Enviri Corporation reported its third quarter 2024 results, with revenues totaling $574 million, reflecting a 1% organic growth. The GAAP operating income from continuing operations was $37 million, and the adjusted EBITDA stood at $85 million, representing a 3% increase over the prior-year quarter. The company completed the sale of Reed Minerals, exceeding its 2024 asset sales goal of $50 to $75 million.
Harsco Environmental's revenues in the third quarter of 2024 were $279 million, down 2% from the prior-year quarter, with a GAAP operating income of $33 million and adjusted EBITDA of $53 million. Clean Earth saw revenues of $237 million, a 1% decrease from the prior-year quarter, with a GAAP operating income of $27 million and adjusted EBITDA of $42 million. Harsco Rail's revenues were $58 million, reflecting a 20% decrease from the prior-year quarter, with a GAAP operating loss of $14 million and adjusted EBITDA loss of $2 million.
Net cash provided by operating activities in the third quarter of 2024 was $1 million, compared to $18 million in the prior-year period. Adjusted free cash flow was $(34) million, compared to $(7) million in the prior-year period, primarily due to the timing of working capital and higher capital spending.
The company revised its 2024 adjusted EBITDA outlook to be within the range of $317 million and $327 million, representing a 5% increase compared to 2023. The mid-point of the 2024 adjusted EBITDA guidance was lowered by 3% to reflect the sale of Reed Minerals and other factors.
The company will hold a conference call to discuss its results and respond to questions from the investment community.
The market has reacted to these announcements by moving the company's shares -17.8% to a price of $8.25. Check out the company's full 8-K submission here.
