Harsco's Mining Contract Win - Analyst Blog
27 6월 2012 - 8:00PM
Zacks
Earlier this week, Harsco
Corporation (HSC) declared the winning of a prime contract
for providing rental scaffolding and formwork system supplies to
the major expansion project at the Minera Donya Ines de Collahuasi
SCM mine located in Chile. The award, prestigious as it is, also
ossifies Harsco’s position towards becoming a strong service
provider to the mining industry.
According to the agreement, Harsco will seamlessly deploy its
engineered forming systems along with its scaffolding solutions to
the copper manufacturing site. This will facilitate pouring
cast-in-place concrete of around 13,000 cubic yards along with
other construction crew management services such as work-at-height
solutions, etc.
Management appeared ebullient not only on winning this momentous
contract but for other reasons too. This venture shall provide
Harsco with the opportunity to solidify ties in the mining sector
which till date has not been one of its niche industries to deal
in. Thus, the award shall allow for market proliferation and open
up new avenues for major business expansion across industries.
We observed a poor performance from Harsco’s Infrastructure segment
in its first quarter results of 2012 which were reported by the
company on May 2, 2012. Demand trend deteriorated heavily to post a
9% annual decline in revenues reaching $238 million at the end of
the quarter. Hopefully the situation would ameliorate now with the
recent turn of events in this segment.
The company should always remain cautious of peers in the industry
it pertains to. Big players to take note of in this regard include
Hudson Technologies, Inc. (HDSN),
ScanSource, Inc. (SCSC) and TMS
International Corporation (TMS).
The current Zacks Consensus Estimates for the second quarter of
2012 and for fiscal 2012 are 35 cents per share and $1.35 per
share, respectively. Harsco currently retains a Zacks #5 Rank,
which translates into a short-term ‘Strong Sell’ rating. We also
have an ‘Underperform’ recommendation on the company’s stock.
(HDSN): ETF Research Reports
HARSCO CORP (HSC): Free Stock Analysis Report
SCANSOURCE INC (SCSC): Free Stock Analysis Report
TMS INTL CP-A (TMS): Free Stock Analysis Report
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