Harsco Corporation today reported record first quarter 2006 results from continuing operations
First quarter 2006 diluted EPS from continuing operations was a record $0.81, up 47 per cent from $0.55 in the first quarter of 2005. Income from continuing operations was $34.3m, compared with $23.1m last year, an increase of 49 per cent. Overall operating margins improved by 140 basis points to 8.8 per cent from 7.4 per cent in last years comparable period. First quarter sales totaled $770m, also a record, up 20 per cent from sales of $640m in the same period last year.
According to the company first quarter performance benefited from the companys 21 November 2005 acquisition of Hünnebeck Group GmbH and the 29 December 2005 acquisition of the Northern Hemisphere steel mill services operations of Brambles Industrial Services. Both of these acquisitions were accretive in the first quarter of 2006.
Sales in the first quarter of 2006 were reduced by the sale of the companys UK based Youngman manufacturing operation on October 1, 2005. Negative foreign currency translation reduced first quarter sales by $17m, but it had only a minimal effect on pre-tax income in the quarter.
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