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Enviri Corporation
Enviri Corporation Reports Second Quarter 2025 Results
Business
Aug 5 2025
26 min read

Enviri Corporation Reports Second Quarter 2025 Results

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  • Second quarter revenues totaled $562 million

  • Second quarter GAAP consolidated loss from continuing operations of $46 million

  • Adjusted EBITDA in Q2 totaled $65 million

  • 2025 Adjusted EBITDA now expected to be within a range of $290 million to $310 million and free cash flow expected to be within a range of $15 million to $35 million; updated guidance ranges reflect revised outlook for Harsco Rail

  • Announces formal process to evaluate strategic alternatives

PHILADELPHIA, Aug. 05, 2025 (GLOBE NEWSWIRE) -- Enviri Corporation (NYSE: NVRI) (the "Company") today reported second quarter 2025 results. Revenues in the second quarter of 2025 totaled $562 million, and on a U.S. GAAP ("GAAP") basis, the consolidated loss from continuing operations was $46 million. Adjusted EBITDA was $65 million.

On a GAAP basis, the second quarter of 2025 diluted loss per share from continuing operations was $0.58, including contract adjustments in Harsco Rail, an asset impairment and site exit costs in Harsco Environmental, and strategic expenses. The adjusted diluted loss per share from continuing operations in the second quarter of 2025 was $0.22. These figures compare with a second quarter of 2024 GAAP diluted loss per share from continuing operations of $0.16, which included certain contract adjustments in Harsco Rail, and adjusted diluted earnings per share from continuing operations of $0.02.

“Our environmental businesses performed well in the quarter and in line with our expectations,” said Enviri Chairman and CEO Nick Grasberger. “Clean Earth achieved record Q2 earnings while continuing to generate strong free cash flow, and Harsco Environmental again delivered consistent performance despite steel-industry volumes remaining subdued. Rail results were below our expectations and negatively impacted by weak demand and ongoing operating challenges.”

“The second quarter began with significant economic uncertainty, and our forward-looking outlook is mixed. Fundamentals for Clean Earth and Harsco Environmental remain stable, while market conditions for Harsco Rail have weakened due to slowing global demand. This weakness can be partially attributed to global trade tensions, and our revised 2025 guidance reflects a more cautious view on Rail. Looking into the second half of the year, we intend to continue executing on our strategic priorities with discipline, while concurrently reviewing strategic alternatives available to the Company to unlock the significant value inherent in our businesses.”

Enviri Corporation—Selected Second Quarter Results

($ in millions, except per share amounts)

 

Q2 2025

 

Q2 2024

Revenues

 

$

562

 

 

$

610

 

Operating income/(loss) from continuing operations - GAAP

 

$

(7

)

 

$

31

 

Income (loss) from continuing operations

 

$

(46

)

 

$

(10

)

Diluted EPS from continuing operations - GAAP

 

$

(0.58

)

 

$

(0.16

)

Adjusted EBITDA - non-GAAP

 

$

65

 

 

$

86

 

Adjusted EBITDA margin - non-GAAP

 

 

11.5

%

 

 

14.1

%

Adjusted diluted EPS from continuing operations - non-GAAP

 

$

(0.22

)

 

$

0.02

 

Note: Adjusted diluted earnings (loss) per share from continuing operations, Adjusted EBITDA and Adjusted EBITDA margin presented throughout this release are adjusted for unusual items; in addition, adjusted diluted earnings per share from continuing operations is adjusted for acquisition-related amortization expense. See below for definition of these non-GAAP measures and reconciliations to the most directly comparable GAAP financial measures.

Consolidated Second Quarter Operating Results
Consolidated revenues from continuing operations were $562 million, or 8% below the prior-year quarter. Clean Earth realized an increase in revenues compared with the second quarter of 2024, while revenues for the Company's other business segments were lower year-on-year. Business divestitures during 2024 in Harsco Environmental negatively impacted second quarter 2025 revenues by approximately $22 million, compared with the same quarter in 2024.

The Company's GAAP consolidated loss from continuing operations was $46 million for the second quarter of 2025, compared with a GAAP consolidated loss of $10 million in the same quarter of 2024. Meanwhile, Adjusted EBITDA totaled $65 million in the second quarter of 2025 versus $86 million in the second quarter of the prior year. An increase in Adjusted EBITDA from Clean Earth compared with the prior-year quarter was offset by lower contributions from the Company's other business segments, as anticipated. Divestitures negatively impacted second quarter 2025 Adjusted EBITDA by approximately $3 million, compared with the prior-year period.

Second Quarter Business Review

Harsco Environmental

($ in millions)

 

Q2 2025

 

Q2 2024

Revenues

 

$

258

 

 

$

293

 

Operating income (loss) - GAAP

 

$

4

 

 

$

20

 

Adjusted EBITDA - non-GAAP

 

$

40

 

 

$

49

 

Adjusted EBITDA margin - non-GAAP

 

 

15.5

%

 

 

16.8

%


Harsco Environmental revenues totaled $258 million in the second quarter of 2025, a decrease compared with the prior-year quarter. The year-over-year revenue change is attributable to business divestitures, lower service levels due to site closures and contract exits, and lower eco-products volumes. Excluding divestiture impacts, revenues declined 5%. The segment's GAAP operating income was $4 million and Adjusted EBITDA totaled $40 million in the second quarter of 2025. These figures compare with GAAP operating income of $20 million and Adjusted EBITDA of $49 million in the prior-year period. The year-on-year change in adjusted earnings reflects the above-mentioned impacts. As a result, Harsco Environmental's Adjusted EBITDA margin was 15.5% in the second quarter of 2025 versus 16.8% in the comparable quarter of 2024.

Clean Earth

($ in millions)

 

Q2 2025

 

Q2 2024

Revenues

 

$

246

 

 

$

236

 

Operating income (loss) - GAAP

 

$

25

 

 

$

24

 

Adjusted EBITDA - non-GAAP

 

$

40

 

 

$

38

 

Adjusted EBITDA margin - non-GAAP

 

 

16.3

%

 

 

16.1

%


Clean Earth revenues totaled $246 million in the second quarter of 2025, a 4% increase over the prior-year quarter due to higher volumes and services pricing. The segment's GAAP operating income was $25 million and Adjusted EBITDA was $40 million in the second quarter of 2025. These figures compare with GAAP operating income of $24 million and Adjusted EBITDA of $38 million in the prior-year period. The year-on-year improvement in adjusted earnings is attributable to the above-mentioned factors and efficiency improvements, partially offset by higher operating expenses, including the impact of temporary outages at primary disposal outlets, resulting in usage of higher costs alternatives. As a result, Clean Earth's Adjusted EBITDA margin increased to 16.3% in the second quarter of 2025 versus 16.1% in the comparable quarter of 2024.

Harsco Rail

($ in millions)

 

Q2 2025

 

Q2 2024

Revenues

 

$

58

 

 

$

81

 

Operating income (loss) - GAAP

 

$

(20

)

 

$

(3

)

Adjusted EBITDA - non-GAAP

 

$

(3

)

 

$

7

 

Adjusted EBITDA margin - non-GAAP

 

(5.7

)%

 

 

9.1

%


Harsco Rail revenues totaled $58 million in the second quarter of 2025, a 28% decrease over the prior-year quarter. This change reflects lower volumes for equipment, aftermarket parts, and technology products. The segment's GAAP operating loss was $20 million and Adjusted EBITDA loss was $3 million in the second quarter of 2025. These figures compare with a GAAP operating loss of $3 million and Adjusted EBITDA of $7 million in the prior-year period. The year-on-year change in adjusted earnings resulted from lower volumes as well as higher manufacturing costs and a less favorable business mix.

Cash Flow
Net cash provided by operating activities was $22 million in the second quarter of 2025, compared with $39 million in the prior-year period. Adjusted free cash flow was $(14) million in the second quarter of 2025, compared with $9 million in the prior-year period. The change in adjusted free cash flow compared with the prior-year quarter is attributable to lower cash earnings and higher capital spending, as anticipated, partially offset by working capital and lower pension contributions.

Exploration of Strategic Alternatives
In a separate press release today, the Company announced that its Board of Directors has authorized management to conduct a formal process to evaluate and explore strategic alternatives aimed at unlocking shareholder value.

The Company is evaluating a wide range of value creation alternatives including but not limited to a tax-efficient sale or separation of the Clean Earth business, along with the continued execution of the Company’s business plan.

There can be no assurances regarding any specific outcome or transaction resulting from this review. The Company has not established a timetable for completion of the review and does not intend to provide additional updates unless and until it determines further disclosure is appropriate or necessary. The release can be viewed on the Company's Investor Relations page at investors.enviri.com.

2025 Outlook
The Company's outlook for Adjusted EBITDA and Free Cash Flow is revised to reflect current expectations for Harsco Rail, where lower global demand for standard products and higher manufacturing costs are impacting performance. Rail orders throughout North America and Asia have been weak in the first-half of 2025 and the Company anticipates this softness will persist for the balance of the year, resulting in lower shipments than previously forecasted. Guidance for Harsco Environmental and Clean Earth are unchanged from the prior quarter. Key business drivers for each segment as well as other 2025 guidance details are below.

Harsco Environmental Adjusted EBITDA is projected to be below prior-year results. Currency impacts, business divestitures, exited contracts and a less favorable services mix are expected to be partially offset by improvement initiatives, new contracts and product volumes.

Clean Earth Adjusted EBITDA is expected to increase versus 2024 as a result of volume growth, efficiency initiatives and net higher pricing, offsetting the impact of investments and certain items not repeating in 2025 (such as the benefit in 2024 from the reduction in bad debt reserves).

Harsco Rail Adjusted EBITDA is expected to decline versus 2024 as a result of lower shipments, a less favorable business mix, and higher manufacturing costs.

Corporate spending is anticipated to increase when compared with 2024 mainly as a result of the normalization of incentive compensation as well as non-cash equity compensation.

2025 Full Year Outlook

Current

Prior

GAAP Loss From Continuing Operations

$(74) - $(56) million

$(36) - $(17) million

Adjusted EBITDA

$290 - $310 million

$305 - $325 million

GAAP Diluted Earnings/(Loss) Per Share from Continuing Operations

$(0.97) - $(0.75)

$(0.50) - $(0.26)

Adjusted Diluted Earnings/(Loss) Per Share from Continuing Operations

$(0.52) - $(0.30)

$(0.34) - $(0.11)

Net Cash Provided By Operating Activities

$141 - $171 million

$156 - $186 million

Adjusted Free Cash Flow

$15 - $35 million

$30 - $50 million

Net Interest Expense, Excluding Any Unusual Items

$107 - $110 million

$105 - $109 million

Account Receivable Securitization Fees

~$10 million

$10 million

Pension Expense (Non-Operating)

~$21 million

$20 million

Tax Expense, Excluding Any Unusual Items

$26 - $31 million

$28 - $33 million

Net Capital Expenditures

$130 - $140 million

$130 - $140 million

 

 

 

Q3 2025 Outlook

 

 

GAAP Loss From Continuing Operations

$(12) - $(3) million

 

Adjusted EBITDA

$76 - $86 million

 

GAAP Diluted Earnings/(Loss) Per Share from Continuing Operations

$(0.16) - $(0.05)

 

Adjusted Diluted Earnings/(Loss) Per Share from Continuing Operations

$(0.10) - $0.01

 


Conference Call
The Company will hold a conference call today at 9:00 a.m. Eastern Time to discuss its results and respond to questions from the investment community. Those who wish to listen to the conference call webcast should visit investors.enviri.com, or by dialing (844) 539-1331 or (412) 652-1264 for international callers. Please ask to join the Enviri Corporation call. Listeners are advised to dial in approximately ten minutes prior to the call. If you are unable to listen to the live call, the webcast will be archived on the Company’s website.

Forward-Looking Statements
The nature of the Company's business, together with the number of countries in which it operates, subject it to changing economic, competitive, regulatory and technological conditions, risks and uncertainties. In accordance with the "safe harbor" provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, the Company provides the following cautionary remarks regarding important factors that, among others, could cause future results to differ materially from the results contemplated by forward-looking statements, including the expectations and assumptions expressed or implied herein. Forward-looking statements contained herein could include, among other things, statements regarding the Company’s exploration of strategic alternatives; statements about management's confidence in and strategies for performance; expectations for new and existing products, technologies and opportunities; and expectations regarding growth, sales, cash flows, and earnings. Forward-looking statements can be identified by the use of such terms as "may," "could," "expect," "anticipate," "intend," "believe," "likely," "estimate," "outlook," "plan," "contemplate," "project," "target" or other comparable terms.

Factors that could cause actual results to differ, perhaps materially, from those implied by forward-looking statements include, but are not limited to: (1) any delay to the Company’s review of strategic alternatives; (2) the Company’s inability to successfully secure a transaction as part of such review; (3) if such a transaction is entered into, the failure to consummate such transaction; (4) the possibility that any such transaction may not ultimately achieve the expected benefits; (5) the Company's ability to successfully enter into new contracts and complete new acquisitions, divestitures, or strategic ventures in the time-frame contemplated or at all; (6) the Company’s inability to comply with applicable environmental laws and regulations; (7) the Company’s inability to obtain, renew, or maintain compliance with its operating permits or license agreements; (8) various economic, business, and regulatory risks associated with the waste management industry; (9) the seasonal nature of the Company's business; (10) risks caused by customer concentration, the fixed price and long-term customer contracts, especially those related to complex engineered equipment, and the competitive nature of the industries in which the Company operates; (11) the outcome of any disputes with customers, contractors and subcontractors; (12) the financial condition of the Company's customers, including the ability of customers (especially those that may be highly leveraged or have inadequate liquidity) to maintain their credit availability; (13) higher than expected claims under the Company’s insurance policies, or losses that are uninsurable or that exceed existing insurance coverage; (14) market and competitive changes, including pricing pressures, market demand and acceptance for new products, services and technologies; changes in currency exchange rates, interest rates, commodity and fuel costs and capital costs; (15) the Company's ability to negotiate, complete, and integrate strategic transactions and joint ventures with strategic partners; (16) the Company’s ability to effectively retain key management and employees, including due to unanticipated changes to demand for the Company’s services, disruptions associated with labor disputes, and increased operating costs associated with union organizations; (17) the Company's inability or failure to protect its intellectual property rights from infringement in one or more of the many countries in which the Company operates; (18) failure to effectively prevent, detect or recover from breaches in the Company's cybersecurity infrastructure; (19) changes in the worldwide business environment in which the Company operates, including changes in general economic and industry conditions and cyclical slowdowns impacting the steel and aluminum industries; (20) fluctuations in exchange rates between the U.S. dollar and other currencies in which the Company conducts business; (21) unforeseen business disruptions in one or more of the many countries in which the Company operates due to changes in economic conditions, changes in governmental laws and regulations, including environmental, occupational health and safety, tax and import tariff standards and amounts; political instability, civil disobedience, armed hostilities, public health issues or other calamities; (22) liability for and implementation of environmental remediation matters; (23) product liability and warranty claims associated with the Company’s operations; (24) the Company’s ability to comply with financial covenants and obligations to financial counterparties; (25) the Company’s outstanding indebtedness and exposure to derivative financial instruments that may be impacted by, among other factors, changes in interest rates; (26) tax liabilities and changes in tax laws; (27) changes in the performance of equity and bond markets that could affect, among other things, the valuation of the assets in the Company's pension plans and the accounting for pension assets, liabilities and expenses; (28) risk and uncertainty associated with intangible assets; and the other risk factors listed from time to time in the Company's SEC reports. A further discussion of these, along with other potential risk factors, can be found in Part I, Item 1A, “Risk Factors” of the Company’s most recently filed Annual Report on Form 10-K, as updated by subsequent Quarterly Reports on Form 10-Q, which are filed with the Securities and Exchange Commission. The Company cautions that these factors may not be exhaustive and that many of these factors are beyond the Company's ability to control or predict. Accordingly, forward-looking statements should not be relied upon as a prediction of actual results. The Company undertakes no duty to update forward-looking statements except as may be required by law.

Non-GAAP Measures
Measurements of financial performance not calculated in accordance with GAAP should be considered as supplements to, and not substitutes for, performance measurements calculated or derived in accordance with GAAP. Any such measures are not necessarily comparable to other similarly-titled measurements employed by other companies. The most comparable GAAP measures are included within the definitions below and reconciliations of these non-GAAP measures to the most directly comparable GAAP financial measures are included at the end of this press release.

Adjusted diluted earnings per share from continuing operations: Adjusted diluted earnings (loss) per share from continuing operations is a non-GAAP financial measure and consists of diluted earnings (loss) per share from continuing operations adjusted for unusual items and acquisition-related intangible asset amortization expense. It is important to note that such intangible assets contribute to revenue generation and that intangible asset amortization related to past acquisitions will recur in future periods until such intangible assets have been fully amortized. The Company’s management believes Adjusted diluted earnings per share from continuing operations is useful to investors because it provides an overall understanding of the Company’s historical and future prospects. Exclusion of unusual items permits evaluation and comparison of results for the Company’s core business operations, and it is on this basis that management internally assesses the Company’s performance. Exclusion of acquisition-related intangible asset amortization expense, the amount of which can vary by the timing, size and nature of the Company’s acquisitions, facilitates more consistent internal comparisons of operating results over time between the Company’s newly acquired and long-held businesses, and comparisons with both acquisitive and non-acquisitive peer companies.

Adjusted EBITDA: Adjusted EBITDA is a non-GAAP financial measure and consists of income (loss) from continuing operations adjusted to add back income tax expense; equity income of unconsolidated entities, net; net interest expense; defined benefit pension income (expense); facility fees and debt-related income (expense); and depreciation and amortization (excluding amortization of deferred financing costs); and excludes unusual items. Segment Adjusted EBITDA consists of operating income from continuing operations adjusted to exclude unusual items and add back depreciation and amortization (excluding amortization of deferred financing costs). The sum of the Segments’ Adjusted EBITDA and Corporate Adjusted EBITDA equals consolidated Adjusted EBITDA. The Company‘s management believes Adjusted EBITDA is meaningful to investors because management reviews Adjusted EBITDA in assessing and evaluating performance.

Adjusted free cash flow: Adjusted free cash flow is a non-GAAP financial measure and consists of net cash provided (used) by operating activities less capital expenditures and expenditures for intangible assets; and plus capital expenditures for strategic ventures, total proceeds from sales of assets and certain transaction-related / debt-refinancing expenditures. The Company's management believes that Adjusted free cash flow is important to management and useful to investors as a supplemental measure as it indicates the cash flow available for working capital needs, repay debt obligations, invest in future growth through new business development activities, conduct strategic acquisitions or other uses of cash. It is important to note that Adjusted free cash flow does not represent the total residual cash flow available for discretionary expenditures since other non-discretionary expenditures, such as mandatory debt service requirements and settlements of foreign currency forward exchange contracts, are not deducted from this measure. This presentation provides a basis for comparison of ongoing operations and prospects.

About Enviri
Enviri is transforming the world to green, as a trusted global leader in providing a broad range of environmental services and related innovative solutions. The company serves a diverse customer base by offering critical recycle and reuse solutions for their waste streams, enabling customers to address their most complex environmental challenges and to achieve their sustainability goals. Enviri is based in Philadelphia, Pennsylvania and operates in more than 150 locations in over 30 countries. Additional information can be found at www.enviri.com.

Investor Contact
David Martin
+1.267.946.1407
dmartin@enviri.com

Media Contact
Karen Tognarelli
+1.717.480.6145
ktognarelli@enviri.com


 

 

 

 

 

 

ENVIRI CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

 

 

 

Three Months Ended

 

Six Months Ended

 

 

 

June 30

 

June 30

 

(In thousands, except per share amounts)

 

 

2025

 

 

 

2024

 

 

 

2025

 

 

 

2024

 

 

Revenues from continuing operations:

 

 

 

 

 

 

 

 

 

Service revenues

 

$

505,241

 

 

$

505,283

 

 

$

982,081

 

 

$

1,004,437

 

 

Product revenues

 

 

57,013

 

 

 

104,710

 

 

 

128,457

 

 

 

205,873

 

 

Total revenues

 

 

562,254

 

 

 

609,993

 

 

 

1,110,538

 

 

 

1,210,310

 

 

Costs and expenses from continuing operations:

 

 

 

 

 

 

 

 

 

Cost of services sold

 

 

394,811

 

 

 

388,222

 

 

 

767,213

 

 

 

781,074

 

 

Cost of products sold

 

 

68,339

 

 

 

91,996

 

 

 

119,700

 

 

 

177,406

 

 

Cost of services and products sold

 

 

463,150

 

 

 

480,218

 

 

 

886,913

 

 

 

958,480

 

 

Selling, general and administrative expenses

 

 

95,503

 

 

 

90,454

 

 

 

184,611

 

 

 

177,580

 

 

Research and development expenses

 

 

995

 

 

 

943

 

 

 

1,462

 

 

 

1,804

 

 

Property, plant and equipment impairment charge

 

 

7,386

 

 

 

 

 

 

7,386

 

 

 

 

 

Intangible asset impairment charge

 

 

 

 

 

2,840

 

 

 

 

 

 

2,840

 

 

Remeasurement of long-lived assets

 

 

 

 

 

 

 

 

 

 

 

10,695

 

 

Gain on sale of businesses, net

 

 

 

 

 

(1,877

)

 

 

 

 

 

(1,877

)

 

Other expense (income), net

 

 

2,411

 

 

 

6,160

 

 

 

6,702

 

 

 

3,720

 

 

Total costs and expenses

 

 

569,445

 

 

 

578,738

 

 

 

1,087,074

 

 

 

1,153,242

 

 

Operating income (loss) from continuing operations

 

 

(7,191

)

 

 

31,255

 

 

 

23,464

 

 

 

57,068

 

 

Interest income

 

 

470

 

 

 

3,435

 

 

 

924

 

 

 

5,132

 

 

Interest expense

 

 

(27,600

)

 

 

(27,934

)

 

 

(54,174

)

 

 

(56,056

)

 

Facility fees and debt-related income (expense)

 

 

(2,619

)

 

 

(2,920

)

 

 

(5,231

)

 

 

(5,709

)

 

Defined benefit pension income (expense)

 

 

(5,387

)

 

 

(4,166

)

 

 

(10,420

)

 

 

(8,342

)

 

Income (loss) from continuing operations before income taxes and equity in income

 

 

(42,327

)

 

 

(330

)

 

 

(45,437

)

 

 

(7,907

)

 

Income tax benefit (expense) from continuing operations

 

 

(3,609

)

 

 

(10,020

)

 

 

(11,555

)

 

 

(17,935

)

 

Equity in income (loss) of unconsolidated entities, net

 

 

44

 

 

 

127

 

 

 

72

 

 

 

(122

)

 

Income (loss) from continuing operations

 

 

(45,892

)

 

 

(10,223

)

 

 

(56,920

)

 

 

(25,964

)

 

Discontinued operations:

 

 

 

 

 

 

 

 

 

Income (loss) from discontinued businesses

 

 

(889

)

 

 

(1,211

)

 

 

(2,468

)

 

 

(2,703

)

 

Income tax benefit (expense) from discontinued businesses

 

 

232

 

 

 

314

 

 

 

644

 

 

 

701

 

 

Income (loss) from discontinued operations, net of tax

 

 

(657

)

 

 

(897

)

 

 

(1,824

)

 

 

(2,002

)

 

Net income (loss)

 

 

(46,549

)

 

 

(11,120

)

 

 

(58,744

)

 

 

(27,966

)

 

Less: Net loss (income) attributable to noncontrolling interests

 

 

(1,058

)

 

 

(2,481

)

 

 

(2,259

)

 

 

(3,597

)

 

Net income (loss) attributable to Enviri Corporation

 

$

(47,607

)

 

$

(13,601

)

 

$

(61,003

)

 

$

(31,563

)

 

Amounts attributable to Enviri Corporation common stockholders:

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations, net of tax

 

$

(46,950

)

 

$

(12,704

)

 

$

(59,179

)

 

$

(29,561

)

 

Income (loss) from discontinued operations, net of tax

 

 

(657

)

 

 

(897

)

 

 

(1,824

)

 

 

(2,002

)

 

Net income (loss) attributable to Enviri Corporation common stockholders

 

$

(47,607

)

 

$

(13,601

)

 

$

(61,003

)

 

$

(31,563

)

 

 

 

 

 

 

 

 

 

 

 

Weighted-average shares of common stock outstanding

 

 

80,629

 

 

 

80,146

 

 

 

80,481

 

 

 

80,045

 

 

Basic earnings (loss) per common share attributable to Enviri Corporation common stockholders:

 

Continuing operations

 

$

(0.58

)

 

$

(0.16

)

 

$

(0.74

)

 

$

(0.37

)

 

Discontinued operations

 

$

(0.01

)

 

$

(0.01

)

 

 

(0.02

)

 

 

(0.03

)

 

Basic earnings (loss) per share attributable to Enviri Corporation common stockholders

 

$

(0.59

)

 

$

(0.17

)

 

$

(0.76

)

 

$

(0.39

)

(a)

 

 

 

 

 

 

 

 

 

 

Diluted weighted-average shares of common stock outstanding

 

 

80,629

 

 

 

80,146

 

 

 

80,481

 

 

 

80,045

 

 

Diluted earnings (loss) per common share attributable to Enviri Corporation common stockholders:

 

Continuing operations

 

$

(0.58

)

 

$

(0.16

)

 

$

(0.74

)

 

$

(0.37

)

 

Discontinued operations

 

$

(0.01

)

 

$

(0.01

)

 

 

(0.02

)

 

 

(0.03

)

 

Diluted earnings (loss) per share attributable to Enviri Corporation common stockholders

 

$

(0.59

)

 

$

(0.17

)

 

$

(0.76

)

 

$

(0.39

)

(a)


(a)

 

Earnings (loss) per share attributable to Enviri Corporation common stockholders is calculated based on actual amounts. As a result, these per share amounts may not total due to rounding.


 

ENVIRI CORPORATION
CONSOLIDATED BALANCE SHEETS
(Unaudited)

 

 

 

 

 

(In thousands)

 

June 30
2025

 

December 31
2024

ASSETS

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

97,796

 

 

$

88,359

 

Restricted cash

 

 

15,739

 

 

 

1,799

 

Trade accounts receivable, net

 

 

287,251

 

 

 

260,690

 

Other receivables

 

 

46,789

 

 

 

40,439

 

Inventories

 

 

195,777

 

 

 

182,042

 

Current portion of contract assets

 

 

44,439

 

 

 

59,881

 

Prepaid expenses

 

 

50,688

 

 

 

62,435

 

Other current assets

 

 

9,402

 

 

 

14,880

 

Total current assets

 

 

747,881

 

 

 

710,525

 

Property, plant and equipment, net

 

 

694,553

 

 

 

664,292

 

Right-of-use assets, net

 

 

124,668

 

 

 

92,153

 

Goodwill

 

 

760,082

 

 

 

739,758

 

Intangible assets, net

 

 

286,512

 

 

 

298,438

 

Retirement plan assets

 

 

79,218

 

 

 

73,745

 

Deferred income tax assets

 

 

20,882

 

 

 

17,578

 

Other assets

 

 

56,515

 

 

 

53,744

 

Total assets

 

$

2,770,311

 

 

$

2,650,233

 

LIABILITIES

 

 

 

 

Current liabilities:

 

 

 

 

Short-term borrowings

 

$

10,575

 

 

$

8,144

 

Current maturities of long-term debt

 

 

25,227

 

 

 

21,004

 

Accounts payable

 

 

240,747

 

 

 

214,689

 

Accrued compensation

 

 

55,490

 

 

 

63,686

 

Income taxes payable

 

 

4,744

 

 

 

5,747

 

Reserve for forward losses on contracts

 

 

52,187

 

 

 

54,320

 

Current portion of advances on contracts

 

 

6,315

 

 

 

13,265

 

Current portion of operating lease liabilities

 

 

29,753

 

 

 

26,049

 

Derivative liabilities

 

 

38,104

 

 

 

1,284

 

Other current liabilities

 

 

162,922

 

 

 

158,194

 

Total current liabilities

 

 

626,064

 

 

 

566,382

 

Long-term debt

 

 

1,482,138

 

 

 

1,410,718

 

Retirement plan liabilities

 

 

28,651

 

 

 

27,019

 

Operating lease liabilities

 

 

97,198

 

 

 

67,998

 

Environmental liabilities

 

 

43,157

 

 

 

46,585

 

Deferred tax liabilities

 

 

24,090

 

 

 

26,796

 

Other liabilities

 

 

51,182

 

 

 

55,136

 

Total liabilities

 

 

2,352,480

 

 

 

2,200,634

 

ENVIRI CORPORATION STOCKHOLDERS’ EQUITY

 

 

 

 

Common stock

 

 

147,706

 

 

 

146,844

 

Additional paid-in capital

 

 

264,000

 

 

 

255,102

 

Accumulated other comprehensive loss

 

 

(521,368

)

 

 

(538,964

)

Retained earnings

 

 

1,339,344

 

 

 

1,400,347

 

Treasury stock

 

 

(853,416

)

 

 

(851,881

)

Total Enviri Corporation stockholders’ equity

 

 

376,266

 

 

 

411,448

 

Noncontrolling interests

 

 

41,565

 

 

 

38,151

 

Total equity

 

 

417,831

 

 

 

449,599

 

Total liabilities and equity

 

$

2,770,311

 

 

$

2,650,233

 


 

ENVIRI CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30

 

Six Months Ended June 30

(In thousands)

 

 

2025

 

 

 

2024

 

 

 

2025

 

 

 

2024

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net income (loss)

 

$

(46,549

)

 

$

(11,120

)

 

$

(58,744

)

 

$

(27,966

)

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

Depreciation

 

 

37,901

 

 

 

37,026

 

 

 

74,343

 

 

 

73,946

 

Amortization

 

 

7,561

 

 

 

8,006

 

 

 

14,964

 

 

 

16,180

 

Deferred income tax (benefit) expense

 

 

(5,163

)

 

 

2,326

 

 

 

(2,387

)

 

 

5,771

 

Equity in (income) loss of unconsolidated entities, net

 

 

(44

)

 

 

(127

)

 

 

(72

)

 

 

122

 

Right-of-use assets

 

 

7,711

 

 

 

7,595

 

 

 

15,127

 

 

 

16,194

 

Property, plant and equipment impairment charge

 

 

7,386

 

 

 

 

 

 

7,386

 

 

 

 

Intangible asset impairment charge

 

 

 

 

 

2,840

 

 

 

 

 

 

2,840

 

Remeasurement of long-lived assets

 

 

 

 

 

 

 

 

 

 

 

10,695

 

Gain on sale of businesses, net

 

 

 

 

 

(1,877

)

 

 

 

 

 

(1,877

)

Stock-based compensation

 

 

5,716

 

 

 

4,402

 

 

 

9,760

 

 

 

8,262

 

Other, net

 

 

(2,512

)

 

 

(5,169

)

 

 

(3,149

)

 

 

(8,257

)

Changes in assets and liabilities, net of acquisitions and dispositions of businesses:

 

 

 

 

 

 

Accounts receivable

 

 

(813

)

 

 

(6,793

)

 

 

(14,314

)

 

 

17,633

 

Inventories

 

 

695

 

 

 

1,312

 

 

 

(8,300

)

 

 

(3,985

)

Contract assets

 

 

5,957

 

 

 

(3,688

)

 

 

12,413

 

 

 

(12,887

)

Accounts payable

 

 

1,578

 

 

 

7,965

 

 

 

10,716

 

 

 

(5,786

)

Accrued interest payable

 

 

7,470

 

 

 

6,805

 

 

 

539

 

 

 

(15

)

Accrued compensation

 

 

3,672

 

 

 

2,987

 

 

 

(11,433

)

 

 

(22,544

)

Advances on contracts and other customer advances

 

 

(3,554

)

 

 

(5,503

)

 

 

(18,324

)

 

 

(7,121

)

Operating lease liabilities

 

 

(7,643

)

 

 

(7,664

)

 

 

(15,078

)

 

 

(15,876

)

Retirement plan liabilities, net

 

 

4,893

 

 

 

(598

)

 

 

9,381

 

 

 

(938

)

Other assets and liabilities

 

 

(2,289

)

 

 

311

 

 

 

5,745

 

 

 

(4,007

)

Net cash (used) provided by operating activities

 

 

21,973

 

 

 

39,036

 

 

 

28,573

 

 

 

40,384

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Purchases of property, plant and equipment

 

 

(39,035

)

 

 

(33,639

)

 

 

(60,659

)

 

 

(60,520

)

Proceeds from sale of businesses, net

 

 

 

 

 

16,588

 

 

 

 

 

 

16,588

 

Proceeds from sales of assets

 

 

2,317

 

 

 

3,271

 

 

 

3,764

 

 

 

7,584

 

Expenditures for intangible assets

 

 

(44

)

 

 

(407

)

 

 

(51

)

 

 

(484

)

Proceeds from note receivable

 

 

 

 

 

17,023

 

 

 

 

 

 

17,023

 

Net proceeds (payments) from settlement of foreign currency forward exchange contracts

 

 

(6,033

)

 

 

1,185

 

 

 

(4,296

)

 

 

584

 

Net cash (used) provided by investing activities

 

 

(42,795

)

 

 

4,021

 

 

 

(61,242

)

 

 

(19,225

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Short-term borrowings, net

 

 

3,019

 

 

 

5,865

 

 

 

5,831

 

 

 

(3,138

)

Borrowings and repayments under Revolving Credit Facility, net

 

 

32,000

 

 

 

(38,000

)

 

 

62,000

 

 

 

(3,000

)

Repayments of Term Loan

 

 

(1,250

)

 

 

(1,250

)

 

 

(2,500

)

 

 

(2,500

)

Cash paid for finance leases and other long-term debt

 

 

(5,511

)

 

 

(3,409

)

 

 

(9,669

)

 

 

(6,803

)

Contributions from noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

874

 

Dividends paid to noncontrolling interests

 

 

 

 

 

(4,308

)

 

 

 

 

 

(12,551

)

Stock-based compensation - Employee taxes paid

 

 

(257

)

 

 

(291

)

 

 

(1,534

)

 

 

(1,332

)

Net cash (used) provided by financing activities

 

 

28,001

 

 

 

(41,393

)

 

 

54,128

 

 

 

(28,450

)

Effect of exchange rate changes on cash and cash equivalents, including restricted cash

 

 

1,927

 

 

 

(1,566

)

 

 

1,918

 

 

 

(9,817

)

Net increase (decrease) in cash and cash equivalents, including restricted cash

 

 

9,106

 

 

 

98

 

 

 

23,377

 

 

 

(17,108

)

Cash and cash equivalents, including restricted cash, at beginning of period

 

 

104,429

 

 

 

107,408

 

 

 

90,158

 

 

 

124,614

 

Cash and cash equivalents, including restricted cash, at end of period

 

$

113,535

 

 

$

107,506

 

 

$

113,535

 

 

$

107,506

 


 

ENVIRI CORPORATION
REVIEW OF OPERATIONS BY SEGMENT
(Unaudited)

 

 

Three Months Ended

 

 

June 30, 2025

 

June 30, 2024

(In thousands)

 

Revenues

 

Operating
Income (Loss)

 

Revenues

 

Operating Income (Loss)

Harsco Environmental

 

$

258,009

 

 

$

4,251

 

 

$

292,929

 

 

$

20,286

 

Clean Earth

 

 

246,282

 

 

 

24,610

 

 

 

236,105

 

 

 

23,882

 

Harsco Rail

 

 

57,963

 

 

 

(20,325

)

 

 

80,959

 

 

 

(3,089

)

Corporate

 

 

 

 

 

(15,727

)

 

 

 

 

 

(9,824

)

Consolidated Totals

 

$

562,254

 

 

$

(7,191

)

 

$

609,993

 

 

$

31,255

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended

 

 

June 30, 2025

 

June 30, 2024

(In thousands)

 

Revenues

 

Operating
Income (Loss)

 

Revenues

 

Operating Income (Loss)

Harsco Environmental

 

$

501,115

 

 

$

14,324

 

 

$

592,048

 

 

$

39,874

 

Clean Earth

 

 

481,513

 

 

 

47,275

 

 

 

462,135

 

 

 

44,475

 

Harsco Rail

 

 

127,910

 

 

 

(12,170

)

 

 

156,127

 

 

 

(12,150

)

Corporate

 

 

 

 

 

(25,965

)

 

 

 

 

 

(15,131

)

Consolidated Totals

 

$

1,110,538

 

 

$

23,464

 

 

$

1,210,310

 

 

$

57,068

 


 

ENVIRI CORPORATION
RECONCILIATION OF ADJUSTED INCOME (LOSS) FROM CONTINUING OPERATIONS TO INCOME (LOSS) FROM CONTINUING OPERATIONS, NET OF TAX, AS REPORTED
(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

 

June 30

 

June 30

(in thousands, except per share amounts)

 

 

2025

 

 

 

2024

 

 

 

2025

 

 

 

2024

 

Income (loss) from continuing operations, net of tax, as reported

 

$

(46,950

)

 

$

(12,704

)

 

$

(59,179

)

 

$

(29,561

)

 

 

 

 

 

 

 

 

 

Adjustments:

 

 

 

 

 

 

 

 

Change in provision for forward losses and other contract-related costs on certain contracts   (a)(b)

 

 

15,854

 

 

 

9,380

 

 

 

4,385

 

 

 

9,380

 

Strategic costs (c)(h)

 

 

3,468

 

 

 

794

 

 

 

4,993

 

 

 

1,475

 

Intangible asset impairment charge (d)

 

 

 

 

 

2,840

 

 

 

 

 

 

2,840

 

Remeasurement of long-lived assets (f)

 

 

 

 

 

 

 

 

 

 

 

10,695

 

Net gain on sale of businesses (g)

 

 

 

 

 

(1,877

)

 

 

 

 

 

(1,877

)

Restructuring and related costs (h)

 

 

 

 

 

 

 

 

3,333

 

 

 

 

Net gain on sale of assets (h)

 

 

 

 

 

 

 

 

 

 

 

(3,281

)

Net gain on lease incentive (h)

 

 

 

 

 

(451

)

 

 

 

 

 

(451

)

Adjustment to contract termination charge (c)

 

 

(2,249

)

 

 

 

 

 

(2,249

)

 

 

 

Site exit costs (e)(h)

 

 

10,281

 

 

 

 

 

 

10,281

 

 

 

 

Gain on note receivable (i)

 

 

 

 

 

(2,686

)

 

 

 

 

 

(2,686

)

Income tax impact from adjustments above (j)

 

 

(3,157

)

 

 

606

 

 

 

(3,803

)

 

 

1,208

 

Adjusted income (loss) from continuing operations, including acquisition amortization expense

 

 

(22,753

)

 

 

(4,098

)

 

 

(42,239

)

 

 

(12,258

)

Acquisition amortization expense, net of tax (k)

 

 

5,025

 

 

 

5,432

 

 

 

9,889

 

 

 

10,988

 

Adjusted income (loss) from continuing operations, net of tax

 

$

(17,728

)

 

$

1,334

 

 

$

(32,350

)

 

$

(1,270

)

 

 

 

 

 

 

 

 

 

Diluted weighted average shares of common stock outstanding

 

 

80,629

 

 

 

80,146

 

 

 

80,481

 

 

 

80,045

 

Diluted earnings (loss) per share from continuing operations, as reported (l)

 

$

(0.58

)

 

$

(0.16

)

 

$

(0.74

)

 

$

(0.37

)

Adjusted diluted earnings (loss) per share from continuing operations (l)

 

$

(0.22

)

 

$

0.02

 

 

$

(0.40

)

 

$

(0.02

)


(a)

 

Classified in Total revenues and includes a $12.2 million increase for the six months ended June 30, 2025 and a $3.2 million decrease for both the three and six months ended June 30, 2024 in adjustments related to adjustments for certain Harsco Rail contracts.

(b)

 

Classified in Cost of services and products sold and includes $15.9 million and $16.6 million for the three and six months ended June 30, 2025 and $6.1 million for both the three and six months ended June 30, 2024 related to adjustments for certain Harsco Rail contracts.

(c)

 

Classified in Selling, general and administrative expenses.

(d)

 

Classified in Intangible asset impairment charge.

(e)

 

Classified in Property, plant and equipment impairment charge.

(f)

 

Classified in Remeasurement of long-lived assets.

(g)

 

Classified in Gain on sale of businesses, net.

(h)

 

Classified in Other expense (income), net.

(i)

 

Classified in Interest income within non-operating activities.

(j)

 

Unusual items are tax-effected at the global effective tax rate before discrete items in effect during the year the unusual item is recorded.

(k)

 

Pre-tax acquisition amortization expense was $6.6 million and $13.1 million for the three and six months ended June 30, 2025, respectively, and $7.0 million and $14.2 million for the three and six months ended June 30, 2024.

(l)

 

Amounts above are rounded and recalculation may not yield precise results.


 

ENVIRI CORPORATION
RECONCILIATION OF PROJECTED ADJUSTED INCOME (LOSS) FROM CONTINUING OPERATIONS TO INCOME (LOSS) FROM CONTINUING OPERATIONS, NET OF TAX
(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Projected

 

 

Three Months Ending

 

Twelve Months
Ending

 

 

September 30

 

December 31

 

 

 

2025

 

 

 

2025

 

(in millions, except per share amounts) (a)

 

Low

 

High

 

Low

 

High

GAAP income (loss) from continuing operations, net of tax

 

$

(13

)

 

$

(4

)

 

$

(78

)

 

$

(60

)

 

 

 

 

 

 

 

 

 

Adjustments:

 

 

 

 

 

 

 

 

Change in provision for forward losses and other contract-related costs

 

 

 

 

 

 

 

 

4

 

 

 

4

 

Strategic costs

 

 

 

 

 

 

 

 

5

 

 

 

5

 

Restructuring and related costs

 

 

 

 

 

 

 

 

3

 

 

 

3

 

Adjustment to contract termination charge

 

 

 

 

 

 

 

 

(2

)

 

 

(2

)

Site exit costs

 

 

 

 

 

 

 

 

10

 

 

 

10

 

Income tax impact from adjustments above

 

 

 

 

 

 

 

 

(4

)

 

 

(4

)

Adjusted income (loss) from continuing operations, including acquisition amortization expense

 

 

(13

)

 

 

(4

)

 

 

(61

)

 

 

(44

)

Estimated acquisition amortization expense, net of tax

 

 

5

 

 

 

5

 

 

 

20

 

 

 

20

 

Adjusted income (loss) from continuing operations, net of tax

 

$

(8

)

 

$

1

 

 

$

(42

)

 

$

(24

)

 

 

 

 

 

 

 

 

 

Diluted weighted average shares of common stock outstanding

 

 

81

 

 

 

81

 

 

 

81

 

 

 

81

 

GAAP diluted earnings (loss) per share from continuing operations

 

$

(0.16

)

 

$

(0.05

)

 

$

(0.97

)

 

$

(0.75

)

Adjusted diluted earnings (loss) per share from continuing operations

 

$

(0.10

)

 

$

0.01

 

 

$

(0.52

)

 

$

(0.30

)


(a)

 

Amounts above are rounded and recalculation may not yield precise results.


 

ENVIRI CORPORATION
RECONCILIATION OF ADJUSTED EBITDA BY SEGMENT TO OPERATING INCOME (LOSS), AS REPORTED, BY SEGMENT (Unaudited)

 

(In thousands)

 

Harsco
Environmental

 

Clean
Earth

 

Harsco
Rail

 

Corporate

 

Consolidated Totals

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2025:

 

 

 

 

 

 

 

 

Operating income (loss), as reported

 

$

4,251

 

 

$

24,610

 

 

$

(20,325

)

 

$

(15,727

)

 

$

(7,191

)

Change in provision for forward losses and other contract-related costs

 

 

 

 

 

 

 

 

15,854

 

 

 

 

 

 

15,854

 

Strategic costs

 

 

 

 

 

 

 

 

 

 

 

3,468

 

 

 

3,468

 

Adjustment to contract termination charge

 

 

(2,249

)

 

 

 

 

 

 

 

 

 

 

 

(2,249

)

Site exit costs

 

 

10,281

 

 

 

 

 

 

 

 

 

 

 

 

10,281

 

Operating income (loss), excluding unusual items

 

 

12,283

 

 

 

24,610

 

 

 

(4,471

)

 

 

(12,259

)

 

 

20,163

 

Depreciation

 

 

27,046

 

 

 

9,549

 

 

 

1,051

 

 

 

255

 

 

 

37,901

 

Amortization

 

 

571

 

 

 

5,926

 

 

 

106

 

 

 

 

 

 

6,603

 

Adjusted EBITDA

 

$

39,900

 

 

$

40,085

 

 

$

(3,314

)

 

$

(12,004

)

 

$

64,667

 

Revenues, as reported

 

$

258,009

 

 

$

246,282

 

 

$

57,963

 

 

 

 

$

562,254

 

Adjusted EBITDA margin (%)

 

 

15.5

%

 

 

16.3

%

 

(5.7

)%

 

 

 

 

11.5

%

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2024:

 

 

 

 

 

 

 

 

Operating income (loss), as reported

 

$

20,286

 

 

$

23,882

 

 

$

(3,089

)

 

$

(9,824

)

 

$

31,255

 

Strategic costs

 

 

 

 

 

 

 

 

 

 

 

794

 

 

 

794

 

Adjustment to net gain on lease incentive

 

 

(451

)

 

 

 

 

 

 

 

 

 

 

 

(451

)

Change in provision for forward losses and other contract costs

 

 

 

 

 

 

 

 

9,380

 

 

 

 

 

 

9,380

 

Net gain on sale of assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0

 

Intangible asset impairment charge

 

 

2,840

 

 

 

 

 

 

 

 

 

 

 

 

2,840

 

Gain on sale of businesses, net

 

 

(1,877

)

 

 

 

 

 

 

 

 

 

 

 

(1,877

)

Operating income (loss), excluding unusual items

 

 

20,798

 

 

 

23,882

 

 

 

6,291

 

 

 

(9,030

)

 

 

41,941

 

Depreciation

 

 

27,450

 

 

 

8,249

 

 

 

1,023

 

 

 

304

 

 

 

37,026

 

Amortization

 

 

975

 

 

 

5,989

 

 

 

67

 

 

 

 

 

 

7,031

 

Adjusted EBITDA

 

$

49,223

 

 

$

38,120

 

 

$

7,381

 

 

$

(8,726

)

 

$

85,998

 

Revenues, as reported

 

$

292,929

 

 

$

236,105

 

 

$

80,959

 

 

 

 

$

609,993

 

Adjusted EBITDA margin (%)

 

 

16.8

%

 

 

16.1

%

 

 

9.1

%

 

 

 

 

14.1

%


 

ENVIRI CORPORATION
RECONCILIATION OF ADJUSTED EBITDA BY SEGMENT TO OPERATING INCOME (LOSS), AS REPORTED, BY SEGMENT
(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

Harsco Environmental

 

Clean
Earth

 

Harsco
Rail

 

Corporate

 

Consolidated Totals

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2025:

 

 

 

 

 

 

 

 

 

 

Operating income (loss), as reported

 

$

14,324

 

 

$

47,275

 

 

$

(12,170

)

 

$

(25,965

)

 

$

23,464

 

Change in provision for forward losses on certain contracts and related costs

 

 

 

 

 

 

 

 

4,385

 

 

 

 

 

 

4,385

 

Strategic costs

 

 

 

 

 

 

 

 

 

 

 

4,993

 

 

 

4,993

 

Restructuring and related costs

 

 

3,333

 

 

 

 

 

 

 

 

 

 

 

 

3,333

 

Adjustment to contract termination charge

 

 

(2,249

)

 

 

 

 

 

 

 

 

 

 

 

(2,249

)

Site exit costs

 

 

10,281

 

 

 

 

 

 

 

 

 

 

 

 

10,281

 

Operating income (loss), excluding unusual items

 

 

25,689

 

 

 

47,275

 

 

 

(7,785

)

 

 

(20,972

)

 

 

44,207

 

Depreciation

 

 

52,555

 

 

 

19,169

 

 

 

2,083

 

 

 

536

 

 

 

74,343

 

Amortization

 

 

1,111

 

 

 

11,771

 

 

 

173

 

 

 

 

 

 

13,055

 

Adjusted EBITDA

 

$

79,355

 

 

$

78,215

 

 

$

(5,529

)

 

$

(20,436

)

 

$

131,605

 

Revenues, as reported

 

$

501,115

 

 

$

481,513

 

 

$

127,910

 

 

 

 

$

1,110,538

 

Adjusted EBITDA margin (%)

 

 

15.8

%

 

 

16.2

%

 

(4.3

)%

 

 

 

 

11.9

%

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2024:

 

 

 

 

 

 

 

 

Operating income (loss), as reported

 

$

39,874

 

 

$

44,475

 

 

$

(12,150

)

 

$

(15,131

)

 

$

57,068

 

Remeasurement of long-lived assets

 

 

 

 

 

 

 

 

10,695

 

 

 

 

 

 

10,695

 

Change in provision for forward losses and other contract-related costs on certain contracts

 

 

 

 

 

 

 

 

9,380

 

 

 

 

 

 

9,380

 

Strategic costs

 

 

 

 

 

 

 

 

 

 

 

1,475

 

 

 

1,475

 

Net gain on sale of assets

 

 

 

 

 

 

 

 

 

 

 

(3,281

)

 

 

(3,281

)

Intangible asset impairment charge

 

 

2,840

 

 

 

 

 

 

 

 

 

 

 

 

2,840

 

Adjustment to net gain on lease incentive

 

 

(451

)

 

 

 

 

 

 

 

 

 

 

 

(451

)

Gain on sale of businesses, net

 

 

(1,877

)

 

 

 

 

 

 

 

 

 

 

 

(1,877

)

Operating income (loss), excluding unusual items

 

 

40,386

 

 

 

44,475

 

 

 

7,925

 

 

 

(16,937

)

 

 

75,849

 

Depreciation

 

 

56,239

 

 

 

15,662

 

 

 

1,384

 

 

 

661

 

 

 

73,946

 

Amortization

 

 

1,993

 

 

 

12,156

 

 

 

89

 

 

 

 

 

 

14,238

 

Adjusted EBITDA

 

$

98,618

 

 

$

72,293

 

 

$

9,398

 

 

$

(16,276

)

 

$

164,033

 

Revenues, as reported

 

$

592,048

 

 

$

462,135

 

 

$

156,127

 

 

 

 

$

1,210,310

 

Adjusted EBITDA margin (%)

 

 

16.7

%

 

 

15.6

%

 

 

6.0

%

 

 

 

 

13.6

%


 

ENVIRI CORPORATION
RECONCILIATION OF CONSOLIDATED ADJUSTED EBITDA TO CONSOLIDATED INCOME (LOSS) FROM CONTINUING OPERATIONS AS REPORTED (Unaudited)

 

 

 

Three Months Ended
June 30

(In thousands)

 

 

2025

 

 

 

2024

 

Consolidated income (loss) from continuing operations

 

$

(45,892

)

 

$

(10,223

)

 

 

 

 

 

Add back (deduct):

 

 

 

 

Equity in (income) loss of unconsolidated entities, net

 

 

(44

)

 

 

(127

)

Income tax expense (benefit) from continuing operations

 

 

3,609

 

 

 

10,020

 

Defined benefit pension expense (income)

 

 

5,387

 

 

 

4,166

 

Facility fees and debt-related expense (income)

 

 

2,619

 

 

 

2,920

 

Interest expense

 

 

27,600

 

 

 

27,934

 

Interest income

 

 

(470

)

 

 

(3,435

)

Depreciation

 

 

37,901

 

 

 

37,026

 

Amortization

 

 

6,603

 

 

 

7,031

 

 

 

 

 

 

Unusual items:

 

 

 

 

Change in provision for forward losses and other contract-related costs on certain contracts

 

 

15,854

 

 

 

9,380

 

Strategic costs

 

 

3,468

 

 

 

794

 

Adjustment to net gain on lease incentive

 

 

 

 

 

(451

)

Intangible asset impairment charge

 

 

 

 

 

2,840

 

Gain on sale of business, net

 

 

 

 

 

(1,877

)

Adjustment to contract termination charge

 

 

(2,249

)

 

 

 

Site exit costs

 

 

10,281

 

 

 

 

Consolidated Adjusted EBITDA

 

$

64,667

 

 

$

85,998

 


 

ENVIRI CORPORATION
RECONCILIATION OF ADJUSTED EBITDA TO CONSOLIDATED INCOME (LOSS) FROM CONTINUING OPERATIONS AS REPORTED
(Unaudited)

 

 

 

 

 

 

 

Six Months Ended
June 30

(In thousands)

 

 

2025

 

 

 

2024

 

Consolidated income (loss) from continuing operations

 

$

(56,920

)

 

$

(25,964

)

 

 

 

 

 

Add back (deduct):

 

 

 

 

Equity in (income) loss of unconsolidated entities, net

 

 

(72

)

 

 

122

 

Income tax expense (benefit) from continuing operations

 

 

11,555

 

 

 

17,935

 

Defined benefit pension expense

 

 

10,420

 

 

 

8,342

 

Facility fee and debt-related expense

 

 

5,231

 

 

 

5,709

 

Interest expense

 

 

54,174

 

 

 

56,056

 

Interest income

 

 

(924

)

 

 

(5,132

)

Depreciation

 

 

74,343

 

 

 

73,946

 

Amortization

 

 

13,055

 

 

 

14,238

 

 

 

 

 

 

Unusual items:

 

 

 

 

Change in provision for forward losses and other contract-related costs

 

 

4,385

 

 

 

9,380

 

Remeasurement of long-lived assets

 

 

 

 

 

10,695

 

Strategic costs

 

 

4,993

 

 

 

1,475

 

Net gain on sale of assets

 

 

 

 

 

(3,281

)

Adjustment to net gain on lease incentive

 

 

 

 

 

(451

)

Intangible asset impairment charge

 

 

 

 

 

2,840

 

Gain on sale of businesses, net

 

 

 

 

 

(1,877

)

Restructuring and related costs

 

 

3,333

 

 

 

 

Adjustment to contract termination charge

 

 

(2,249

)

 

 

 

Site exit costs

 

 

10,281

 

 

 

 

Adjusted EBITDA

 

$

131,605

 

 

$

164,033

 


 

ENVIRI CORPORATION
RECONCILIATION OF PROJECTED CONSOLIDATED ADJUSTED EBITDA TO PROJECTED CONSOLIDATED INCOME FROM CONTINUING OPERATIONS
(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Projected

 

 

Three Months Ending

 

Twelve Months Ending

 

 

September 30

 

December 31

 

 

 

2025

 

 

 

2025

 

(In millions) (a)

 

Low

 

High

 

Low

 

High

Consolidated loss from continuing operations

 

$

(12

)

 

$

(3

)

 

$

(74

)

 

$

(56

)

 

 

 

 

 

 

 

 

 

Add back (deduct):

 

 

 

 

 

 

 

 

Income tax expense (benefit) from continuing operations

 

 

6

 

 

 

8

 

 

 

22

 

 

 

27

 

Facility fees and debt-related (income) expense

 

 

3

 

 

 

2

 

 

 

10

 

 

 

10

 

Net interest

 

 

28

 

 

 

27

 

 

 

110

 

 

 

107

 

Defined benefit pension (income) expense

 

 

5

 

 

 

5

 

 

 

21

 

 

 

21

 

Depreciation and amortization

 

 

47

 

 

 

47

 

 

 

181

 

 

 

181

 

 

 

 

 

 

 

 

 

 

Unusual items:

 

 

 

 

 

 

 

 

Change in provision for forward losses and other contract-related costs

 

 

 

 

 

 

 

 

4

 

 

 

4

 

Strategic costs

 

 

 

 

 

 

 

 

5

 

 

 

5

 

Restructuring and related costs

 

 

 

 

 

 

 

 

3

 

 

 

3

 

Adjustment to contract termination charge

 

 

 

 

 

 

 

 

(2

)

 

 

(2

)

Site exit costs

 

 

 

 

 

 

 

 

10

 

 

 

10

 

Consolidated Adjusted EBITDA

 

$

76

 

 

$

86

 

 

$

290

 

 

$

310

 

 

(a)

 

Amounts above are rounded and may not total.


 

ENVIRI CORPORATION
RECONCILIATION OF ADJUSTED FREE CASH FLOW TO NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES
(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

 

June 30

 

June 30

(In thousands)

 

 

2025

 

 

 

2024

 

 

 

2025

 

 

 

2024

 

Net cash provided (used) by operating activities

 

$

21,973

 

 

$

39,036

 

 

$

28,573

 

 

$

40,384

 

Less capital expenditures

 

 

(39,035

)

 

 

(33,639

)

 

 

(60,659

)

 

 

(60,520

)

Less expenditures for intangible assets

 

 

(44

)

 

 

(407

)

 

 

(51

)

 

 

(484

)

Plus capital expenditures for strategic ventures (a)

 

 

778

 

 

 

297

 

 

 

1,127

 

 

 

1,450

 

Plus total proceeds from sales of assets (b)

 

 

2,317

 

 

 

3,271

 

 

 

3,764

 

 

 

7,584

 

Plus transaction-related expenditures (c)

 

 

 

 

 

940

 

 

 

 

 

 

4,440

 

Adjusted free cash flow

 

$

(14,011

)

 

$

9,498

 

 

$

(27,246

)

 

$

(7,146

)


(a)

 

Capital expenditures for strategic ventures represent the partner’s share of capital expenditures in certain ventures consolidated in the Company’s consolidated financial statements.

(b)

 

Asset sales are a normal part of the business model, primarily for the Harsco Environmental segment. The six months ended June 30, 2024 also included asset sales by Corporate.

(c)

 

Expenditures directly related to the Company's divestiture transactions and other strategic costs incurred at Corporate.


 

ENVIRI CORPORATION
RECONCILIATION OF PROJECTED ADJUSTED FREE CASH FLOW TO PROJECTED NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES
(Unaudited)

 

 

 

 

 

 

 

Projected
Twelve Months Ending
December 31

 

 

 

2025

 

(In millions)

 

Low

 

High

Net cash provided by operating activities

 

$

141

 

 

$

171

 

Less net capital / intangible asset expenditures

 

 

(130

)

 

 

(140

)

Plus capital expenditures for strategic ventures

 

 

4

 

 

 

4

 

Adjusted free cash flow

 

$

15

 

 

$

35

 


 

ENVIRI CORPORATION
HARSCO ENVIRONMENTAL SEGMENT
CHANGES IN TOTAL REVENUES, EXCLUDING DIVESTITURES
(Unaudited)

 

 

 

(in millions)

 

Three Months Ended

Harsco Environmental segment revenues - June 30, 2024

 

$

292.9

 

 

 

 

Effects on revenues:

 

 

Price/volume changes (a)

 

 

(16.9

)

Foreign currency translation

 

 

3.6

 

Divestitures (b)

 

 

(21.6

)

Total change

 

 

(34.9

)

Harsco Environmental segment revenues - June 30, 2025

 

$

258.0

 

Total change %

 

 

(11.9

)%

 

 

 

Total % change from divestitures

 

 

(7.4

)%

Total % change, excluding divestitures

 

 

(4.5

)%


(a)

 

Includes the net impact of new and lost contracts.

(b)

 

Includes the sale of Reed Minerals in August 2024.