Enviri posts Q4 and full year 2024 loss

Pennsylvania-based Enviri Corp. has reported what it calls a diluted loss from continuing operations of $1.03 per share for the fourth quarter of 2024 and a full-year loss of diluted loss from continuing operations of $1.55 per share.

The firm, which operates hazardous and specialty waste subsidiary Clean Earth and two other business units, indicates its 2024 revenue of about $2.34 billion was down slightly from its nearly $2.37 billion in revenue in 2023.

Its fourth quarter results include what the company calls “an asset impairment for an underperforming site and anticipated costs to address an environmental matter” in its Harsco Environmental subsidiary, “as well as additional contract adjustments and a goodwill impairment in Harsco Rail,” its third business unit.

Footnotes to the company’s balance sheet regarding 2024 Harsco Environmental expenses and accounting charges include a $27 million expense for salt cake byproduct disposal and more than $23 million tied to unspecified “site locations” expenses in the United States and the Middle East.

Harsco Environmental focuses on the handling of steel mill slag and other industrially generated wastes and byproducts.

Concerning Harsco Rail, a footnote refers to adjustments tied to “forward losses on contracts with certain customers in the Harsco Rail segment” in the fourth quarter of $12.8 million.

Another footnote points to accounting effects incurred by Enviri’s prior consideration of the sale of its Harsco Rail business unit, saying that during 2024 it “determined that the held-for-sale criteria was no longer met for the Harsco Rail segment and a charge was recorded for the depreciation and amortization expense that would have been recognized during the periods that Harsco Rail's long-lived assets were classified as held-for-sale.”

Despite those accounting impacts, Enviri board chair and CEO Nick Grasberger comments, “Enviri performed well in 2024, and we continued to focus on consistent execution in the fourth quarter as we faced ongoing headwinds at Harsco Environmental and Rail.”

Continues Grasberger, “The company realized solid growth in 2024, and our adjusted earnings reached a 10-year high, led by Clean Earth. Strong operational execution, improvement initiatives and a favorable pricing environment drove Clean Earth to once again achieve record profits and margins.

“Enviri’s other business segments delivered against key objectives during the year, while successfully adapting to various pressures,” continues Grasberger.

Looking ahead, the Enviri CEO says, “For 2025, our expectations are tempered as weak fundamentals within the global steel market persist and are expected to weigh on Harsco Environmental, while Clean Earth is projected to see continued growth.”

Importantly, our cash flow is anticipated to improve in 2025, supported by Harsco Rail's execution against certain contracts. We remain optimistic about Enviri’s growth potential and the underlying value within our businesses and will continue to deliver on our strategic priorities to best position the company to deliver sustainable value creation for shareholders.”