Q2 2024 Enviri Corp Earnings Call Transcript
Key Points
- Consolidated EBITDA increased by 7% compared to Q2 of last year.
- Free cash flow was $60 million higher than the previous year.
- Financial leverage continues to decline, with debt-to-EBITDA now below 4 times for the first time since 2020.
- Clean Earth segment achieved record EBITDA of $38 million and an EBITDA margin of 16%.
- Harsco Environmental segment saw EBITDA growth of 5% to 10% year-over-year when adjusted for currency impacts and other factors.
- Adverse impacts from a strengthening US dollar affected overall performance.
- Harsco Environmental's EBITDA margin came in below expectations, averaging around 16% in the first half of the year.
- Rail segment continues to face challenges with long-term engineered order (ETO) contracts, leading to occasional additional charges.
- Free cash flow in Q3 is anticipated to weaken due to timing benefits seen in Q2.
- Clean Earth's volume growth was relatively flat, with some segments like retail showing softness.
Good morning. My name is Tasha, and I'll be your conference facilitator. At this time, I would like to welcome everyone to the Enviri Corporation's second quarter release conference call. (Operator Instructions)
Also, this telephone conference presentation and accompanying webcast made on behalf of Enviri Corporation are subject to copyright by Enviri Corporation and all rights are reserved. No recording or redistribution of this telephone conference by any other party are permitted without the express written consent of Enviri Corporation. Your participation indicates your agreement.
I would now like to introduce Dave Martin of Enviri Corporation. Mr. Martin, you may begin your call.
Thank you, Tasha, and welcome to everyone joining us this morning. I'm Dave Martin from Enviri. With me today is Nick Grasberger, our Chairman and Chief Executive Officer; and Tom Vadaketh, our Senior Vice President and CFO.
This morning, we will discuss our results for the second quarter
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