Harsco Q1 adjusted EBITDA to be above expectations (NYSE:HSC)

Harsco (HSC +14.8%) expects Q1 adjusted EBITDA to be above the high-end of its earlier guidance range of $43M – $48M, despite business disruption late in the quarter from COVID-19; the company says that the results are driven by improved performance at Clean Earth and Rail along, as well as lower corporate spending

Harsco also today announced that it is currently operating as an essential business in each of its segments

Also, Harsco anticipates lowering its 2020 capital expenditures by at least $75M, from prior guidance range of $170M – $180M

Additionally, the Company has significant undrawn funds under its $700M revolving credit facility and no debt maturities until 2024.

Though as a result of the evolving impact of COVID-19 on the global economy, Harsco withdraws its full year 2020 guidance.

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