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Harsco Corporation shares soared more than 12 percent on Thursday after the steel production firm made a positive second quarter pre-announcement and raised its fiscal year 2016 guidance.
Harsco said it expects an adjusted operating income of $41 million for the second quarter, up from previous guidance of $22 million to $27 million.
Harsco attributed the boost to external market momentum along with progress in the metals and minerals segment. However, it said its GAAP operating income will only come to $1 million, due to a $40 million loss provision related to railway maintenance equipment contracts in Switzerland.
"We are clearly disappointed with the developments on our Rail contracts with SBB," said President and CEO Nick Grasberger in a statement. "As for the remainder of 2016, we are very encouraged by our underlying operating results in M&M against key performance indicators."
Grasberger added that upside in the steel and energy markets will benefit Harsco and give it "significant operating leverage when key markets recover further".
Harsco traded near $9 a share on Thursday. Its stock has climbed nearly 15 percent this year.
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