Harsco cuts '09 outlook; 4Q guidance below views

Harsco cuts full-year forecast on business uncertainty; issues 4th-qtr outlook below Street

• On 9:49 am EDT, Thursday October 29, 2009

HARRISBURG, Pa. (AP) -- Industrial services company Harsco Corp. cut its full-year earnings forecast on Thursday and issued fourth-quarter guidance below analysts' estimates, citing uncertainty over key business trends.

The company said two trends bode well for its business: rising global steel production and a weaker dollar, which raises overseas earnings. But their direction remains uncertain.

"It is prudent for us to remain cautious regarding these trends until we gain more confidence in their longer term sustainability," Chief Financial Officer Stephen J. Schnoor said in a statement.

The company said it now expects to earn between $1.70 and $1.75 per share for the year, excluding one-time items. The company was previously calling for $1.72 to $1.82 per share.

Analysts surveyed by Thomson Reuters expect $1.75 per share, on average.

In the fourth quarter, the company expects earnings between 42 cents and 47 cents per share. Analysts expect 50 cents per share.

Harsco also said Thursday its third-quarter profit tumbled 75 percent due to a one-time charge and falling demand.

Shares fell 97 cents, or 2.9 percent, to $32.75 in morning trading.