Harsco Corp, which provides products and services to metals producers, forecast double-digit earnings growth for 2010 as it sees steel production rising and the U.S. dollar weakening. However, near-term challenges still remain due to lower global non-residential construction, Chief Executive Salvatore Fazzolari said.
The company, which serves infrastructure, metals, and energy industries, has been facing end-market challenges in its infrastructure business mainly due to cancellation and deferral of non-residential construction projects.
Harsco said it sees 2010 earnings of $2.00 to $2.10 a share from continuing operations, a double-digit growth over $1.70 to $1.75 expected for 2009.
Analysts on average were expecting $2.24 a share for 2010, according to Thomson Reuters I/B/E/S.
Shares of the Harrisburg, Pennsylvania-based company closed at $30.25 Thursday on the New York Stock Exchange. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Deepak Kannan)