Enviri Corp Stock Price, News & Analysis

Divert, an impact technology company focused on food value protection, has appointed Timothy M. Laurion to its parent company's board of directors. Laurion brings over 41 years of corporate and investment banking experience from Bank of America, where he served as managing director and senior corporate banker. As one of the nation's leading environmental services bankers, he has structured over $100 billion in credit facilities and maintained relationships with top environmental firms. He currently serves on the board of Enviri (NYSE: NVRI) and brings extensive experience in strategic advisory, capital raising, and mergers and acquisitions.

Enviri (NYSE: NVRI) reported Q3 2024 revenues of $574 million with 1% organic growth. The company achieved $37 million in GAAP operating income and $85 million in Adjusted EBITDA, up 3% year-over-year. The quarter saw a GAAP diluted loss per share of $0.15 and adjusted diluted loss per share of $0.01. The company completed the sale of Reed Minerals, surpassing its 2024 asset sales goal. The company revised its 2024 Adjusted EBITDA guidance to $317-327 million, with the mid-point lowered by 3% due to Reed Minerals sale and other factors.

Harsco Environmental has secured a 10-year services contract with Nucor Steel Kingman in Arizona, expanding its presence in the state. Starting in 2025, the company will provide comprehensive services including slag recovery from the melt shop, slag processing and metal recovery, scrap yard management, and ecoproducts™ sales. The agreement includes the sale of recovered metallics and processed slag as an environmentally friendly alternative for natural aggregate and mill scale.

Enviri (NYSE: NVRI) has announced the timing for its third quarter 2024 earnings release and conference call. The company will release its Q3 2024 results on Thursday, October 31, 2024, before the NYSE market opens. A conference call and webcast will follow at 9:00 a.m. ET on the same day.

Investors and analysts can access the live call using the following dial-in numbers:

• US: (833) 630-1956
• International: (412) 317-1837

Participants are advised to dial in about ten minutes before the call starts. The webcast will be available in the Investor Relations section of Enviri's website at www.enviri.com. For those unable to join live, an archived version of the webcast will be accessible on the company's website.

Enviri (NYSE: NVRI) has announced the renewal of its $150 million accounts receivable securitization facility with PNC Bank, N.A. The facility, which was originally set to mature in June 2025, has been extended for three years and will now mature in October 2027.

Tom Vadaketh, senior vice president and chief financial officer, stated that this renewal aligns with Enviri's strategic priorities and efforts to increase cash flow and reduce leverage to 2.5x in the coming years. The company views this facility as an important and cost-effective part of its capital structure, supporting its plan to drive value creation for shareholders.

Enviri (NYSE: NVRI) has been certified as a 2024 Most Loved Workplace®, reaffirming its commitment to cultural excellence. This certification, awarded by the Best Practice Institute (BPI), is based on employee satisfaction and sentiment measured through the Love of Workplace Index® Pulse Validation.

Key highlights include:

• High scores in trust, honesty, and teamwork
• Additional certifications for supporting Parents and Caregivers, Diversity, Young Professionals, and Women
• Employee feedback emphasizing the company's core values, mission, and inclusive culture

Jennifer Kozak, Chief Human Resources Officer, expressed gratitude for the team's dedication and emphasized how this recognition reflects Enviri's inclusive and empowering culture. The certification underscores Enviri's commitment to creating a positive work environment and aligns with its mission of creating a better future through environmental solutions for industrial and specialty waste streams.

Enviri (NYSE: NVRI) has successfully refinanced its senior secured revolving credit facility. The new arrangement includes a $625 million Extended Revolving Credit Facility maturing on September 5, 2029, and a $50 million existing Revolving Credit Facility maturing on March 10, 2026. This brings the total available credit to $675 million.

The refinancing includes favorable covenant modifications, with the total net leverage ratio covenant stepping down from 5.00x to 4.00x of consolidated adjusted EBITDA by the end of 2025. The company's current covenant net leverage ratio is 3.93x, down from 5.35x at the beginning of 2023. The Extended Revolving Credit Facility will have an interest rate ranging from 175 to 225 basis points over SOFR, depending on total net leverage.

Enviri (NYSE: NVRI), a global leader in environmental solutions for industrial and specialty waste streams, has announced its participation in two upcoming investor conferences. The company will attend the Jefferies Industrial Conference in New York on September 4, 2024, and the Lake Street: 2024 BIG8 Conference in New York on September 12, 2024.

Enviri is committed to transforming the world to green by providing innovative recycling and reuse solutions for complex waste streams. The company operates in over 150 locations across 30+ countries, helping customers achieve their sustainability goals. Based in Philadelphia, Enviri offers a broad range of environmental services to a diverse customer base.

Enviri (NYSE: NVRI) has announced the sale of its Reed Minerals business to Speyside Equity for $45 million in cash, subject to post-closing adjustments. This transaction surpasses Enviri's 2024 asset sale goal of $50 to $75 million in proceeds. The company plans to use the net cash proceeds to reduce debt and strengthen its balance sheet.

Speyside Equity, a global private equity firm with $1.6 billion under management, has experience in markets relevant to Reed Minerals. Enviri's CEO, Nick Grasberger, stated that this divestiture is part of the company's strategy to transform its business portfolio, focus on core markets, and reduce financial leverage. The sale is expected to provide Enviri with increased financial flexibility to focus on specific growth areas.