On November 2, 2023, Enviri Corp (NVRI, Financial) released its third-quarter earnings report for 2023. The company reported an 8% increase in revenues from continuing operations, totaling $525 million. The GAAP operating income from continuing operations for the quarter was $30 million. Adjusted EBITDA from continuing operations in Q3 totaled $79 million, marking a 12% increase over the prior-year quarter.
Financial Highlights
Enviri Corp (NVRI, Financial) reported a diluted loss per share from continuing operations of $0.11 on a U.S. GAAP basis. This figure was influenced by strategic expenses, an accounts receivable provision, and other unusual items. Adjusted diluted earnings per share from continuing operations in the third quarter of 2023 was $0.05. These figures compare with third quarter of 2022 GAAP diluted earnings per share from continuing operations of $0.01 and adjusted diluted earnings per share from continuing operations of $0.10.
Business Review
Both Harsco Environmental and Clean Earth segments realized an increase in revenues compared to the third quarter of 2022 due to higher services pricing and demand. Harsco Environmental revenues totaled $286 million in the third quarter of 2023, an increase of 8 percent compared with the prior-year quarter. Clean Earth revenues totaled $239 million in the third quarter of 2023, a 7 percent increase over the prior-year quarter.
Cash Flow and 2023 Outlook
Net cash provided by operating activities was $18 million in the third quarter of 2023, compared with net cash provided by operating activities of $13 million in the prior-year period. The company has again increased its 2023 guidance for Adjusted EBITDA, reflecting the company's positive third quarter performance and business momentum.
About Enviri Corp
Enviri Corp (NVRI, Financial) is a trusted global leader in providing a broad range of environmental services and related innovative solutions. The company serves a diverse customer base by offering critical recycle and reuse solutions for their waste streams, enabling customers to address their most complex environmental challenges and to achieve their sustainability goals.
Explore the complete 8-K earnings release (here) from Enviri Corp for further details.
