,271 | 3,764 | 7,584 | ||||||||||||
| Expenditures for intangible assets | (44 | ) | (407 | ) | (51 | ) | (484 | ) | ||||||||
| Proceeds from note receivable | — | 17,023 | — | 17,023 | ||||||||||||
| Net proceeds (payments) from settlement of foreign currency forward exchange contracts | (6,033 | ) | 1,185 | (4,296 | ) | 584 | ||||||||||
| Net cash (used) provided by investing activities | (42,795 | ) | 4,021 | (61,242 | ) | (19,225 | ) | |||||||||
| Cash flows from financing activities: | ||||||||||||||||
| Short-term borrowings, net | 3,019 | 5,865 | 5,831 | (3,138 | ) | |||||||||||
| Borrowings and repayments under Revolving Credit Facility, net | 32,000 | (38,000 | ) | 62,000 | (3,000 | ) | ||||||||||
| Repayments of Term Loan | (1,250 | ) | (1,250 | ) | (2,500 | ) | (2,500 | ) | ||||||||
| Cash paid for finance leases and other long-term debt | (5,511 | ) | (3,409 | ) | (9,669 | ) | (6,803 | ) | ||||||||
| Contributions from noncontrolling interests | — | — | — | 874 | ||||||||||||
| Dividends paid to noncontrolling interests | — | (4,308 | ) | — | (12,551 | ) | ||||||||||
| Stock-based compensation - Employee taxes paid | (257 | ) | (291 | ) | (1,534 | ) | (1,332 | ) | ||||||||
| Net cash (used) provided by financing activities | 28,001 | (41,393 | ) | 54,128 | (28,450 | ) | ||||||||||
| Effect of exchange rate changes on cash and cash equivalents, including restricted cash | 1,927 | (1,566 | ) | 1,918 | (9,817 | ) | ||||||||||
| Net increase (decrease) in cash and cash equivalents, including restricted cash | 9,106 | 98 | 23,377 | (17,108 | ) | |||||||||||
| Cash and cash equivalents, including restricted cash, at beginning of period | 104,429 | 107,408 | 90,158 | 124,614 | ||||||||||||
| Cash and cash equivalents, including restricted cash, at end of period | $ | 113,535 | $ | 107,506 | $ | 113,535 | $ | 107,506 | ||||||||
| ENVIRI CORPORATION REVIEW OF OPERATIONS BY SEGMENT (Unaudited) | ||||||||||||||||
| Three Months Ended | ||||||||||||||||
| June 30, 2025 | June 30, 2024 | |||||||||||||||
| (In thousands) | Revenues | Operating Income (Loss) | Revenues | Operating Income (Loss) | ||||||||||||
| Harsco Environmental | $ | 258,009 | $ | 4,251 | $ | 292,929 | $ | 20,286 | ||||||||
| Clean Earth | 246,282 | 24,610 | 236,105 | 23,882 | ||||||||||||
| Harsco Rail | 57,963 | (20,325 | ) | 80,959 | (3,089 | ) | ||||||||||
| Corporate | — | (15,727 | ) | — | (9,824 | ) | ||||||||||
| Consolidated Totals | $ | 562,254 | $ | (7,191 | ) | $ | 609,993 | $ | 31,255 | |||||||
| Six Months Ended | ||||||||||||||||
| June 30, 2025 | June 30, 2024 | |||||||||||||||
| (In thousands) | Revenues | Operating Income (Loss) | Revenues | Operating Income (Loss) | ||||||||||||
| Harsco Environmental | $ | 501,115 | $ | 14,324 | $ | 592,048 | $ | 39,874 | ||||||||
| Clean Earth | 481,513 | 47,275 | 462,135 | 44,475 | ||||||||||||
| Harsco Rail | 127,910 | (12,170 | ) | 156,127 | (12,150 | ) | ||||||||||
| Corporate | — | (25,965 | ) | — | (15,131 | ) | ||||||||||
| Consolidated Totals | $ | 1,110,538 | $ | 23,464 | $ | 1,210,310 | $ | 57,068 | ||||||||
| ENVIRI CORPORATION RECONCILIATION OF ADJUSTED INCOME (LOSS) FROM CONTINUING OPERATIONS TO INCOME (LOSS) FROM CONTINUING OPERATIONS, NET OF TAX, AS REPORTED (Unaudited) | ||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30 | June 30 | |||||||||||||||
| (in thousands, except per share amounts) | 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Income (loss) from continuing operations, net of tax, as reported | $ | (46,950 | ) | $ | (12,704 | ) | $ | (59,179 | ) | $ | (29,561 | ) | ||||
| Adjustments: | ||||||||||||||||
| Change in provision for forward losses and other contract-related costs on certain contracts (a)(b) | 15,854 | 9,380 | 4,385 | 9,380 | ||||||||||||
| Strategic costs (c)(h) | 3,468 | 794 | 4,993 | 1,475 | ||||||||||||
| Intangible asset impairment charge (d) | — | 2,840 | — | 2,840 | ||||||||||||
| Remeasurement of long-lived assets (f) | — | — | — | 10,695 | ||||||||||||
| Net gain on sale of businesses (g) | — | (1,877 | ) | — | (1,877 | ) | ||||||||||
| Restructuring and related costs (h) | — | — | 3,333 | — | ||||||||||||
| Net gain on sale of assets (h) | — | — | — | (3,281 | ) | |||||||||||
| Net gain on lease incentive (h) | — | (451 | ) | — | (451 | ) | ||||||||||
| Adjustment to contract termination charge (c) | (2,249 | ) | — | (2,249 | ) | — | ||||||||||
| Site exit costs (e)(h) | 10,281 | — | 10,281 | — | ||||||||||||
| Gain on note receivable (i) | — | (2,686 | ) | — | (2,686 | ) | ||||||||||
| Income tax impact from adjustments above (j) | (3,157 | ) | 606 | (3,803 | ) | 1,208 | ||||||||||
| Adjusted income (loss) from continuing operations, including acquisition amortization expense | (22,753 | ) | (4,098 | ) | (42,239 | ) | (12,258 | ) | ||||||||
| Acquisition amortization expense, net of tax (k) | 5,025 | 5,432 | 9,889 | 10,988 | ||||||||||||
| Adjusted income (loss) from continuing operations, net of tax | $ | (17,728 | ) | $ | 1,334 | $ | (32,350 | ) | $ | (1,270 | ) | |||||
| Diluted weighted average shares of common stock outstanding | 80,629 | 80,146 | 80,481 | 80,045 | ||||||||||||
| Diluted earnings (loss) per share from continuing operations, as reported (l) | $ | (0.58 | ) | $ | (0.16 | ) | $ | (0.74 | ) | $ | (0.37 | ) | ||||
| Adjusted diluted earnings (loss) per share from continuing operations (l) | $ | (0.22 | ) | $ | 0.02 | $ | (0.40 | ) | $ | (0.02 | ) | |||||
| (a) | Classified in Total revenues and includes a | |
| (b) | Classified in Cost of services and products sold and includes | |
| (c) | Classified in Selling, general and administrative expenses. | |
| (d) | Classified in Intangible asset impairment charge. | |
| (e) | Classified in Property, plant and equipment impairment charge. | |
| (f) | Classified in Remeasurement of long-lived assets. | |
| (g) | Classified in Gain on sale of businesses, net. | |
| (h) | Classified in Other expense (income), net. | |
| (i) | Classified in Interest income within non-operating activities. | |
| (j) | Unusual items are tax-effected at the global effective tax rate before discrete items in effect during the year the unusual item is recorded. | |
| (k) | Pre-tax acquisition amortization expense was | |
| (l) | Amounts above are rounded and recalculation may not yield precise results. |
| ENVIRI CORPORATION RECONCILIATION OF PROJECTED ADJUSTED INCOME (LOSS) FROM CONTINUING OPERATIONS TO INCOME (LOSS) FROM CONTINUING OPERATIONS, NET OF TAX (Unaudited) | ||||||||||||||||
| Projected | ||||||||||||||||
| Three Months Ending | Twelve Months Ending | |||||||||||||||
| September 30 | December 31 | |||||||||||||||
| 2025 | 2025 | |||||||||||||||
| (in millions, except per share amounts) (a) | Low | High | Low | High | ||||||||||||
| GAAP income (loss) from continuing operations, net of tax | $ | (13 | ) | $ | (4 | ) | $ | (78 | ) | $ | (60 | ) | ||||
| Adjustments: | ||||||||||||||||
| Change in provision for forward losses and other contract-related costs | — | — | 4 | 4 | ||||||||||||
| Strategic costs | — | — | 5 | 5 | ||||||||||||
| Restructuring and related costs | — | — | 3 | 3 | ||||||||||||
| Adjustment to contract termination charge | — | — | (2 | ) | (2 | ) | ||||||||||
| Site exit costs | — | — | 10 | 10 | ||||||||||||
| Income tax impact from adjustments above | — | — | (4 | ) | (4 | ) | ||||||||||
| Adjusted income (loss) from continuing operations, including acquisition amortization expense | (13 | ) | (4 | ) | (61 | ) | (44 | ) | ||||||||
| Estimated acquisition amortization expense, net of tax | 5 | 5 | 20 | 20 | ||||||||||||
| Adjusted income (loss) from continuing operations, net of tax | $ | (8 | ) | $ | 1 | $ | (42 | ) | $ | (24 | ) | |||||
| Diluted weighted average shares of common stock outstanding | 81 | 81 | 81 | 81 | ||||||||||||
| GAAP diluted earnings (loss) per share from continuing operations | $ | (0.16 | ) | $ | (0.05 | ) | $ | (0.97 | ) | $ | (0.75 | ) | ||||
| Adjusted diluted earnings (loss) per share from continuing operations | $ | (0.10 | ) | $ | 0.01 | $ | (0.52 | ) | $ | (0.30 | ) | |||||
| (a) | Amounts above are rounded and recalculation may not yield precise results. |
| ENVIRI CORPORATION RECONCILIATION OF ADJUSTED EBITDA BY SEGMENT TO OPERATING INCOME (LOSS), AS REPORTED, BY SEGMENT (Unaudited) | ||||||||||||||||||||
| (In thousands) | Harsco Environmental | Clean Earth | Harsco Rail | Corporate | Consolidated Totals | |||||||||||||||
| Three Months Ended June 30, 2025: | ||||||||||||||||||||
| Operating income (loss), as reported | $ | 4,251 | $ | 24,610 | $ | (20,325 | ) | $ | (15,727 | ) | $ | (7,191 | ) | |||||||
| Change in provision for forward losses and other contract-related costs | — | — | 15,854 | — | 15,854 | |||||||||||||||
| Strategic costs | — | — | — | 3,468 | 3,468 | |||||||||||||||
| Adjustment to contract termination charge | (2,249 | ) | — | — | — | (2,249 | ) | |||||||||||||
| Site exit costs | 10,281 | — | — | — | 10,281 | |||||||||||||||
| Operating income (loss), excluding unusual items | 12,283 | 24,610 | (4,471 | ) | (12,259 | ) | 20,163 | |||||||||||||
| Depreciation | 27,046 | 9,549 | 1,051 | 255 | 37,901 | |||||||||||||||
| Amortization | 571 | 5,926 | 106 | — | 6,603 | |||||||||||||||
| Adjusted EBITDA | $ | 39,900 | $ | 40,085 | $ | (3,314 | ) | $ | (12,004 | ) | $ | 64,667 | ||||||||
| Revenues, as reported | $ | 258,009 | $ | 246,282 | $ | 57,963 | $ | 562,254 | ||||||||||||
| Adjusted EBITDA margin (%) | 15.5 | % | 16.3 | % | (5.7 | )% | 11.5 | % | ||||||||||||
| Three Months Ended June 30, 2024: | ||||||||||||||||||||
| Operating income (loss), as reported | $ | 20,286 | $ | 23,882 | $ | (3,089 | ) | $ | (9,824 | ) | $ | 31,255 | ||||||||
| Strategic costs | — | — | — | 794 | 794 | |||||||||||||||
| Adjustment to net gain on lease incentive | (451 | ) | — | — | — | (451 | ) | |||||||||||||
| Change in provision for forward losses and other contract costs | — | — | 9,380 | — | 9,380 | |||||||||||||||
| Net gain on sale of assets | — | — | — | — | 0 | |||||||||||||||
| Intangible asset impairment charge | 2,840 | — | — | — | 2,840 | |||||||||||||||
| Gain on sale of businesses, net | (1,877 | ) | — | — | — | (1,877 | ) | |||||||||||||
| Operating income (loss), excluding unusual items | 20,798 | 23,882 | 6,291 | (9,030 | ) | 41,941 | ||||||||||||||
| Depreciation | 27,450 | 8,249 | 1,023 | 304 | 37,026 | |||||||||||||||
| Amortization | 975 | 5,989 | 67 | — | 7,031 | |||||||||||||||
| Adjusted EBITDA | $ | 49,223 | $ | 38,120 | $ | 7,381 | $ | (8,726 | ) | $ | 85,998 | |||||||||
| Revenues, as reported | $ | 292,929 | $ | 236,105 | $ | 80,959 | $ | 609,993 | ||||||||||||
| Adjusted EBITDA margin (%) | 16.8 | % | 16.1 | % | 9.1 | % | 14.1 | % | ||||||||||||
| ENVIRI CORPORATION RECONCILIATION OF ADJUSTED EBITDA BY SEGMENT TO OPERATING INCOME (LOSS), AS REPORTED, BY SEGMENT (Unaudited) | ||||||||||||||||||||
| (In thousands) | Harsco Environmental | Clean Earth | Harsco Rail | Corporate | Consolidated Totals | |||||||||||||||
| Six Months Ended June 30, 2025: | ||||||||||||||||||||
| Operating income (loss), as reported | $ | 14,324 | $ | 47,275 | $ | (12,170 | ) | $ | (25,965 | ) | $ | 23,464 | ||||||||
| Change in provision for forward losses on certain contracts and related costs | — | — | 4,385 | — | 4,385 | |||||||||||||||
| Strategic costs | — | — | — | 4,993 | 4,993 | |||||||||||||||
| Restructuring and related costs | 3,333 | — | — | — | 3,333 | |||||||||||||||
| Adjustment to contract termination charge | (2,249 | ) | — | — | — | (2,249 | ) | |||||||||||||
| Site exit costs | 10,281 | — | — | — | 10,281 | |||||||||||||||
| Operating income (loss), excluding unusual items | 25,689 | 47,275 | (7,785 | ) | (20,972 | ) | 44,207 | |||||||||||||
| Depreciation | 52,555 | 19,169 | 2,083 | 536 | 74,343 | |||||||||||||||
| Amortization | 1,111 | 11,771 | 173 | — | 13,055 | |||||||||||||||
| Adjusted EBITDA | $ | 79,355 | $ | 78,215 | $ | (5,529 | ) | $ | (20,436 | ) | $ | 131,605 | ||||||||
| Revenues, as reported | $ | 501,115 | $ | 481,513 | $ | 127,910 | $ | 1,110,538 | ||||||||||||
| Adjusted EBITDA margin (%) | 15.8 | % | 16.2 | % | (4.3 | )% | 11.9 | % | ||||||||||||
| Six Months Ended June 30, 2024: | ||||||||||||||||||||
| Operating income (loss), as reported | $ | 39,874 | $ | 44,475 | $ | (12,150 | ) | $ | (15,131 | ) | $ | 57,068 | ||||||||
| Remeasurement of long-lived assets | — | — | 10,695 | — | 10,695 | |||||||||||||||
| Change in provision for forward losses and other contract-related costs on certain contracts | — | — | 9,380 | — | 9,380 | |||||||||||||||
| Strategic costs | — | — | — | 1,475 | 1,475 | |||||||||||||||
| Net gain on sale of assets | — | — | — | (3,281 | ) | (3,281 | ) | |||||||||||||
| Intangible asset impairment charge | 2,840 | — | — | — | 2,840 | |||||||||||||||
| Adjustment to net gain on lease incentive | (451 | ) | — | — | — | (451 | ) | |||||||||||||
| Gain on sale of businesses, net | (1,877 | ) | — | — | — | (1,877 | ) | |||||||||||||
| Operating income (loss), excluding unusual items | 40,386 | 44,475 | 7,925 | (16,937 | ) | 75,849 | ||||||||||||||
| Depreciation | 56,239 | 15,662 | 1,384 | 661 | 73,946 | |||||||||||||||
| Amortization | 1,993 | 12,156 | 89 | — | 14,238 | |||||||||||||||
| Adjusted EBITDA | $ | 98,618 | $ | 72,293 | $ | 9,398 | $ | (16,276 | ) | $ | 164,033 | |||||||||
| Revenues, as reported | $ | 592,048 | $ | 462,135 | $ | 156,127 | $ | 1,210,310 | ||||||||||||
| Adjusted EBITDA margin (%) | 16.7 | % | 15.6 | % | 6.0 | % | 13.6 | % | ||||||||||||
| ENVIRI CORPORATION RECONCILIATION OF CONSOLIDATED ADJUSTED EBITDA TO CONSOLIDATED INCOME (LOSS) FROM CONTINUING OPERATIONS AS REPORTED (Unaudited) | ||||||||
| Three Months Ended June 30 | ||||||||
| (In thousands) | 2025 | 2024 | ||||||
| Consolidated income (loss) from continuing operations | $ | (45,892 | ) | $ | (10,223 | ) | ||
| Add back (deduct): | ||||||||
| Equity in (income) loss of unconsolidated entities, net | (44 | ) | (127 | ) | ||||
| Income tax expense (benefit) from continuing operations | 3,609 | 10,020 | ||||||
| Defined benefit pension expense (income) | 5,387 | 4,166 | ||||||
| Facility fees and debt-related expense (income) | 2,619 | 2,920 | ||||||
| Interest expense | 27,600 | 27,934 | ||||||
| Interest income | (470 | ) | (3,435 | ) | ||||
| Depreciation | 37,901 | 37,026 | ||||||
| Amortization | 6,603 | 7,031 | ||||||
| Unusual items: | ||||||||
| Change in provision for forward losses and other contract-related costs on certain contracts | 15,854 | 9,380 | ||||||
| Strategic costs | 3,468 | 794 | ||||||
| Adjustment to net gain on lease incentive | — | (451 | ) | |||||
| Intangible asset impairment charge | — | 2,840 | ||||||
| Gain on sale of business, net | — | (1,877 | ) | |||||
| Adjustment to contract termination charge | (2,249 | ) | — | |||||
| Site exit costs | 10,281 | — | ||||||
| Consolidated Adjusted EBITDA | $ | 64,667 | $ | 85,998 | ||||
| ENVIRI CORPORATION RECONCILIATION OF ADJUSTED EBITDA TO CONSOLIDATED INCOME (LOSS) FROM CONTINUING OPERATIONS AS REPORTED (Unaudited) | ||||||||
| Six Months Ended June 30 | ||||||||
| (In thousands) | 2025 | 2024 | ||||||
| Consolidated income (loss) from continuing operations | $ | (56,920 | ) | $ | (25,964 | ) | ||
| Add back (deduct): | ||||||||
| Equity in (income) loss of unconsolidated entities, net | (72 | ) | 122 | |||||
| Income tax expense (benefit) from continuing operations | 11,555 | 17,935 | ||||||
| Defined benefit pension expense | 10,420 | 8,342 | ||||||
| Facility fee and debt-related expense | 5,231 | 5,709 | ||||||
| Interest expense | 54,174 | 56,056 | ||||||
| Interest income | (924 | ) | (5,132 | ) | ||||
| Depreciation | 74,343 | 73,946 | ||||||
| Amortization | 13,055 | 14,238 | ||||||
| Unusual items: | ||||||||
| Change in provision for forward losses and other contract-related costs | 4,385 | 9,380 | ||||||
| Remeasurement of long-lived assets | — | 10,695 | ||||||
| Strategic costs | 4,993 | 1,475 | ||||||
| Net gain on sale of assets | — | (3,281 | ) | |||||
| Adjustment to net gain on lease incentive | — | (451 | ) | |||||
| Intangible asset impairment charge | — | 2,840 | ||||||
| Gain on sale of businesses, net | — | (1,877 | ) | |||||
| Restructuring and related costs | 3,333 | — | ||||||
| Adjustment to contract termination charge | (2,249 | ) | — | |||||
| Site exit costs | 10,281 | — | ||||||
| Adjusted EBITDA | $ | 131,605 | $ | 164,033 | ||||
| ENVIRI CORPORATION RECONCILIATION OF PROJECTED CONSOLIDATED ADJUSTED EBITDA TO PROJECTED CONSOLIDATED INCOME FROM CONTINUING OPERATIONS (Unaudited) | ||||||||||||||||
| Projected | ||||||||||||||||
| Three Months Ending | Twelve Months Ending | |||||||||||||||
| September 30 | December 31 | |||||||||||||||
| 2025 | 2025 | |||||||||||||||
| (In millions) (a) | Low | High | Low | High | ||||||||||||
| Consolidated loss from continuing operations | $ | (12 | ) | $ | (3 | ) | $ | (74 | ) | $ | (56 | ) | ||||
| Add back (deduct): | ||||||||||||||||
| Income tax expense (benefit) from continuing operations | 6 | 8 | 22 | 27 | ||||||||||||
| Facility fees and debt-related (income) expense | 3 | 2 | 10 | 10 | ||||||||||||
| Net interest | 28 | 27 | 110 | 107 | ||||||||||||
| Defined benefit pension (income) expense | 5 | 5 | 21 | 21 | ||||||||||||
| Depreciation and amortization | 47 | 47 | 181 | 181 | ||||||||||||
| Unusual items: | ||||||||||||||||
| Change in provision for forward losses and other contract-related costs | — | — | 4 | 4 | ||||||||||||
| Strategic costs | — | — | 5 | 5 | ||||||||||||
| Restructuring and related costs | — | — | 3 | 3 | ||||||||||||
| Adjustment to contract termination charge | — | — | (2 | ) | (2 | ) | ||||||||||
| Site exit costs | — | — | 10 | 10 | ||||||||||||
| Consolidated Adjusted EBITDA | $ | 76 | $ | 86 | $ | 290 | $ | 310 | ||||||||
| (a) | Amounts above are rounded and may not total. |
| ENVIRI CORPORATION RECONCILIATION OF ADJUSTED FREE CASH FLOW TO NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES (Unaudited) | ||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30 | June 30 | |||||||||||||||
| (In thousands) | 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net cash provided (used) by operating activities | $ | 21,973 | $ | 39,036 | $ | 28,573 | $ | 40,384 | ||||||||
| Less capital expenditures | (39,035 | ) | (33,639 | ) | (60,659 | ) | (60,520 | ) | ||||||||
| Less expenditures for intangible assets | (44 | ) | (407 | ) | (51 | ) | (484 | ) | ||||||||
| Plus capital expenditures for strategic ventures (a) | 778 | 297 | 1,127 | 1,450 | ||||||||||||
| Plus total proceeds from sales of assets (b) | 2,317 | 3,271 | 3,764 | 7,584 | ||||||||||||
| Plus transaction-related expenditures (c) | — | 940 | — | 4,440 | ||||||||||||
| Adjusted free cash flow | $ | (14,011 | ) | $ | 9,498 | $ | (27,246 | ) | $ | (7,146 | ) | |||||
| (a) | Capital expenditures for strategic ventures represent the partner’s share of capital expenditures in certain ventures consolidated in the Company’s consolidated financial statements. | |
| (b) | Asset sales are a normal part of the business model, primarily for the Harsco Environmental segment. The six months ended June 30, 2024 also included asset sales by Corporate. | |
| (c) | Expenditures directly related to the Company's divestiture transactions and other strategic costs incurred at Corporate. |
| ENVIRI CORPORATION RECONCILIATION OF PROJECTED ADJUSTED FREE CASH FLOW TO PROJECTED NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES (Unaudited) | ||||||||
| Projected Twelve Months Ending December 31 | ||||||||
| 2025 | ||||||||
| (In millions) | Low | High | ||||||
| Net cash provided by operating activities | $ | 141 | $ | 171 | ||||
| Less net capital / intangible asset expenditures | (130 | ) | (140 | ) | ||||
| Plus capital expenditures for strategic ventures | 4 | 4 | ||||||
| Adjusted free cash flow | $ | 15 | $ | 35 | ||||
| ENVIRI CORPORATION HARSCO ENVIRONMENTAL SEGMENT CHANGES IN TOTAL REVENUES, EXCLUDING DIVESTITURES (Unaudited) | ||||
| (in millions) | Three Months Ended | |||
| Harsco Environmental segment revenues - June 30, 2024 | $ | 292.9 | ||
| Effects on revenues: | ||||
| Price/volume changes (a) | (16.9 | ) | ||
| Foreign currency translation | 3.6 | |||
| Divestitures (b) | (21.6 | ) | ||
| Total change | (34.9 | ) | ||
| Harsco Environmental segment revenues - June 30, 2025 | $ | 258.0 | ||
| Total change % | (11.9 | )% | ||
| Total % change from divestitures | (7.4 | )% | ||
| Total % change, excluding divestitures | (4.5 | )% | ||
| (a) | Includes the net impact of new and lost contracts. | |
| (b) | Includes the sale of Reed Minerals in August 2024. |
FAQ
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