29.10.2009

Harsco access drops 29%

Harsco Infrastructure which includes SGB, Hünnebeck and Patent scaffold has reported third quarter revenues of $279.5 million a fall of more than 29 percent.

Operating profits for the period were $22.5 million a drop of over 62 percent.

Year to date revenues were $872 million a drop of 27 percent compared to last year, while profits fell back 58 percent to $66.2 percent.

The company says “Despite the fact that the company is beginning to see incremental benefits from its cost reduction efforts, the remainder of the year for the Harsco Infrastructure Segment is expected to continue to be difficult from an operating perspective.” “

“The company still does not foresee any meaningful near-term benefits from stimulus spending, particularly in the U.S. and U.K, lending requirements are expected to stay restrictive; and overall non-residential construction spending continues to be down in most developed economies. All of these negative factors exacerbate the pricing environment. Performance in the fourth quarter is expected to be below the previous quarters this year.