Thanks, Nick, morning and everybody. good
we bit may in than can with little our completed apologize a me let transactions First, complicated this advance, you quarter, appreciate, reporting all seem more the normal. as
I’ll Dave points that First, reiterate few Nick highlighted. a and
as segment our Industrial Discontinued financial reported Operations with statements quarter. Our second entire starting for the now account
this be GAAP periods For recast in reporting, all prior presentation. will
I’ll this course, also of to wherever the remarks reported for same guidance, Patterson-Kelley, didn’t clear. our to try will results but contemplate with be essentially the the half this our necessary, which, morning, May the actual guidance change. results and year, I’ll for accounting for And the the Industrial disregards prior reconcile For this my includes I do second the segment now XXXX half. year of which IKG businesses, of the first remaining of
the summary the adjusted So million. consolidated X quarter earnings in let’s for our income while start $XX with operating Harsco’s GAAP and $XX Slide second million, was were financial quarter.
guidance, had with quarter, within If year in you Rail include the figure with guidance May quarters our adjusted income was full $XX $XX million prior strong this Harsco improvement. and to our prior showed placed be very compares in our and consistent the year-on-year a quarter the and operating segment meaning Both Industrial and Industrial million range. results
due Environmental quarter. Our Also, relative results during prices where and slowed output experienced sites customer to our quarter slowly than our range we new up costs were including to weakened Harsco maintenance more challenges, sites some at guidance of couple steel and expectations at low our a primarily end progressed. ramped the anticipated, of the commodity higher the as operating
discuss operating a Relative segment, comp moment. to income I’ll further was the strong declined, in the which which very year in a adjusted prior Harsco Environmental quarter, for
improve ahead, our as additional foreign headwinds growth SG&A exchange XXXX importantly, we as realize operating weakened, certain investments. as benefits we in performance look expect in investments and Environmental More we including to from comparisons versus
of Moving the in operating had on, double-digit the XX%, margin our adjusted each consolidated segments over quarter. adjusted including margins was segment. Harsco’s Industrial
to Industrial segment, $X.XX. including the earnings continuing was $X.XX operations per and guidance share from figure $X.XX, latter or adjusted Our of our was $X.XX within range this
to number entered items a implement of sale included for further Other and the quarter, and proceedings. expected to a of of $X accounting the which quarterly Air-X-Changers recent costs a debt our most Altek Earth, productivity acquisition the unusual improvements are items to related There debts the related in unusual to offering. Clean bad UK customer that adjustment provision Rail, administration a million in earnout related of
was from working was the increase a adjusted and which to capital the was below result in prior capital the This year our $XX quarter. cash largely outflow our due somewhat expectations Next, performance, the expenditures timing. of million our meaningful in free
we cash the usually again weighted, As flows you be and to that XXXX. our annual in know, are expect case half second
in turn an This eight-year completed I XXXX. and let June, recent segments, which mention unsecured In me financing. balance million X.XX% previously unsecured successful rate our sheet was our is offering before a We announced. and very $XXX with financing, that oversubscribed. to we due well-received Lastly, coupon notes of executed a was debt
by We pleased very I’m our until also facility extended current structure. XXXX. In our maturity capital its revolving $XXX million credit increased total, with and
to us pursue times, stands pro and our balance leverage ample ratio Our sheet with X growth. flexibility forma certainly provides at
the of in impacting to million, was segment. So impacts. foreign X $XX adjusted operating amount. just of Slide with XX%. by second and Meanwhile, exchange adjusted income essentially the second were compared after in similar roughly Environmental year our FX turn income margin $XX under revenues with unchanged and operating quarter negative The Segment quarter our revenue the impact million versus XXXX million was prior now translation $XX totaled contracts exited a period, us please
related at to year-on-year Minerals, impacts, of this year-on-year output contributions. The and operating Within Applied as Excell to well lower Reed profitability majority was of foreign our Performix largely the operating Applied exchange North Excell a experienced attributable lower income as prices of Performix Products, costs each to businesses sites our America. in lower and change with commodity the impact attributable Products customer couple in and change
than and our commissions, to profitability Revenues costs. in margin segment improved to investments segment, and were Next, primarily and quarter. aftermarket Rail XX%. offset America equipment for another sales, Slide strong operating partially our demand by benefits regarding please more due and and income which XX%, higher engineering higher X income The these adjusted operating turn higher reached was SG&A increased had North
backlog, was This quarter for and Harsco remained remains strong positive Looking and At end excluding Rail outlook stable activity. the year-on-year. the forward, the in of underlying our remains million. and by SBB amounts, the supported above business is total up quarter, $XXX the unchanged nicely
schedule. initiative well on and Rail, our in improvement Lastly, productivity progressing is
and Our new Carolina is compete, our in Michigan. South currently equipment we’re moving legacy facility the plant in from addition
spending project QX. in will will remaining to quarter Our $X third savings million the realized of and begin be the occur in annualized
for year that Harsco the in Next, second the actuals let outlook year discuss details X. Clean these first note of the include Industrial outlook half and Earth our me half. the Please on for Slide
We for two May positive segments we the acquisition half cash in our indicated the in better As awash. these a indicated the the second is at release, bit time of earnings essentially very announcement. than see as this in and
and the third for Discontinued figure quarters. this Industrial our Patterson-Kelley, businesses guidance are not that classified and Further, remaining as Operations, are included fourth in IKG
XXXX of So would to that previously $XX rest roughly guidance. million of this $XX latest for outlook earnings now our in excludes have million been the included
income, has $XXX $XXX the year, This segment total expense, includes the is as in Industrial to be to adjusted million For which now range provided should million. plan operating will the guidance within grow acquisitive. range million to the and anticipated for be of first year to which prior $XX this acquisition-related amortization we approximately future a half,
to it’s all I’m worth work free noting on our not although through slide, details this outlook. going the flow cash
free expenditures $XXX spending. the will contemplates of year, for This earlier, cash to of we million approximately capital exceed remainder cash of our and mentioned As free including XXXX this year $XX growth-related expect for strengthen million. $XX flow the our million, flow forecast
steel the we the a recent To is touched of U.S. which light this appear recent industry, outlook very to weeks in particularly the in as see reiterate, challenges have within positive bottom in
turning and X Now outlook. Slide segment our to
earlier, to up XX% operating revenues stated adjusted XX%. guidance for and unchanged, is as our First, income Rail
also new the with half. expect facilities we even to completed second by in anticipated underlying medical high waste including to new business, growth lower materials, streams late supported in the The teens XXXX, Clean favorable from is trends, cash growth business will and be Secondly, strong earnings Earth Revenue operating in growth higher. acquisitions realize its benefit costs.
dredging in year. Additionally, the some projects will later results support new
now expected previously to more growth slide, than is in year-on-year on earnings expected. Environmental Lastly, modest this see Harsco
the trimmed been has project term. levels service well overall for prices reduced our as Performix factors Our due in forecast in bit impact are and We’ve America. view commodity well. operations North pushout These on work Altek some of our Excell to to output steel modestly global lower also the short and as as
will well for previously as demand million to X. Let income me adjusted lower expected range acquisition-related and Clean expected Slide the before see reasons Earth amortization strong lead as guidance QX on with Environmental quarter to year-on-year growth the also costs I adjusted $XX million. a to conclude SG&A operating mentioned. to increase expected to third is is operating from earnings. growth realize our and Services $XX improvement. is in
to And of SG&A be Rail. profitability was the and very period year will lower favorable a higher anticipate record. we plus for business earnings its completed XXXX a expectations, contributions, the for QX the a costs mix decrease QX strong Year-on-year set that Rail, very less Rail’s third contribute a five quarter quarterly Also, profitability to for level similar in reached just will to recall when aftermarket quarter.
And So concludes that call I’ll open Nora the back prepared our for questions. turn to remarks. now line to the
