Why Harsco Stock Rallied as Much as 20% in Early Trading Today
Shares of Harsco (NYSE: HSC), an environmental solutions company, rose dramatically on Nov. 1, gaining as much as 20% in early trading. The big news came out before the market opened, when the company released its third-quarter 2022 earnings results. Investors clearly liked what they saw.
Revenue for the quarter totaled $487 million, up roughly 4% year over year. The company's environmental division was a laggard, with a 2% revenue drop. However, that was more than made up for by the clean earth division, where revenue rose 11%. On the bottom line, adjusted earnings came in at $0.10 per share, down from $0.15 in the year-ago quarter.
Investors, however, were happy to overlook the year-over-year earnings decline because Wall Street had been calling for a loss of $0.07 per share. That's a huge beat on the bottom line, which was also accompanied by a modest beat on the top line. Investors tend to like it when companies exceed analyst projections for revenue and earnings. So it's little wonder that Wall Street looked favorably on Harsco's results.
Source Fool.com
