Why Harsco Stock Plunged as Much as 33% Today
Shares of Harsco (NYSE: HSC), which helps industrial companies deal with their waste, fell dramatically on May 3, at one point losing as much as 33% of their value. That drop didn't stick, but the stock was still lower by around 20% at roughly 2:30 p.m. ET. The big driver here was the company's first-quarter 2022 earnings update. Investors did not like the news.
First-quarter 2022 revenue totaled $453 million, up slightly from the $447 million Harsco earned in the year-ago period. The tally was roughly in line with Wall Street expectations. Management noted continued solid demand for the company's environmental services and a roughly $7 million headwind from currency fluctuations. Still, the top line wasn't a huge sign of strength.
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Source Fool.com
