HARRISBURG, Pa., April 22, 2008 (PRIME NEWSWIRE) -- Following the completion of today's 53rd Annual Meeting of Stockholders, the Board of Directors of Harsco Corporation (NYSE:HSC) announced today its election of Salvatore D. Fazzolari as Chairman and CEO of the Company, succeeding Derek C. Hathaway upon his retirement which became fully effective today. Mr. Fazzolari was appointed CEO effective January 1, 2008.
The action follows Harsco's announcement earlier this morning of record results for the first quarter of 2008, including sales of just under $1 billion, up 18 percent from this time last year, and a 24 percent increase in diluted earnings per share from continuing operations. The strong results were led by Harsco's Minerals & Rail Services and Products and Access Services business groups.
Addressing stockholders at the Annual Meeting, Mr. Fazzolari reaffirmed the Company's continuing growth outlook as a leading worldwide industrial services organization, saying that, based on its continuing strong end markets, numerous international expansion opportunities, and its enterprise-wide process optimization initiatives, the Company expects another record year in 2008. Reflecting these expectations, the Company earlier today raised its full year 2008 guidance for diluted earnings per share (EPS) from continuing operations to a new range of $3.45 - $3.55 per diluted share, up from the previous range of $3.40 - $3.50 per diluted share. Using the mid-point of the increased guidance, this represents a 16 percent improvement in diluted EPS for 2008 over 2007.
Mr. Fazzolari also highlighted to stockholders Harsco's increasing global balance and additional international scalability, as the Company continues to execute its strategic objectives for international growth and market expansion. International markets accounted for nearly 70 percent of Harsco's total revenues in 2007. The Company sees significant opportunities ahead within numerous international markets, including the growing economies within Latin America, Eastern Europe, Asia/Pacific and the Middle East/Africa. The Company's Annual Meeting presentation slides are posted on the Harsco website at www.harsco.com, in the Investor Relations section.
In other actions, stockholders approved the election of all ten returning members of the Board of Directors, and ratified the Audit Committee's appointment of PricewaterhouseCoopers LLP as Independent Auditors for the year ending December 31, 2008.
Harsco Corporation is one of the world's leading diversified industrial services companies, serving key industries that play a fundamental role in worldwide economic growth and development. These include infrastructure, non-residential construction, and industrial maintenance; metals and minerals; railways; and energy. Harsco's common stock is a component of the S&P MidCap 400 Index and the Russell 1000 Index. Additional information can be found at www.harsco.com.
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