ALTEK’s AluSalt™ salt slag processing technology selected by REAL ALLOY to achieve sustainability goalsREAL ALLOY plans to utilize ALTEK technology at its Indiana secondary aluminum recycling facility PHILADELPHIA, Nov. 26, 2024 (GLOBE NEWSWIRE) -- Enviri Corporation (NYSE: NVRI), a global, market-leading provider of environmental solutions for industrial and specialty waste streams, today announced that its subsidiary, ALTEK, will team with REAL ALLOY to build a zero-waste aluminum salt slag recycling faci ...

Rebrand captures SteelPhalt’s™ sustainability focus, building on proud 60-year history Aligns with Harsco Environmental’s and Enviri’s focus on innovative customer solutions ROTHERHAM, United Kingdom, Nov. 26, 2024 (GLOBE NEWSWIRE) -- SteelPhalt™, a division of Harsco Environmental and a global leader in sustainable asphalt solutions, today unveiled a new brand identity that reflects its continuous commitment to sustainability through providing low-carbon products. SteelPhalt has been a pioneer in recycling ...

[Enviri Corporation Third Quarter 2024 Results](index=1&type=section&id=Enviri%20Corporation%20Third%20Quarter%202024%20Results) [Financial Highlights](index=1&type=section&id=Financial%20Highlights) Enviri reported Q3 2024 revenues of $574 million, adjusted EBITDA of $85 million, and lowered its full-year guidance Q3 2024 vs Q3 2023 Key Metrics | Metric | Q3 2024 | Q3 2023 | | :--- | :--- | :--- | | Revenues | $574M | $597M | | GAAP Operating Income | $37M | $29M | | Adjusted EBITDA | $85M | $82M | | Adjusted EBITDA Margin | 14.8% | 13.7% | | GAAP Diluted EPS from continuing operations | $(0.15) | $(0.12) | | Adjusted Diluted EPS from continuing operations | $(0.01) | $0.08 | - The company achieved several strategic objectives, including completing the sale of Reed Minerals, which helped surpass the **2024 asset sales target of $50-$75 million**[1](index=1&type=chunk) - The 2024 Adjusted EBITDA forecast has been revised downwards to a range of **$317 million to $327 million**, with the midpoint lowered by 3%[1](index=1&type=chunk) [Management Commentary](index=2&type=section&id=Management%20Commentary) Management noted strong performance from Clean Earth offset market weakness and operational challenges in other segments - **Clean Earth delivered a standout quarter** with record profits and margins, attributed to increased pricing and efficiency improvements[4](index=4&type=chunk) - The company faced headwinds from market weakness in Harsco Environmental and shipment delays and operational challenges in Harsco Rail[4](index=4&type=chunk) - Management expects headwinds in Harsco Environmental and Harsco Rail to continue in the short term, which is reflected in the Q4 outlook[4](index=4&type=chunk) [Financial Performance Analysis](index=3&type=section&id=Financial%20Performance%20Analysis) [Consolidated Operating Results](index=3&type=section&id=Consolidated%20Operating%20Results) Consolidated revenues declined due to divestitures, but operating income and adjusted EBITDA increased year-over-year - Consolidated revenues decreased by **4% YoY to $574 million**, impacted by divestitures and approximately $6 million in negative foreign currency translation[7](index=7&type=chunk) - Adjusted EBITDA increased by **3% YoY to $85 million**, with the growth primarily attributed to the performance of the Clean Earth segment[8](index=8&type=chunk) [Segment Performance](index=3&type=section&id=Segment%20Performance) Segment performance was mixed, with Clean Earth showing significant profit growth while Harsco Rail faced a notable decline [Harsco Environmental](index=3&type=section&id=Harsco%20Environmental) Harsco Environmental Q3 Performance | Metric | Q3 2024 | Q3 2023 | | :--- | :--- | :--- | | Revenues | $279M | $286M | | GAAP Operating Income | $33M | $18M | | Adjusted EBITDA | $53M | $54M | | Adjusted EBITDA Margin | 19.0% | 18.9% | - Revenues decreased by 2% YoY; however, excluding foreign exchange and divestitures, **revenue growth was 5%**, driven by price increases and higher service levels[9](index=9&type=chunk) [Clean Earth](index=3&type=section&id=Clean%20Earth) Clean Earth Q3 Performance | Metric | Q3 2024 | Q3 2023 | | :--- | :--- | :--- | | Revenues | $237M | $239M | | GAAP Operating Income | $27M | $21M | | Adjusted EBITDA | $42M | $34M | | Adjusted EBITDA Margin | 17.5% | 14.2% | - **Adjusted EBITDA improved significantly YoY** due to higher pricing, efficiency improvements, and lower administrative costs, which more than offset the impact of lower volumes[11](index=11&type=chunk) - **Adjusted EBITDA margin expanded notably to 17.5%** from 14.2% in the prior-year quarter[11](index=11&type=chunk) [Harsco Rail](index=4&type=section&id=Harsco%20Rail) Harsco Rail Q3 Performance | Metric | Q3 2024 | Q3 2023 | | :--- | :--- | :--- | | Revenues | $58M | $72M | | GAAP Operating Loss | $(14)M | $(1)M | | Adjusted EBITDA | $(2)M | $2M | | Adjusted EBITDA Margin | (4.3)% | 2.6% | - **Revenues decreased by 20% YoY**, reflecting lower volumes of equipment, parts, and services, as well as contract loss adjustments[12](index=12&type=chunk) - The segment reported an **Adjusted EBITDA loss of $2 million**, a decline from a $2 million profit in Q3 2023, mainly due to lower volumes and a less favorable product mix[12](index=12&type=chunk) [Cash Flow](index=4&type=section&id=Cash%20Flow) Cash flow from operations and adjusted free cash flow both declined significantly compared to the prior-year quarter Q3 Cash Flow Summary | Metric | Q3 2024 | Q3 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $1M | $18M | | Adjusted free cash flow | $(34)M | $(7)M | - The decline in adjusted free cash flow was primarily due to the timing of working capital and increased capital expenditures[13](index=13&type=chunk) [2024 Financial Outlook](index=4&type=section&id=2024%20Financial%20Outlook) [Outlook Summary and Key Drivers](index=4&type=section&id=Outlook%20Summary%20and%20Key%20Drivers) The company lowered its full-year 2024 Adjusted EBITDA and free cash flow guidance due to divestitures and operational challenges - The 2024 Adjusted EBITDA outlook was updated due to the Reed Minerals sale, lower volumes in Harsco Environmental, and shipment delays and production challenges in Harsco Rail[14](index=14&type=chunk) - An improved outlook for Clean Earth partially offsets the negative factors, and the new guidance midpoint for Adjusted EBITDA is a **5% increase compared to 2023**[15](index=15&type=chunk) - Segment Outlook Drivers: - **Harsco Environmental:** Adjusted EBITDA projected to be below 2023 results[15](index=15&type=chunk) - **Clean Earth:** Adjusted EBITDA expected to increase versus 2023, driven by pricing and efficiency[16](index=16&type=chunk) - **Harsco Rail:** Adjusted EBITDA expected to increase versus 2023 due to higher demand for certain offerings[17](index=17&type=chunk) - **Corporate:** Spending anticipated to decrease by a single-digit percentage compared to 2023[17](index=17&type=chunk) [Detailed Guidance](index=6&type=section&id=Detailed%20Guidance) Enviri provided updated guidance for full-year 2024 and Q4, reflecting lower expectations for key financial metrics 2024 Full Year Outlook | Metric | Current Guidance | Prior Guidance | | :--- | :--- | :--- | | GAAP Operating Income | $117M - $127M | $128M - $141M | | Adjusted EBITDA | $317M - $327M | $327M - $340M | | Adjusted Diluted EPS | $(0.06) - $(0.16) | $0.07 - $(0.09) | | Adjusted Free Cash Flow | $0 - $(20)M | $10M - $30M | Q4 2024 Outlook | Metric | Guidance | | :--- | :--- | | GAAP Operating Income | $23M - $33M | | Adjusted EBITDA | $68M - $78M | | Adjusted Diluted EPS | $(0.03) - $(0.14) | [Consolidated Financial Statements](index=11&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Statements of Operations](index=11&type=section&id=Consolidated%20Statements%20of%20Operations) Q3 2024 revenues decreased, but operating income improved, though a higher tax expense led to a wider net loss from continuing operations Q3 2024 Statement of Operations Highlights (in thousands) | Line Item | Q3 2024 | Q3 2023 | | :--- | :--- | :--- | | Total Revenues | $573,627 | $596,968 | | Operating income from continuing operations | $37,372 | $28,760 | | Loss from continuing operations | $(11,094) | $(8,955) | | Net loss attributable to Enviri | $(13,168) | $(10,802) | | Diluted EPS from continuing operations | $(0.15) | $(0.12) | [Consolidated Balance Sheets](index=12&type=section&id=Consolidated%20Balance%20Sheets) Total assets and total equity decreased slightly as of September 30, 2024, compared to year-end 2023 Balance Sheet Highlights (in thousands) | Metric | Sept 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Total Current Assets | $806,164 | $827,356 | | Total Assets | $2,802,075 | $2,854,698 | | Total Current Liabilities | $619,079 | $655,233 | | Long-term Debt | $1,431,868 | $1,401,437 | | Total Liabilities | $2,276,196 | $2,279,290 | | Total Equity | $525,879 | $575,408 | [Consolidated Statements of Cash Flows](index=13&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the first nine months of 2024, operating cash flow slightly decreased while investing cash outflow was significantly reduced by asset sales Nine Months Ended Sept 30 Cash Flow Summary (in thousands) | Metric | 2024 | 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $41,771 | $46,172 | | Net cash used by investing activities | $(22,239) | $(78,294) | | Net cash used by financing activities | $(22,405) | $49,946 (provided) | | Net decrease in cash | $(11,482) | $13,593 (increase) | [Non-GAAP Financial Measures & Reconciliations](index=8&type=section&id=Non-GAAP%20Financial%20Measures%20%26%20Reconciliations) [Explanation of Non-GAAP Measures](index=8&type=section&id=Explanation%20of%20Non-GAAP%20Measures) The company utilizes non-GAAP measures like Adjusted EBITDA and Adjusted Free Cash Flow to provide insight into core operational performance - **Adjusted diluted EPS:** Excludes unusual items and acquisition-related intangible asset amortization to provide a clearer view of core business performance[28](index=28&type=chunk) - **Adjusted EBITDA:** Excludes items like interest, taxes, depreciation, amortization, and unusual items to assess and evaluate performance[29](index=29&type=chunk) - **Adjusted free cash flow:** Measures cash available for working capital, debt repayment, and investments by adjusting operating cash flow for capital expenditures and other specific items[30](index=30&type=chunk) - **Organic growth:** Calculates revenue changes excluding the impacts of foreign currency, acquisitions, and divestitures to show underlying revenue trends[32](index=32&type=chunk) [Reconciliation of Adjusted Diluted EPS](index=15&type=section&id=Reconciliation%20of%20Adjusted%20Diluted%20EPS) The company reconciles GAAP diluted loss per share to an adjusted loss per share of $(0.01) for Q3 2024 Q3 Reconciliation of GAAP to Adjusted Diluted EPS | Description | Q3 2024 | Q3 2023 | | :--- | :--- | :--- | | GAAP Diluted EPS from continuing operations | $(0.15) | $(0.12) | | Adjustments for unusual items (net) | $0.08 | $(0.01) | | Acquisition amortization expense, net of tax | $0.06 | $0.07 | | **Adjusted Diluted EPS from continuing operations** | **$(0.01)** | **$0.08** | [Reconciliation of Adjusted EBITDA](index=18&type=section&id=Reconciliation%20of%20Adjusted%20EBITDA) Consolidated Q3 2024 operating income of $37.4 million is reconciled to an Adjusted EBITDA of $84.7 million Q3 2024 Reconciliation of Operating Income to Adjusted EBITDA (in thousands) | Description | Consolidated | | :--- | :--- | | Operating income, as reported | $37,372 | | Unusual Items Adjustments | $3,116 | | Depreciation | $37,579 | | Amortization | $6,591 | | **Adjusted EBITDA** | **$84,658** | [Reconciliation of Adjusted Free Cash Flow](index=23&type=section&id=Reconciliation%20of%20Adjusted%20Free%20Cash%20Flow) Q3 2024 net operating cash flow of $1.4 million is reconciled to an adjusted free cash flow of $(34.2) million Q3 Reconciliation of Adjusted Free Cash Flow (in thousands) | Description | Q3 2024 | Q3 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $1,387 | $17,982 | | Less capital expenditures | $(41,574) | $(27,289) | | Plus proceeds from sales of assets | $4,895 | $641 | | Other adjustments | $1,068 | $1,373 | | **Adjusted free cash flow** | **$(34,224)** | **$(7,293)** | [Reconciliation of Organic Growth](index=25&type=section&id=Reconciliation%20of%20Organic%20Growth) The reported 3.9% revenue decline in Q3 2024 is reconciled to an organic growth rate of 0.5% after adjustments Q3 2024 Revenue Change Reconciliation | Effect on Revenue | % Change | | :--- | :--- | | Price/volume changes (Organic) | 0.5% | | Foreign currency translation | (1.0)% | | Divestitures & other adjustments | (3.4)% | | **Total change in revenues** | **(3.9)%** | [Other Information](index=6&type=section&id=Other%20Information) [Conference Call Information](index=6&type=section&id=Conference%20Call%20Information) The company held a conference call and webcast to discuss its third-quarter 2024 results with the investment community - A conference call was held at 9:00 a.m. Eastern Time on October 31, 2024, to discuss the results[21](index=21&type=chunk) [Forward-Looking Statements](index=7&type=section&id=Forward-Looking%20Statements) The report contains forward-looking statements that are subject to numerous business and economic risks and uncertainties - The report includes forward-looking statements that are subject to risks and uncertainties, as detailed under the "safe harbor" provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934[23](index=23&type=chunk) - Key risk factors include the ability to complete strategic transactions, compliance with environmental laws, customer concentration, market changes, and cybersecurity breaches[24](index=24&type=chunk)[25](index=25&type=chunk)

Third quarter revenues totaled $574 million; organic growth in the quarter was 1%Q3 GAAP operating income of $37 millionAdjusted EBITDA in Q3 totaled $85 million, an increase of 3% over the prior-year quarterCompleted sale of Reed Minerals, enabling Company to surpass 2024 asset sales goal of $50 to $75 millionRefinanced revolving credit and accounts receivable securitization facilities, enhancing financial flexibility2024 Adjusted EBITDA now expected to be within range of $317 million and $327 million; mid ...

When deciding whether to buy, sell, or hold a stock, investors often rely on analyst recommendations. Media reports about rating changes by these brokerage-firm-employed (or sell-side) analysts often influence a stock's price, but are they really important? Let's take a look at what these Wall Street heavyweights have to say about Enviri (NVRI) before we discuss the reliability of brokerage recommendations and how to use them to your advantage. Enviri currently has an average brokerage recommendation (ABR) ...

Certification through Best Practice Institute demonstrates commitment to cultural excellence and continuous improvement The Company's highest-ranking areas include trust, honesty, and teamwork PHILADELPHIA, Sept. 10, 2024 (GLOBE NEWSWIRE) -- Enviri Corporation (NYSE: NVRI), a global, market-leading provider of environmental solutions for industrial and specialty waste streams, achieved certification as a 2024 Most Loved Workplace®. Enviri was also named to this list in 2022. "We're grateful for our dedicate ...

PHILADELPHIA, Sept. 05, 2024 (GLOBE NEWSWIRE) -- Enviri Corporation (NYSE: NVRI) today announced that it has amended and extended its senior secured revolving credit facility (the "Revolving Credit Facility"). The Company's new $625 million revolving credit facility (the "Extended Revolving Credit Facility") will mature on September 5, 2029. Additionally, the Company will maintain its existing Revolving Credit Facility for an amount of $50 million with certain lenders (together with the Extended Revolving C ...

PHILADELPHIA, Aug. 29, 2024 (GLOBE NEWSWIRE) -- Enviri Corporation (NYSE: NVRI) announced today that it has sold its Reed Minerals business to Speyside Equity for $45 million in cash, subject to postclosing adjustments. Enviri expects to use the net cash proceeds from the transaction to reduce debt and further strengthen its balance sheet. Importantly, the Company has now surpassed its 2024 asset sale goal of $50 to $75 million of proceeds with this transaction. Speyside Equity is a global private equity fi ...

PHILADELPHIA, Aug. 06, 2024 (GLOBE NEWSWIRE) -- Enviri Corporation (NYSE:NVRI), a global, market-leading provider of environmental solutions for industrial and specialty waste streams, today announced that Company leaders will be participating in the following investor conferences: Investor Contact David Martin +1.267.946.1407 dmartin@enviri.com Media Contact Maura Pfeiffer +1.267.964.1868 mpfeiffer@enviri.com Raymond James Industrial & Energy Showcase (Virtual) Thursday, Aug. 8, 2024 2024 Seaport Research ...

For the current fiscal year, Enviri is expected to post earnings of $0.07 per share on $2.43 billion in revenues. This represents a 158.33% change in EPS on a 17.44% change in revenues. For the next fiscal year, the company is expected to earn $0.47 per share on $2.52 billion in revenues. This represents a year-over-year change of 571.43% and 3.83%, respectively. In terms of its value breakdown, the stock currently trades at 144X current fiscal year EPS estimates, which is a premium to the peer industry ave ...