Contract Flow for Harsco Rail - Analyst Blog
August 23 2011 - 8:11AM
Zacks
Harsco Corporation (HSC) recently received
railway track maintenance equipment contracts from customers in
Japan and North America for an amount totaling more than $13
million.
The company will provide a 20-stone rail grinder configuration,
a track maintenance unit to Japanese customers for Shinzai and
Shinkansen lines operated by the East Japan Railway Company, JR
East. Harsco expects to deliver the unit in the second half of
2012.
Under the contract from
North America, the company will support a range of customers and
include a number of machine types. Deliveries are expected to be
completed by the end of this year.
Harsco is a diversified,
multinational provider of market-leading industrial services and
engineered products to a variety of industries that are fundamental
to the world’s economic growth.
The company’s Rail segment
reported revenues of $78 million in the second quarter of fiscal
2011, down 10% from the year-earlier quarter. Excluding the impact
of change in estimated costs of China's Ministry of Railways
equipment order, operating margins of the segment decreased to
18.6% from 25% in the year-earlier quarter.
Harsco is upbeat about the
results of the Rail segment for the second half of fiscal 2011. In
the long term, the company is optimistic about the prospects of the
segment on the back of its expanded geographic base and strong
demand for maintenance-of-way equipment, parts and services for
railways.
The Rail segment serves
customers worldwide and its ongoing production backlog includes its
largest order ever, involving rail grinders for China.
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