NVRI

Strong performance at Harsco Environmental and Rail, with each exceeding expectations in the quarter Strategic decision made to exit two European Harsco Rail ETO contracts, eliminating future execution risk, uncertainty, and cash outflows related to performance of these contracts; contract exits anticipated to conclude company's exposure to its legacy ETO contract risks (see separate news release) Second quarter revenues from Continuing Operations totaled $187 million as reported and $324 million excluding the effects of ETO contract exit adjustments, an increase of 2 percent over the prior year; historical Clean Earth results now reported as Discontinued Operations Second quarter GAAP consolidated loss from continuing operations of $297 million, including charges for exiting the Harsco Rail ETO contracts as well as transaction-related unusual items resulting from the sale of Clean Earth and spin-off Adjusted EBITDA in Q2 totaled $34 million Second quarter GAAP diluted loss per share from continuing operations of $10.70 and adjusted diluted loss per share of $0.63 Credit Agreement net leverage ratio now at 1.9x based on new capital structure 2026 Adjusted EBITDA outlook reaffirmed for Harsco Environmental and Harsco Rail PHILADELPHIA, Aug. 11, 2026 (GLOBE NEWSWIRE) -- Enviri Corporation (NYSE: NVRI) (the "Company") today reported second quarter 2026 results. On a GAAP basis, the second quarter of 2026 diluted loss per share from continuing operations was $10.70, including expenses related to the sale of Clean Earth and spin-off of Harsco Environmental and Harsco Rail, adjustments related to the termination of certain Harsco Rail contracts, and restructuring costs. Adjusted diluted loss per share from continuing operations in the second quarter of 2026 was $0.63. These figures compare with a second quarter 2025 GAAP diluted loss per share from continuing operations of $1.70, which included contract adjustments in Harsco Rail, an asset impairment and site exit costs in Harsco Environmental, and strategic expenses, and an adjusted diluted loss per share from continuing operations of $0.84. The GAAP consolidated loss from continuing operations for the second quarter of 2026 was $297 million, while Adjusted EBITDA excluding unusual items totaled $34 million in the quarter. "During the second quarter, our team executed well, with Harsco Environmental and Rail each delivering results above the high end of our guidance ranges while end-markets have remained subdued,” said Enviri President and CEO Russell Hochman. "In addition, we took meaningful action to advance our strategic priorities that improve our financial profile and earnings potential while strengthening Enviri’s position as a leader in our markets. These actions include the strategic decision to exit two European Rail ETO contracts, removing a source of business uncertainty and financial volatility, including cash flows related to performance under these contracts. We also concluded the initial stage of our comprehensive business review, aimed at reducing our business complexity and driving operational excellence, and we have recently begun implementing broad restructuring actions across the Company. Lastly, we are reaffirming our 2026 outlook and will continue to prioritize initiatives that will drive sustainable value creation for shareholders." Enviri Corporation—Selected Second Quarter Results Note: Adjusted diluted earnings (loss) per share from continuing operations, Adjusted EBITDA and Adjusted EBITDA margin presented throughout this release are adjusted for unusual items; in addition, adjusted diluted earnings per share from continuing operations is adjusted for acquisition-related amortization expense. See below for definitions of these non-GAAP measures and reconciliations to the most directly comparable GAAP financial measures. Consolidated Second Quarter Operating ResultsConsolidated revenues from continuing operations were $187 million. Harsco Environmental realized an increase in revenues compared with the second quarter of 2025, while revenues for Harsco Rail were essentially unchanged year-on-year when excluding the contract exit impacts on revenues. The Company's GAAP consolidated loss from continuing operations was $297 million for the second quarter of 2026, compared with a GAAP consolidated loss of $45 million in the same quarter of 2025. Meanwhile, Adjusted EBITDA totaled $34 million in the second quarter of 2026 versus $27 million in the second quarter of the prior year. The increase in adjusted earnings is attributable to Harsco Environmental. Note that these results now exclude Clean Earth (reported as Discontinued Operations) and reflect that central costs previously allocated to Clean Earth ($1.9 million per quarter) are now included in the Corporate segment. Second Quarter Business Review Harsco Environmental Harsco Environmental revenues totaled $266 million in the second quarter of 2026, an increase of 3% compared with the prior-year quarter. This revenue increase is attributable to higher volumes (services and ecoproducts) and higher services pricing. The segment's GAAP operating income was $13 million, and Adjusted EBITDA totaled $46 million in the second quarter of 2026. These figures compare with GAAP operating income of $4 million and Adjusted EBITDA of $40 million in the prior-year period. The year-on-year change in adjusted earnings reflects the above-mentioned factors as well as internal improvement actions. As a result, Harsco Environmental's Adjusted EBITDA margin increased to 17.2% in the second quarter of 2026 versus 15.5% in the comparable quarter of 2025. Harsco Rail Harsco Rail revenues in the second quarter of 2026 totaled $(79) million. Excluding the adjustments resulting from the contract exits, revenues were $58 million, or unchanged year-over-year, as higher aftermarket volumes were offset by lower equipment and contracted services revenues. The segment's GAAP operating loss was $221 million, and Adjusted EBITDA loss was $5 million in the second quarter of 2026. These figures compare with a GAAP operating loss of $20 million and an Adjusted EBITDA loss of $3 million in the prior-year period. The year-on-year change in adjusted earnings is attributable to the above factors as well as a change in business mix. Cash FlowNet cash used by operating activities was $297 million in the second quarter of 2026, compared with net cash provided by operating activities of $22 million in the prior-year period. Adjusted free cash flow was $(9) million in the second quarter of 2026, compared with $(39) million in the prior-year period (excluding Clean Earth and any transaction-related expenditures, which include the repayment of the Company's accounts receivable securitization facility). The change in adjusted free cash flow compared with the prior-year quarter is attributable to higher cash earnings (adjusted for unusual items), working capital improvements, and lower net capital expenditures in Harsco Environmental and Rail. 2026 OutlookThe Company is reaffirming its 2026 Adjusted EBITDA guidance for Harsco Environmental and Harsco Rail, with key business drivers as follows: Harsco Environmental Adjusted EBITDA of $170 million to $180 million, which is modestly above prior-year results at the mid-point of the range. Higher services and products demand, along with new sites and improvement initiatives, are expected to be offset by site exits and certain 2025 items that are not anticipated to repeat in 2026 (such as the recovery of certain sales tax expenses in Brazil). Harsco Rail Adjusted EBITDA of $(26) million to $(19) million, which is below 2025 as a result of lower standard equipment and contracted services demand and related manufacturing inefficiencies, partially offset by cost-out activities and benefits. Conference CallThe Company will hold a conference call today at 9.00 a.m. Eastern Time to discuss its results and respond to questions from the investment community. Those who wish to listen to the conference call webcast should visit investors.enviri.com, or by dialing (844) 539-1331 or (412) 652-1264 for international callers. Please ask to join the Enviri Corporation call. Listeners are advised to dial in approximately ten minutes prior to the call. If you are unable to listen to the live call, the webcast will be archived on the Company’s website. Forward-Looking StatementsThe nature of the Company's business, together with the number of countries in which it operates, subject it to changing economic, competitive, regulatory and technological conditions, risks and uncertainties. In accordance with the "safe harbor" provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, the Company provides the following cautionary remarks regarding important factors that, among others, could cause future results to differ materially from the results contemplated by forward-looking statements, including the expectations and assumptions expressed or implied herein. Forward-looking statements contained herein could include, among other things, statements regarding the expected timing, completion and effects of the transactions contemplated by the Merger Agreement and the Separation Agreement, including the sale of Clean Earth and the spin-off of New Enviri; statements about management's confidence in and strategies for performance; expectations for new and existing products, technologies and opportunities; and expectations regarding growth, sales, cash flows, and earnings, including those under "2026 Outlook". Forward-looking statements can be identified by the use of such terms as "may," "could," "expect," "anticipate," "intend," "believe," "likely," "estimate," "outlook," "plan," "contemplate," "project," "target" or other comparable terms. Factors that could cause actual results to differ, perhaps materially, from those implied by forward-looking statements include, but are not limited to: (1) the possibility that the Merger and Separation may not ultimately achieve the expected benefits; (2) the Company's ability to effectively implement its business strategy and improvement initiatives and realize the expected benefits therefrom; (3) the Company's ability to successfully enter into new contracts and complete new acquisitions, divestitures, or strategic ventures in the time-frame contemplated or at all; (4) the Company’s inability to comply with applicable environmental and safety laws and regulations; (5) the Company’s inability to obtain, renew, or maintain compliance with its operating permits or license agreements; (6) various economic, business, and regulatory risks associated with the industries in which the Company operates; (7) the seasonal nature of the Company's business; (8) risks caused by customer concentration, fixed-price and long-term customer contracts, especially those related to complex engineered equipment and the competitive nature of the industries in which the Company operates; (9) the outcome of any disputes with customers, contractors and subcontractors; (10) the financial condition of the Company's customers, including the ability of customers (especially those that may be highly leveraged or have inadequate liquidity) to maintain their credit availability; (11) higher than expected claims under the Company’s insurance policies, or losses that are uninsurable or that exceed existing insurance coverage; (12) market and competitive changes, including pricing pressures, market demand and acceptance for new products, services and technologies; changes in currency exchange rates, interest rates, commodity and fuel costs and capital costs; (13) the Company's ability to negotiate, complete, and integrate strategic transactions and joint ventures with strategic partners; (14) the Company’s ability to attract and effectively retain key management and employees, including due to unanticipated changes to demand for the Company’s services, disruptions associated with labor disputes, and increased operating costs associated with union organizations; (15) the Company's inability or failure to protect its intellectual property rights from infringement in one or more of the many countries in which the Company operates; (16) failure to effectively prevent, detect or recover from breaches in the Company's cybersecurity infrastructure; (17) changes in the worldwide business environment in which the Company operates, including changes in general economic and industry conditions and cyclical slowdowns impacting the steel and aluminum industries; (18) fluctuations in exchange rates between the U.S. dollar and other currencies in which the Company conducts business; (19) unforeseen business disruptions in one or more of the many countries in which the Company operates due to changes in economic conditions, changes in governmental laws and regulations, including environmental, occupational health and safety, tax and import tariff standards and amounts; political instability, civil disobedience, armed hostilities, public health issues or other calamities; (20) liability for and implementation of environmental remediation matters; (21) product liability and warranty claims associated with the Company’s operations; (22) the Company’s ability to comply with financial covenants and obligations to financial counterparties; (23) the Company’s outstanding indebtedness and exposure to derivative financial instruments that may be impacted by, among other factors, changes in interest rates; (24) tax liabilities and changes in tax laws; (25) changes in the performance of equity and bond markets that could affect, among other things, the valuation of the assets in the Company's pension plans and the accounting for pension assets, liabilities and expenses; (26) risk and uncertainty associated with intangible assets; and (27) the other risk factors listed from time to time in the Company's SEC reports. A further discussion of these, along with other potential risk factors, can be found under the heading, "Risk Factors," of the Company's Information Statement, dated May 8, 2026, and attached as Exhibit 99.1 to the Company's Current Report on Form 8-K furnished to the SEC on May 11, 2026. The Company cautions that these factors may not be exhaustive and that many of these factors are beyond the Company's ability to control or predict. Accordingly, forward-looking statements should not be relied upon as a prediction of actual results. The Company undertakes no duty to update forward-looking statements except as may be required by law. Non-GAAP MeasuresMeasurements of financial performance not calculated in accordance with GAAP should be considered as supplements to, and not substitutes for, performance measurements calculated or derived in accordance with GAAP. Any such measures are not necessarily comparable to other similarly-titled measurements employed by other companies. The most comparable GAAP measures are included within the definitions below and reconciliations of these non-GAAP measures to the most directly comparable GAAP financial measures are included at the end of this press release. Adjusted diluted earnings (loss) per share from continuing operations: Adjusted diluted earnings (loss) per share from continuing operations is a non-GAAP financial measure and consists of diluted earnings (loss) per share from continuing operations adjusted for unusual items and acquisition-related intangible asset amortization expense. It is important to note that such intangible assets contribute to revenue generation and that intangible asset amortization related to past acquisitions will recur in future periods until such intangible assets have been fully amortized. The Company’s management believes Adjusted diluted earnings (loss) per share from continuing operations is useful to investors because it provides an overall understanding of the Company’s historical and future prospects. Exclusion of unusual items permits evaluation and comparison of results for the Company’s core business operations, and it is on this basis that management internally assesses the Company’s performance. Exclusion of acquisition-related intangible asset amortization expense, the amount of which can vary by the timing, size, and nature of the Company’s acquisitions, facilitates more consistent internal comparisons of operating results over time between the Company’s newly acquired and long-held businesses, and comparisons with both acquisitive and non-acquisitive peer companies. Adjusted EBITDA: Adjusted EBITDA is a non-GAAP financial measure and consists of income (loss) from continuing operations adjusted to add back income tax expense; equity income of unconsolidated entities, net; net interest expense; defined benefit pension income (expense); facility fees and debt-related income (expense); stock-based compensation expense; and depreciation and amortization (excluding amortization of deferred financing costs); and excludes unusual items. Segment Adjusted EBITDA consists of operating income from continuing operations adjusted to exclude unusual items and add back depreciation and amortization (excluding amortization of deferred financing costs). The sum of the Segments’ Adjusted EBITDA and Corporate Adjusted EBITDA (which is adjusted for all stock-based compensation expense) equals consolidated Adjusted EBITDA. The Company‘s management believes Adjusted EBITDA is meaningful to investors because management reviews Adjusted EBITDA in assessing and evaluating performance. Adjusted free cash flow: Adjusted free cash flow is a non-GAAP financial measure and consists of net cash provided (used) by operating activities less capital expenditures and expenditures for intangible assets; and plus capital expenditures for strategic ventures, total proceeds from sales of assets and certain transaction-related / debt-refinancing expenditures. Adjusted free cash flow also excludes the impact of the Clean Earth business. The Company's management believes that Adjusted free cash flow is important to management and useful to investors as a supplemental measure as it indicates the cash flow available for working capital needs, repay debt obligations, invest in future growth through new business development activities, conduct strategic acquisitions or other uses of cash. It is important to note that Adjusted free cash flow does not represent the total residual cash flow available for discretionary expenditures since other non-discretionary expenditures, such as mandatory debt service requirements and settlements of foreign currency forward exchange contracts, are not deducted from this measure. This presentation provides a basis for comparison of ongoing operations and prospects. About EnviriEnviri is a global market leader providing environmental and operational solutions to the metal and rail industries. Based in Philadelphia, Pennsylvania, and operating in more than 30 countries, the company leverages over 170 years of industrial expertise to help customers improve operational performance, recover value from byproducts, enhance sustainability, and maintain critical infrastructure. Enviri's divisions, Harsco Environmental and Harsco Rail, combine deep operational capabilities with innovative technologies and global scale to deliver long-term value for customers, communities, and shareholders. Learn more at enviri.com.

This article first appeared on GuruFocus. Total Revenue: $187 million in Q2 2026, including a negative revenue adjustment of $136 million related to exiting two rail contracts. Adjusted EBITDA: $34 million, up 22% year-over-year. Adjusted Loss Per Share: $0.63 for the quarter. Harsco Environmental Segment Revenue: $266 million, up 3% year-over-year. Harsco Environmental Adjusted EBITDA: $46 million, up 15% year-over-year. Rail Adjusted Revenue: $58 million, unchanged from the prior quarter. Rail Adjusted EBITDA: Loss of $5 million in Q2 2026. Adjusted Free Cash Flow: Negative $9 million for the quarter, an improvement year-over-year and quarter-over-quarter. Net Debt: Approximately $290 million at quarter-end, with a net leverage ratio of 1.9 times. Unusual P&L Items: $247 million total, including $207 million from exiting Deutsche Bahn and Network Rail contracts, $29 million in transaction costs related to the Clean Earth sale, and $10 million for restructuring actions. Restructuring Actions: Approximately 300 positions eliminated, with anticipated annual margin uplift exceeding $15 million once completed. Full-Year Guidance: HE adjusted EBITDA range maintained at $170 million to $180 million; Rail adjusted EBITDA loss range maintained at $19 million to $26 million. Warning! GuruFocus has detected 5 Warning Signs with NVRI. Is NVRI fairly valued? Test your thesis with our free DCF calculator. Release Date: August 11, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Adjusted EBITDA increased by over 20% year-over-year, driven by strong performance in Harsco Environmental and Rail exceeding expectations. The exit from Deutsche Bahn and Network Rail ETO contracts significantly de-risks the company, improving its go-forward financial and cash flow profile. Rail's aftermarket revenues grew double-digits, and the business achieved its strongest cash flow quarter in several years. The company has implemented restructuring actions expected to yield over $15 million in annual margin uplift, with strong employee engagement. Net debt was reduced to approximately $290 million with a leverage ratio of 1.9 times, providing a solid financial foundation. The company recorded $247 million in unusual P&L items, including $207 million related to the ETO contract exits, impacting reported results. Rail continues to face challenges, with an adjusted EBITDA loss of $5 million in Q2 and ongoing uncertainty in original equipment demand. Harsco Environmental faces volume headwinds in Northern Europe, China, and the Middle East due to geopolitical pressures and conflict. The company maintains its full-year guidance, reflecting caution about market conditions and potential further disruptions. Adjusted free cash flow was negative $9 million in Q2, and the company expects it to remain modestly negative in Q3. Q: Can you provide more color on the decision to exit the Deutsche Bahn and Network Rail ETO contracts, and what is the total financial exposure related to these exits?A: Russell Hochman (President and CEO) explained that the company is in close discussions with both customers, leveraging long-standing relationships. For Deutsche Bahn, an agreement has been signed with subcontractor GBM to sell assets and transfer obligations. For Network Rail, discussions are ongoing, with a proposal to upgrade their existing stone blower fleet. Pete Minan (CFO) clarified that the total accrued liability for these contract exits is approximately $190 million, which includes non-cash impairment charges of $75 million and $133 million in incremental liabilities. The company had set aside funds from the Clean Earth sale proceeds to cover these obligations without increasing leverage. Q: What are the risks and opportunities that could cause the costs to exit the ETO contracts to be higher or lower than the $190 million estimate?A: Russell Hochman noted that costs could be lower if successful agreements are reached, particularly with Network Rail, where the company has proposed upgrading their existing fleet. However, if an agreement cannot be reached and litigation ensues, that could represent the maximum exposure. Pete Minan added that from an accounting perspective, the company has moved from ongoing operational accruals to exit-related liabilities, which captures the vast majority of potential costs upfront. The objective was to put these contracts in the rearview mirror, and while there could be some increases, they would not be of the magnitude or nature previously discussed. Q: Under what scenarios would Harsco Rail receive funds from the GBM agreement, and are there scenarios where additional capital would need to be provided?A: Russell Hochman confirmed that no additional capital will be provided to GBM; all money will flow one way to Enviri. Funds will be received as certain milestones are met, primarily related to the homologation of the equipment and approvals by Deutsche Bahn. The timeline for receiving these funds is expected to be within the next six months or so. Q: How significant are the overhead costs in Harsco Rail that supported the ETO contracts, and how quickly will they step down following the exits?A: Russell Hochman stated that actions have already been taken, including shutting down the Ludington, Michigan factory and ramping down the European facility supporting the Deutsche Bahn contract. Significant changes have also been made at the South Carolina facility. However, some personnel supporting the Deutsche Bahn contract in Europe also support the SBB contract, so there is overlap that may not be immediately addressable. The restructuring actions are already reflected in the numbers. Q: What is the company's exposure to the Middle East, and how is the ongoing conflict impacting the business?A: Pete Minan explained that the company has a handful of sites in Oman, Abu Dhabi, Bahrain, and Egypt, all affected in different ways. While no sites have shut down, some customers are struggling to receive incoming materials to maintain production levels. In Egypt, demand pressures are more significant. Collectively, these factors create a reasonable headwind on customer sites in the region, which is reflected in the company's cautious full-year guidance. Q: Can you provide a sense of the revenue mix for the Rail business going forward, particularly regarding aftermarket versus original equipment?A: Russell Hochman noted that the company is reemphasizing its focus on aftermarket as a separate line of business, especially given the cyclical bottom in equipment sales. Pete Minan added that historically, aftermarket or parts business represented about 40% of revenues, but that percentage is increasing due to volume pressures in original equipment sales and the exit of ETO contracts. The company expects the aftermarket percentage to grow relative to the total in the near term, though it may normalize if the equipment market turns around. Q: What is the company's outlook for free cash flow, and when can we expect Rail to become cash flow positive?A: Pete Minan stated that the company expects to see close to breakeven free cash flow later this year, even in Q4. The underlying cash flow from each business was positive in Q2, with Rail having its strongest cash flow quarter in several years due to strong collections and reduced ETO spending. The exit of the ETO contracts significantly improves the go-forward financial and cash flow profile. Q: How are the restructuring actions progressing, and what is the expected financial benefit?A: Pete Minan reported that approximately 300 positions are being eliminated as part of the restructuring actions, with most costs related to severance. The margin uplift from these actions, once completed, is anticipated to exceed $15 million annually on a full run-rate basis. The company has taken strategic restructuring actions across both businesses and corporate, including consolidating site-level responsibilities and central functions at Harsco Environmental. Q: What is the company's guidance for the third quarter and full year?A: Pete Minan confirmed that full-year guidance for both HE and Rail is unchanged. HE's adjusted EBITDA range remains at $170 million to $180 million, and Rail's adjusted EBITDA loss range remains at $19 million to $26 million. For Q3, HE's performance is expected to be modestly above Q3 2025, while Rail's EBITDA is anticipated to decrease due to lower volumes. Gross corporate costs for Q3 should be approximately $9 million, and adjusted free cash flow is expected to be modestly negative. Q: How is the company's balance sheet positioned following the Clean Earth sale and the ETO exits?A: Pete Minan reported that the company ended Q2 with net debt of approximately $290 million and a net leverage ratio of 1.9 times. These figures are monumental improvements compared to recent past. The Q2 leverage figures consider only $100 million of cash in calculating net debt, while the company has roughly $300 million in cash on the balance sheet, with $50 million identified as restricted. The combined cash has been earmarked to deal with the contract exit situations. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management decided to exit the Deutsche Bahn and Network Rail ETO contracts to significantly derisk the company and improve the go-forward cash flow profile. Harsco Environmental growth was driven by modest steel market improvements and internal cost discipline, despite volume headwinds in Northern Europe and China. Rail performance benefited from a strategic shift toward aftermarket opportunities, which saw double-digit growth while original equipment demand remains at multi-decade lows. The company implemented a value creation playbook focused on business efficiency, including closing the Ludington, Michigan manufacturing facility and rightsizing European operations. Strategic restructuring actions across both segments and corporate are expected to drive significant margin improvement and strengthen leadership positions. The sale of Clean Earth in June provided the necessary cash reserves to address legacy contract exits without increasing leverage or shareholder burden. Management anticipates meaningful growth in 2027 as self-help initiatives and the removal of ETO cash drains take full effect. The SBB contract remains the only legacy ETO project, with positive cash flows expected to begin in early 2027 and continue until conclusion. Full-year EBITDA guidance remains unchanged, accounting for geopolitical pressures in the Middle East and uncertainty in the base rail business. Restructuring actions are projected to deliver over $15 million in annual margin uplift once fully implemented on a run-rate basis. Free cash flow is expected to improve sequentially, with the Rail business targeted to reach near breakeven levels by the end of 2026. Recorded $207 million in unusual P&L items related to exiting rail contracts, including $75 million in non-cash impairments and $133 million in incremental liabilities. Total accrued liability for contract exits and other obligations stands at $190 million, funded by proceeds from the Clean Earth sale. Geopolitical conflict in the Middle East is creating volume pressure in Q3, specifically affecting customer sites in Oman, Abu Dhabi, Bahrain, and Egypt. Approximately 300 positions are being eliminated as part of global restructuring efforts to optimize engineering and SG&A costs. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management is in close discussions with Network Rail to provide an alternative maintenance strategy via fleet upgrades to minimize disruption. The agreement with GBM involves transferring supplier obligations and receiving compensation for inventory and intellectual property over upcoming quarters. The $190 million liability represents management's best estimate of exit-related costs, intended to put these issues in the 'rearview mirror' accounting-wise. No sites have been shut down, but customers are facing difficulties securing incoming materials to maintain production levels. Demand pressures are particularly significant in Egypt, creating a 'reasonable headwind' for the Environmental segment in the region. Rail is shifting focus exclusively to core maintenance-of-way and aftermarket services where it holds a 100-year leadership position in North America. Aftermarket parts, historically 40% of revenue, will represent a higher percentage of the mix until the original equipment market recovers from cyclical lows.

Interested in Enviri Corporation? Here are five stocks we like better. Enviri exceeded its second-quarter expectations: Adjusted EBITDA rose 22% year over year to $34 million, while Harsco Environmental delivered a 15% increase in adjusted EBITDA to $46 million. Rail benefited from double-digit aftermarket growth and lower overhead costs despite weak original-equipment demand. The company is exiting its Deutsche Bahn and Network Rail equipment-to-order contracts to reduce technical, financial and cash-flow risks. The projects consumed about $40 million annually, and Enviri expects the restructuring—including roughly 300 job cuts—to generate more than $15 million in annualized margin improvement. Enviri maintained its full-year outlook, forecasting Harsco Environmental adjusted EBITDA of $170 million to $180 million and a Rail adjusted EBITDA loss of $19 million to $26 million. Management cited continued uncertainty around Rail demand, fuel prices and geopolitical pressures on customer production. Enviri (NYSE:NVRI) reported second-quarter results that exceeded its expectations, with both Harsco Environmental and Rail performing above the high end of the company’s guidance despite continued weakness in several end markets. Management also outlined steps to exit two legacy rail equipment-to-order contracts, a move it said will reduce risk and improve the company’s future cash-flow profile. President and CEO Russell Hochman said the company’s revenue increased on a like-for-like basis during the quarter and adjusted EBITDA rose more than 20% from the prior-year period. Harsco Environmental benefited from a modest improvement in steel-market conditions, while Rail was helped by double-digit aftermarket revenue growth and operational efficiencies. → SoundHound AI Sends a Loud Signal After Its Q2 Earnings Beat “Our Q2 results illustrate how disciplined execution and a simultaneous focus on growth opportunities and efficiencies can drive results,” Hochman said. He added that Enviri expects actions taken following its separation from Clean Earth to position the company for improved earnings and cash flow beginning in 2027. A central development in the quarter was Enviri’s decision to exit its Deutsche Bahn and Network Rail equipment-to-order, or ETO, contracts. The company has ceased manufacturing and development work tied to those projects. → 3 Dividend Champion Utilities for a Market That Can't Sit Still For Deutsche Bahn, Enviri signed an agreement with its primary subcontractor, GBM, to sell relevant assets and transfer supplier obligations, with Deutsche Bahn’s support. GBM plans to complete the vehicles and has agreed to compensate Enviri for inventory and intellectual property as certain milestones are achieved, management said. Discussions with Network Rail remain ongoing. Enviri said it proposed upgrading Network Rail’s existing Stoneblower fleet, which Enviri maintains and operates under a separate contracted-services agreement. Hochman said the company believes the proposal could provide Network Rail with a transition plan while it moves to an alternative maintenance strategy. → Is Wingstop's Growth Story Losing Steam? The two projects consumed about $40 million of cash in 2025 and had been expected to consume a similar amount this year. Hochman said exiting them removes significant technical and financial risks and allows Rail to focus on its core maintenance-of-way and aftermarket operations. Chief Financial Officer Pete Minan said the company recorded $247 million of unusual profit-and-loss items during the quarter. Of that amount, $207 million was tied to the Deutsche Bahn and Network Rail exits, including $75 million in non-cash impairment charges related to contract assets and inventory. The remaining $133 million related to incremental liabilities that Enviri may incur in settling obligations associated with the exits. Enviri’s total accrued liability for those contracts and other contracts stood at $190 million at quarter-end. Minan said proceeds from the Clean Earth sale had been set aside to address the contract exits without increasing leverage or imposing an added burden on shareholders. The company also recorded $29 million in Clean Earth sale and spin-off transaction costs and $10 million in restructuring costs across Harsco Environmental and Rail. Approximately 300 positions are being eliminated, with most restructuring costs related to severance. Enviri expects the completed actions to generate more than $15 million in annualized margin improvement on a full run-rate basis. Enviri closed its Ludington, Michigan, manufacturing operation in connection with the ETO exits. The company implemented restructuring programs in European operations and at its South Carolina location. Harsco Environmental consolidated certain site-level and central responsibilities across its global footprint. Total reported revenue was $187 million, including a negative $136 million revenue adjustment related to the rail contract exits. That adjustment reflected revenue previously recorded under percentage-of-completion accounting. Excluding the adjustment, revenue was higher than in the second quarter of 2025, according to Minan. Adjusted EBITDA was $34 million, up 22% year over year, while the company posted an adjusted loss per share of $0.63. Adjusted free cash flow was negative $9 million, an improvement from both the prior-year and prior-quarter periods. Minan said underlying cash flow from both businesses was positive, and Rail generated its strongest cash-flow quarter in several years, helped by collections in its core business and lower ETO-related spending. Enviri ended the quarter with about $290 million of net debt and a net leverage ratio of 1.9 times under its credit agreement. The company held roughly $300 million of cash, including $50 million identified as restricted cash. Harsco Environmental generated $266 million in revenue, up 3% from the year-earlier quarter. Adjusted EBITDA rose 15% to $46 million, supported by higher services and product volumes, improved pricing and operational gains at certain sites. Customer steel output increased modestly year over year, although Enviri cited volume pressure in Northern Europe and China. The company also said customer production in the Middle East has faced pressure related to the ongoing regional conflict. Minan said Enviri has sites in Oman, Abu Dhabi, Bahrain, Egypt and elsewhere in the region, and while none had shut down, some customers were experiencing difficulties obtaining materials and maintaining production levels. Rail reported adjusted revenue of $58 million, unchanged from the prior quarter, and an adjusted EBITDA loss of $5 million. Lower original-equipment and contracted-services contributions weighed on results, partially offset by stronger aftermarket volume and lower overhead costs. Management said aftermarket historically accounted for about 40% of Rail revenue, but that share is rising as original-equipment demand remains weak and ETO revenue is removed. Enviri maintained its full-year guidance, citing uncertainty around Rail demand, fuel prices and geopolitical effects on customer production. Harsco Environmental’s adjusted EBITDA outlook remains $170 million to $180 million, while Rail’s adjusted EBITDA loss is still projected at $19 million to $26 million. For the third quarter, management expects Harsco Environmental’s performance at the midpoint of guidance to be modestly above the third quarter of 2025, while Rail EBITDA is expected to decline on lower volumes. Gross corporate costs are expected to be about $9 million, and adjusted free cash flow is projected to be modestly negative. Enviri Inc (NYSE: NVRI) is a provider of environmental monitoring, data intelligence and sustainability solutions for critical infrastructure and industrial operations. The company integrates Internet of Things (IoT) sensor hardware, cloud-based analytics and field services to collect, process and visualize environmental data. Enviri’s platform supports real-time monitoring and historical trend analysis across water, air and wastewater streams to help clients meet regulatory requirements and manage environmental risk. Enviri’s product suite includes ruggedized sensor networks, remote data loggers, automated sampling systems and a web-based analytics portal. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Enviri Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Enviri’s first quarter was characterized by flat year-on-year sales and a significant improvement in non-GAAP earnings versus Wall Street’s expectations, leading to a positive market reaction. Management attributed the quarter’s results to solid operational execution in the Harsco Environmental and Rail businesses, with both segments benefiting from better volumes and cost discipline. CEO F. Nicholas Grasberger highlighted that “positive momentum” and improved performance in core operations, despite headwinds in Clean Earth, were central to the quarter’s outcome. Is now the time to buy NVRI? Find out in our full research report (it’s free). Revenue: $549.8 million vs analyst estimates of $546.3 million (flat year on year, 0.7% beat) Adjusted EPS: $0.10 vs analyst estimates of -$0.29 (significant beat) Adjusted EBITDA: $64.6 million vs analyst estimates of $58.35 million (11.8% margin, 10.7% beat) Operating Margin: 1.8%, down from 5.2% in the same quarter last year Market Capitalization: $1.60 billion While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention. Robert Brown (Lake Street Capital Markets) asked about the Rail order book fill rate and how it compares to historical trends. CFO Pete Meinen responded that the order book is “running a good bit behind,” mainly due to weaker OEM equipment demand in North America, but anticipates some recovery in the second half of the year. Robert Brown (Lake Street Capital Markets) also questioned the focus on the aftermarket business in Rail. Meinen explained that aftermarket now makes up about 40% of revenues and offers roughly twice the margins of original equipment, making it a strategic focus amid soft equipment demand. Analyst interest centered on the outlook for cash flow in the Rail segment, with management reiterating that returning to cash generation is anticipated by 2027 for certain European contracts. Questions were raised regarding how macroeconomic and geopolitical risks, especially those in the Middle East and energy markets, could affect performance in both Harsco Environmental and Rail segments, with management emphasizing continued vigilance. Analysts inquired about the impact of recent leadership changes, with management emphasizing alignment on priorities and a smooth transition to drive margin improvement and risk reduction in the new structure. In the coming quarters, our team will track (1) the successful close of the Clean Earth sale and associated cash deployment, (2) execution and progress on cost and productivity initiatives in Harsco Environmental and Rail, and (3) tangible progress in de-risking and restructuring the Rail business, particularly European contracts. Ongoing macroeconomic and energy market trends will also be key areas of focus. Enviri currently trades at $19.30, up from $18.88 just before the earnings. Is the company at an inflection point that warrants a buy or sell? Find out in our full research report (it’s free for active Edge members). ONE MORE THING: Top 5 Growth Stocks. The biggest stock winners almost always had one thing in common before they ran. Revenue growing like crazy. Meta. CrowdStrike. Broadcom. Our AI flagged all three. They returned 315%, 314%, and 455%, respectively. Find out which 5 stocks it's flagging for this month - FREE. Get Our Top 5 Growth Stocks for Free HERE. Stocks that have made our list include now familiar names such as Nvidia (+1,326% between June 2020 and June 2025) as well as under-the-radar businesses like the once-small-cap company Exlservice (+354% five-year return). Find your next big winner with StockStory today.

Interested in Enviri Corporation? Here are five stocks we like better. Enviri said it is on track to complete the sale of Clean Earth and the spin-off of New Enviri around June 1, after clearing key shareholder and SEC approvals. Management said shareholders will receive a cash payout from the Clean Earth sale shortly before closing. First-quarter revenue was flat at $550 million, with adjusted EBITDA of $65 million and adjusted EPS of $0.10. Harsco Environmental outperformed expectations with 6% revenue growth, while Clean Earth was hurt by weak volumes and weather-related disruption and Rail remained pressured by weak equipment demand. Management kept full-year 2026 guidance unchanged, including Harsco Environmental adjusted EBITDA of $170 million to $180 million and Rail EBITDA loss of $19 million to $26 million. Executives said the company remains focused on Rail restructuring, reducing ETO risk, and improving cash flow after the transaction closes. Enviri (NYSE:NVRI) reported first-quarter 2026 revenue that was flat from a year earlier, while executives said the company remains on track to complete the sale of Clean Earth and the spin-off of New Enviri around June 1. Chairman and Chief Executive Officer Nick Grasberger said shareholders approved the Clean Earth sale last week, and the Form 10 filing tied to the New Enviri spin-off was declared effective by the SEC. Grasberger said the company has cleared the key regulatory milestones for both transactions and expects closing in approximately three weeks, in line with prior expectations. → Rocket Lab Just Hit a New All-Time High—Time to Buy or Let It Breathe? “We will announce the cash payout to shareholders from the Clean Earth sale shortly prior to closing,” Grasberger said. He added that the company’s cash conversion range remains $14.50 to $16.50 per share but said management would not comment further on potential outcomes during the call. The transaction will mark a leadership transition for the company. Grasberger said this would be his final earnings call with Enviri after 12 years leading the company. Tom Vadaketh, senior vice president and chief financial officer, also said it would be his final earnings call. Russell Hochman, currently president and chief operating officer, is the incoming CEO of New Enviri, while Pete Minan is the incoming CFO. → MercadoLibre Boldly Invests in Growth: Discount Deepens Vadaketh said total first-quarter revenue was $550 million, unchanged from the prior-year period. Adjusted EBITDA was $65 million, and adjusted diluted earnings per share were $0.10. Vadaketh said adjusted earnings for Harsco Environmental and Rail were “little changed” year over year, while Clean Earth’s results were pressured by lower volumes. He said unusual items in the quarter included strategic costs related to the Clean Earth sale and New Enviri spin-off, as well as previously discussed Rail restructuring costs. → MP Materials Is Quietly Building a Rare Earth Powerhouse Adjusted free cash flow was negative $6 million in the quarter, which Vadaketh described as a traditionally weak cash period for the company. He said cash performance for Harsco Environmental and Rail improved from a year earlier, although Rail remained a user of cash. Rail’s negative cash flow was $18 million, largely tied to its engineered-to-order, or ETO, contracts. Harsco Environmental generated first-quarter revenue of $257 million, up 6% from the prior-year quarter. Adjusted EBITDA was $38 million, which Vadaketh said exceeded the company’s expectations. Vadaketh attributed the year-over-year earnings performance to volume from new sites, higher services demand, operational improvements at existing sites and foreign exchange benefits. Customer steel output was up modestly, with higher production in India and the Middle East mostly offset by lower production in Europe. Those benefits were partially offset by contract exits, lower Eco product volumes and a change in business mix, Vadaketh said. He also said trade measures intended to further support the European Union steel industry continue to progress, with alignment on quota and tariff changes achieved in mid-April. Formal endorsement is expected later in May, with implementation anticipated in July. Clean Earth “executed well” during the quarter, Vadaketh said, but its financial results were affected by sluggish project-related work and industrial volumes. He said much of the weakness was related to winter storms in the first quarter. The extreme weather conditions were most pronounced in late January and again in mid-March, Vadaketh said, adding that peers were also affected. Grasberger said the sale of Clean Earth to Veolia provides “a great outcome” for shareholders and said he expects the Clean Earth team to “thrive” as part of Veolia. Rail revenue totaled $67 million in the first quarter, and the segment posted an adjusted EBITDA loss of $1 million. Vadaketh said Rail’s base business generated positive EBITDA and exceeded expectations, but the segment’s overall loss was tied to overhead costs supporting ETO contracts. The year-over-year change in Rail earnings reflected higher contributions from contract and services work, offset by lower equipment volumes and higher operating costs. Vadaketh said equipment demand remains weak. Hochman said Harsco Environmental and Rail both exceeded expectations in the quarter due to better volumes, positive operational execution and prudent cost management. He said New Enviri will have a stronger capital structure and lower interest cost burden following the Clean Earth transaction. Hochman said management is conducting an accelerated business review of both Harsco Environmental and Rail, with the goal of improving performance over the coming quarters and years. In Harsco Environmental, he said the company is focused on site-level productivity, maintenance efficiency and opportunities to optimize selling, general and administrative expenses and support costs. In Rail, Hochman said restructuring is underway, with actions aimed at improving the supply chain and reducing inventory. He said the company is prioritizing Rail’s aftermarket business, where margins are attractive, while also evaluating other capital-light opportunities and potential steps to optimize manufacturing operations, global footprint and SG&A costs. Hochman also said reducing ETO risk at Rail is a top priority in 2026. For the SBB contract, most of the first group of vehicles has been delivered and accepted, with the remaining two of 48 vehicles expected to be accepted in the coming months. Homologation for the second vehicle type has started and is expected to be completed in early 2027. Hochman said the risk profile for SBB has improved significantly over the past year and that the project is expected to turn cash positive in 2027. For Deutsche Bahn, Hochman said the first three vehicles are progressing as the company looks to maximize net cash flows and reduce risk. For Network Rail, he said Enviri is engaging with the customer to improve the financial outlook for the contract or otherwise minimize volatility and risk. Minan said guidance for Harsco Environmental, Rail and New Enviri remains unchanged for 2026. Harsco Environmental’s adjusted EBITDA range remains $170 million to $180 million, while Rail’s EBITDA loss range remains $19 million to $26 million. Using the midpoint of those ranges, New Enviri’s pro forma EBITDA is expected to be approximately $140 million. The company’s expectation for modest free cash flow in 2026 is also unchanged, Minan said. He noted that first-quarter results were stronger than expected but said significant economic uncertainty remains. For Harsco Environmental, uncertainties include the geopolitical situation in the Middle East, where the company has operations, and the potential impact of higher energy prices on Europe and global business conditions. In Rail, Minan said equipment demand remains challenged, and the company has not yet filled its order book for the year. For the second quarter, Harsco Environmental performance is expected to be comparable with the second quarter of 2025, while Rail EBITDA is expected to decline because of lower volumes. During the question-and-answer session, Minan said Rail’s order book is running behind where it would typically be at this point in the year, primarily because of North American original equipment manufacturing demand. He said management expects some improvement in the second half. Minan also said aftermarket represents roughly 40% of Rail revenue and had a solid first quarter. He said aftermarket revenue provides an offset to weaker OEM activity and carries margins that are “pretty much 2x” original equipment margins, making it a clear area of focus for the company. Enviri Inc (NYSE: NVRI) is a provider of environmental monitoring, data intelligence and sustainability solutions for critical infrastructure and industrial operations. The company integrates Internet of Things (IoT) sensor hardware, cloud-based analytics and field services to collect, process and visualize environmental data. Enviri’s platform supports real-time monitoring and historical trend analysis across water, air and wastewater streams to help clients meet regulatory requirements and manage environmental risk. Enviri’s product suite includes ruggedized sensor networks, remote data loggers, automated sampling systems and a web-based analytics portal. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Enviri Q1 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for May 2026.

Image source: The Motley Fool. Monday, May 11, 2026 at 4:30 p.m. ET Chairman and Chief Executive Officer — F. Nicholas Grasberger President and Chief Operating Officer, Incoming CEO — Russell Hochman Senior Vice President and Chief Financial Officer — Thomas G. Vadaketh Incoming Chief Financial Officer — Pete Meinen Vice President, Investor Relations — David Martin Need a quote from a Motley Fool analyst? Email [email protected] David Martin: Thank you, Chuck, and welcome to everyone joining us this afternoon. With me today is F. Nicholas Grasberger, our Chairman and Chief Executive Officer; Russell Hochman, our President and Chief Operating Officer and incoming CEO of new Enviri Corporation; Thomas G. Vadaketh, our Senior Vice President and Chief Financial Officer; and Pete Meinen, the incoming CFO of new Enviri Corporation. Today, we will discuss our results for the first quarter as well as our outlook for our Environmental and Rail. After our prepared remarks, we will take your questions. Our quarterly earnings release and slide presentation for the call are available on our website. During today’s call, we will make statements that are considered forward-looking within the meaning of the federal securities laws. These statements are based on our current knowledge and expectations and are subject to certain risks and uncertainties that may cause actual results to differ materially from those forward-looking statements. For a discussion of such risks and uncertainties, see the Risk Factors section in our most recent 10-K and as updated in subsequent 10-Qs. The company undertakes no obligation to revise or update any forward-looking statement. Lastly, on this call, we will refer to adjusted financial results that are considered non-GAAP for SEC reporting purposes. A reconciliation to GAAP results is included in the earnings release today as well as the slide presentation. I will now turn the call to F. Nicholas Grasberger to begin his prepared remarks. F. Nicholas Grasberger: Thank you, David, and good afternoon, everyone. Let me start with a brief status update on the Clean Earth sale and spin-off of new Enviri Corporation. Last week, our shareholders voted to approve the Clean Earth sale, and the Form 10 filing related to the new Enviri Corporation spin-off was approved by the SEC and declared effective. As a result, we have now cleared the key regulatory milestones for both the sale and spin-off transactions, and expect to close in approximately three weeks, or June 1, which is in line with our anticipated timing. We will announce the cash payout to shareholders from the Clean Earth sale shortly prior to closing. Our cash conversion range remains $14.5 to $16.5 per share. We are working diligently through the details related to the payout and will not comment further today on potential outcomes. With the Clean Earth sale closing soon, this will be my last earnings call with Enviri Corporation. It has been a privilege and a pleasure to lead this company over the past 12 years. The professionalism displayed across the company over the years has been unmatched, and I am grateful for the hard work and consistent support of our employees and our board. I would like to recognize the employees of Clean Earth and our entire Enviri Corporation team for their efforts and dedication in creating a better business and completing this successful yet complex transaction. It certainly provides a great outcome for our shareholders. I wish the Clean Earth team well, and I am confident they will thrive as part of Veolia. I would also like to recognize Thomas G. Vadaketh, who will be leaving Enviri Corporation when the transaction closes. Thomas G. Vadaketh has been a driving force behind the tremendous value creation for our shareholders during his 2.5-year tenure. Thomas G. Vadaketh is liked and respected by all, and I simply cannot imagine a better partner for me and our colleagues during his time with our company. With that said, there is more value to be created here through new Enviri Corporation and under the leadership of Russell. New Enviri Corporation’s implied valuation today is compelling, and we believe Harsco Environmental and Harsco Rail have attractive earnings growth potential. These are strong businesses poised to improve as demand rebounds in their respective markets. Margin growth for each will be further supported by the initiatives contemplated by Russell and team. New Enviri Corporation is in very good hands, and I look forward to watching its continued progress as a sizable shareholder. Russell, Thomas G. Vadaketh, and Pete Meinen will comment further on Q1, our outlook, and our priorities. Now over to Russell. Russell Hochman: Thank you, Nick, and good afternoon, everyone. Harsco Environmental and Rail started the year with positive momentum, each exceeding our expectations as a result of better volumes, positive operational execution, and prudent cost management. I am optimistic about what is ahead for new Enviri Corporation. Harsco Environmental and Rail are market-leading, attractive businesses that we believe are at an inflection point. New Enviri Corporation will benefit from a strong capital structure and with less burden from related interest costs, and we are confident our internal actions will drive margin improvement. As market conditions improve, we will be even better positioned to drive earnings and cash flow growth, further reduce debt, and continue to enhance shareholder value. Next, I will provide an update on my key priorities. These include our deep-dive business review of both Harsco Environmental and Rail, aimed at driving self-help improvement initiatives to boost business performance over the coming quarters and years, and the de-risking of Rail ETOs. The review is ongoing at an accelerated pace. We are working to refine our business strategy and priorities as well as to identify levers to reduce our complexity and drive operational excellence. Through this process, we are challenging ourselves to think critically about our business approach and best practices and, importantly, to make often difficult decisions that will position us to achieve our goals. In Harsco Environmental, we are focused on actions that will improve our site-level productivity and maintenance efficiency as well as opportunities to optimize our SG&A and support costs. In Rail, initial restructuring is underway. We are taking actions to improve our supply chain and reduce inventory. We are prioritizing Rail’s aftermarket business where margins are attractive and significant opportunities exist, as well as evaluating other capital-light business opportunities. And we continue to evaluate further actions to optimize our manufacturing operations and reduce our global footprint and SG&A cost. Overall, I am pleased with our progress through this review and encouraged by the engagement and commitment of our people. We will have more to communicate on this initiative in the months ahead. Our goal is to show demonstrable progress in 2026 and head into 2027 with key implementation programs in place. With regard to Rail’s European ETO contracts, I will reiterate that reducing or minimizing our ETO risk is critical and a top priority for me in 2026, and we are on track to meeting this commitment. For SBB, most of the first group of vehicles has been delivered and accepted by the customer. The remaining two of 48 vehicles are expected to be accepted by the customer in the coming months. Homologation for the second vehicle type has started, and we expect to complete that process in early 2027. Overall, we believe that we are in a good position on the SBB contract and that its risk profile has improved drastically in the past year. As a reminder, we anticipate turning cash positive in 2027 for this project. For our contract with Deutsche Bahn, the first three vehicles are progressing as we look for ways to maximize net cash flows and otherwise de-risk the contract. For Network Rail, we are actively engaging with our customer to improve the financial outlook for the contract and otherwise minimize the volatility and risk. This de-risking is among the highest priorities for new Enviri Corporation. The opening capital structure for new Enviri Corporation will provide us with the financial flexibility to pursue any and all de-risking options. I am optimistic about what we can accomplish over the next year, and I am extremely confident in our team. With the fresh start provided by the Clean Earth transaction to optimize our capital structure, there is considerable value creation potential at new Enviri Corporation, and we are laser-focused on priorities that will maximize this opportunity. Lastly, let me officially welcome my former colleague, Pete, back to the team. Pete knows Harsco Environmental and Rail very well, and he has already been a valued leader in the formation of our strategy for new Enviri Corporation. I cannot imagine a better partner for me and our colleagues during this exciting time. I would also like to acknowledge Nick and Thomas G. Vadaketh as they prepare to depart the company. Thomas G. Vadaketh joined the company during a time of considerable uncertainty, successfully leading numerous financial and strategic initiatives and contributing to the transaction soon to be completed. He has been a great partner to me during his time with Enviri Corporation. Nick, of course, has been the visionary leader of this company for more than a decade. He brought stability to Enviri Corporation and instituted strategic direction, business process, and core values, all of which made a better company. I am grateful to have served with Nick, and I will benefit from my experience with him as we enter the next phase of growth under new Enviri Corporation. Now let me turn it over to Thomas G. Vadaketh to discuss the quarter in detail. Thomas G. Vadaketh: Thank you, Russell, and good afternoon, everyone. I will briefly review the first quarter results and then hand it over to Pete to comment on the outlook. Please turn to our first-quarter performance details starting on Slide 4. In the first quarter, total revenue was $550 million and adjusted EBITDA was $65 million. Revenues were unchanged from the prior year. Adjusted earnings for Harsco Environmental and Rail were little changed year over year, while Clean Earth results were impacted by lower volumes. Our adjusted diluted earnings per share was 10¢ for the quarter. The unusual items in the quarter included strategic costs connected to the sale of Clean Earth and the spin-off of new Enviri Corporation, as well as costs related to Rail restructuring, which we have mentioned previously. Lastly, our adjusted free cash flow for the quarter was -$6 million during a traditionally weak cash quarter for the company. Cash performance for Harsco Environmental and Rail did improve from the prior year, although Rail remained a consumer of cash. Rail’s negative cash flow was $18 million, which is largely attributable to its ETO contracts. Please turn to Slide 5 and our Harsco Environmental segment. Segment revenues totaled $257 million, an increase of 6% compared with the prior-year quarter, and adjusted EBITDA totaled $38 million, exceeding our expectations for the quarter. The year-over-year earnings change reflects volume from new sites, higher services demand, and operational improvements at existing sites as well as FX benefits. Customer steel output was up modestly, with higher output in India and the Middle East, mostly offset by lower production in Europe. These favorable impacts were offset by contract exits, lower ECO product volumes, and a change in business mix. Lastly, the trade measures to further support the EU steel industry continue to progress. Alignment on the quota and tariff changes was achieved in mid-April, and formal endorsement is expected later in May, with implementation anticipated in July. Now please turn to Slide 6 to discuss Clean Earth. Clean Earth also executed well in the quarter, although its financial results were impacted by sluggish project-related work and industrial volumes, much of which related to winter storms in the first quarter. These extreme weather conditions impacted our peers as well and were most pronounced in late January and then again in mid-March. Now please turn to Slide 7 and our Rail business. Rail revenues totaled $67 million and its adjusted EBITDA loss was $1 million in the first quarter. Rail’s base business generated positive EBITDA in the quarter, exceeding our expectations. Its modest loss is attributed to overhead costs supporting its ETO contracts. The change in earnings year over year reflects higher contributions from contracted services work, which was offset by lower equipment volumes, for which demand remains weak, as we have discussed in the past, and higher operating costs. As with Nick, this will be my final earnings call with Enviri Corporation. It has been a pleasure working with Nick, our corporate team, and the business leaders within each of our divisions. Nick has led this company through its transformation, embedding strong values with a steady focus on improving the businesses and creating value. I am proud of what this collective team has accomplished under his leadership. I have also greatly appreciated the support from our analysts, our shareholders, our banks, and our debt holders over the years. Russell has been a key leader and a partner to me, and the company is in great hands as he takes over as CEO. I wish him, Pete, and the entire team the very best. Now over to Pete. Pete Meinen: Thanks, Thomas G. Vadaketh, and hello, everyone. First, let me say how excited I am to be back here at Enviri Corporation. The tremendous success of Clean Earth and the hard work by Nick, Thomas G. Vadaketh, and the team to unlock the value in Enviri Corporation is truly remarkable. And I am looking forward to continuing that success with new Enviri Corporation, working with Russell and the senior leadership team to improve margin growth, reduce volatility and risks at Rail, and help to drive cash flow and earnings growth. So let me provide my perspective on the full-year and next-quarter outlook of new Enviri Corporation. In summary, and as Russell mentioned, our guidance for both Harsco Environmental and Rail, and therefore new Enviri Corporation, is unchanged for 2026. Harsco Environmental’s adjusted EBITDA range remains $170 million to $180 million, and Rail’s EBITDA loss range remains $19 million to $26 million. As stated previously, these ranges translate to pro forma EBITDA of approximately $140 million for new Enviri Corporation, using the midpoint of each range. Our expectation for modest free cash flow during the year is also unchanged at the present time. While Q1 results were stronger than expected, there is still a significant amount of economic uncertainty. For Harsco Environmental, this uncertainty includes the geopolitical situation in the Middle East, where we maintain some operations. It is also unclear how higher energy prices will impact business conditions in Europe and globally in the coming quarters. In Rail, the demand for equipment continues to remain challenged, and we have not yet filled our order book for the year. With that said, our EBITDA guidance for the second quarter can be found on Slide 8. Harsco Environmental performance is expected to be comparable to 2025, while Rail’s EBITDA is anticipated to decrease as a result of lower volumes. And I will remind you that our financial reporting for the year will include a mix of Enviri Corporation and new Enviri Corporation. Once the sale of Clean Earth happens, it will be reported as a discontinued operation for financial reporting purposes. Also, corporate results will reflect that new Enviri Corporation will continue to support Clean Earth through a transition services agreement with Veolia for a period of time after closing. Before I hand it back to the operator for Q&A, let me once again say how great it is to be with you all again. I came back to Enviri Corporation simply because I am a firm believer in the value creation potential of Harsco Environmental and Rail, and I am 100% aligned with Russell’s priorities. I look forward to catching up with many of you and reporting on our progress in the upcoming quarters. Thanks. I will now hand the call back to the operator for Q&A. Operator: Thank you. We will now begin the question and answer session. To ask a question, you may press star then 1 on your telephone keypad. If you are using a speakerphone, please pick up your handset before pressing the keys. And to withdraw your question, please press star then 2. At this time, we will pause momentarily to assemble our roster. Please press star then 1. The first question will come from Robert Brown with Lake Street Capital Markets. Please go ahead. Robert Brown: Good afternoon. I guess the first question is on the Rail business. I think you talked a little bit about the order book still needing to get filled. Could you give us some color on how the order book typically fills, and maybe the visibility that brings as it fills up? Pete Meinen: Yes. This is Pete. Hey, Robert, how are you doing? Normally, we would expect to see pretty much a proportionate and maybe even slightly more than proportionate order book by this time, so we are running a good bit behind. It is really just due primarily to OEM equipment in North America. We expect it to come back a little bit in the second half of the year, but as of this point in time, we are a little bit behind what we have historically seen in terms of a filled order book relative to our estimated revenue for the new equipment. Robert Brown: Okay. Thanks for the color there. And then also aftermarket—I think Russell mentioned that as an area of focus, and I know it is a tremendous area—how much of your business is aftermarket, and what are some of the things you could do there? Pete Meinen: Yes. Roughly about 40% of our revenues is aftermarket, and we had a pretty good aftermarket in Q1. We expect that to continue at a similar pace in the rest of the year. That is clearly an area of focus for us because it not only is a good offset to the decline in OEM, but it also provides pretty good margins. It has pretty much 2x the margins that the original equipment has, so that is the primary reason we are focusing on it. Operator: Again, if you have a question, please press star then 1. This will conclude our question and answer session. I would like to turn the conference back over to David Martin for any closing remarks. Please go ahead. David Martin: Thank you, Chuck, and thank you to everyone joining us this afternoon. Feel free to contact me with any follow-up, and as always, we appreciate your interest in Enviri Corporation. Have a great day. Take care. Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect. Before you buy stock in Enviri, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Enviri wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $471,827!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,319,291!* Now, it’s worth noting Stock Advisor’s total average return is 986% — a market-crushing outperformance compared to 207% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of May 11, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Enviri (NVRI) Q1 2026 Earnings Call Transcript was originally published by The Motley Fool

First quarter revenues totaled $550 million First quarter GAAP consolidated loss from continuing operations of $8 million Q1 diluted loss per share from continuing operations of $0.12 and adjusted diluted earnings per share of $0.10 Adjusted EBITDA in Q1 totaled $65 million On track to complete sale of Clean Earth and spin-off of Harsco Environmental and Harsco Rail ("New Enviri") in Q2; closing expected on June 1, 2026 2026 Adjusted EBITDA outlook reaffirmed for Harsco Environmental and Harsco Rail PHILADELPHIA, May 11, 2026 (GLOBE NEWSWIRE) -- Enviri Corporation (NYSE: NVRI) (the "Company") today reported first quarter 2026 results. Revenues in the first quarter of 2026 totaled $550 million, and on a U.S. GAAP ("GAAP") basis, the consolidated loss from continuing operations was $8 million. Adjusted EBITDA was $65 million in the first quarter of 2026. On a GAAP basis, the first quarter of 2026 diluted loss per share from continuing operations was $0.12, including expenses related to the sale of Clean Earth and spin-off of Harsco Environmental and Harsco Rail. Adjusted diluted earnings per share from continuing operations in the first quarter of 2026 was $0.10. These figures compare with a first quarter of 2025 GAAP diluted loss per share from continuing operations of $0.10, which included contract adjustments in Harsco Rail, restructuring costs in Harsco Environmental and strategic expenses, and an adjusted diluted loss per share from continuing operations of $0.11. “Our first quarter results reflect continued execution across the business as we navigated a dynamic operating environment and weather-related disruptions that impacted Clean Earth,” said Enviri Chairman and CEO Nick Grasberger. “We remain on track to complete the sale of Clean Earth and the separation of Harsco Environmental and Harsco Rail in the second quarter, unlocking significant sum-of-the-parts value and marking an important milestone for the Company.” “Harsco Environmental delivered resilient EBITDA performance in the first quarter. Rail results were also better than anticipated despite weak underlying demand, and we are continuing to take actions to better align the business with current market conditions and manage ETO exposure,” said Russell Hochman, President and Chief Operating Officer of Enviri and future CEO of New Enviri. “Our comprehensive review of both Harsco Environmental and Harsco Rail is ongoing. As we move toward the launch of New Enviri, we are focused on reducing complexity, and we expect to identify additional opportunities to expand margins, enhance earnings potential and improve cash flow.” Enviri Corporation—Selected First Quarter Results Note: Adjusted diluted earnings (loss) per share from continuing operations, Adjusted EBITDA and Adjusted EBITDA margin presented throughout this release are adjusted for unusual items; in addition, adjusted diluted earnings per share from continuing operations is adjusted for acquisition-related amortization expense. See below for definition of these non-GAAP measures and reconciliations to the most directly comparable GAAP financial measures. Consolidated First Quarter Operating Results Consolidated revenues from continuing operations were $550 million, similar to the prior-year quarter. Harsco Environmental realized an increase in revenues compared with the first quarter of 2025, while revenues for Clean Earth and Harsco Rail were lower year-on-year. Foreign currency ("FX") translation positively impacted first quarter 2026 revenues by approximately $17 million, compared with the same quarter in 2025. The Company's GAAP consolidated loss from continuing operations was $8 million for the first quarter of 2026, compared with a GAAP consolidated loss of $7 million in the same quarter of 2025. Meanwhile, Adjusted EBITDA totaled $65 million in the first quarter of 2026 versus $71 million in the first quarter of the prior year. Beginning with the first quarter of 2026, the Company revised its calculation of consolidated Adjusted EBITDA to add back stock-based compensation costs to GAAP net income for purposes of calculating consolidated Adjusted EBITDA. This change better aligns the Company's definition of Adjusted EBITDA with its credit agreement and facilitates comparison with many peers. Prior-year comparables also reflect this calculation change. First Quarter Business Review Harsco Environmental Harsco Environmental revenues totaled $257 million in the first quarter of 2026, an increase of 6% compared with the prior-year quarter. This revenue increase is attributable to FX translation impacts and higher services demand at existing sites, partially offset by contract exits. The segment's GAAP operating income was $10 million, and Adjusted EBITDA totaled $38 million in the first quarter of 2026. These figures compare with GAAP operating income of $10 million and Adjusted EBITDA of $39 million in the prior-year period. The year-on-year change in adjusted earnings reflects the above-mentioned factors as well as lower eco-products contributions and services mix. As a result, Harsco Environmental's Adjusted EBITDA margin was 15.0% in the first quarter of 2026 versus 16.2% in the comparable quarter of 2025. Clean Earth Clean Earth revenues totaled $226 million in the first quarter of 2026, a 4% decrease over the prior-year quarter. This change is primarily attributable to less project-related work and lower volumes from industrial customers, much of which was the result of weather-related disruptions in the quarter. The segment's GAAP operating income was $16 million, and Adjusted EBITDA was $33 million in the first quarter of 2026. These figures compare with GAAP operating income of $22 million and Adjusted EBITDA of $38 million in the prior-year period. The year-on-year change in adjusted earnings is attributable to the above-mentioned factors, partially offset by higher pricing and cost improvement initiatives. As a result, Clean Earth's Adjusted EBITDA margin was 14.6% in the first quarter of 2026 versus 16.1% in the comparable quarter of 2025. Harsco Rail Harsco Rail revenues totaled $67 million in the first quarter of 2026, a 4% decrease over the prior-year quarter. This change is attributable to lower equipment revenues, including the impact of a favorable contract adjustment in the prior-year quarter, partially offset by higher aftermarket parts and contracted services revenues. The segment's GAAP operating loss was $3 million, and Adjusted EBITDA loss was $1 million in the first quarter of 2026. These figures compare with GAAP operating income of $7 million and an Adjusted EBITDA loss of $2 million in the prior-year period. The year-on-year change in adjusted earnings is attributable to higher contracted services contributions, partially offset by lower equipment volumes and higher operating costs due to manufacturing inefficiencies. Cash Flow Net cash provided by operating activities was $22 million in the first quarter of 2026, compared with $7 million in the prior-year period. Adjusted free cash flow was $(6) million in the first quarter of 2026, compared with $(13) million in the prior-year period. The change in adjusted free cash flow compared with the prior-year quarter is attributable to changes in working capital and timing of related items, partially offset by lower cash earnings and higher capital expenditures. Financial Statement Revision As previously disclosed along with its Q4 2025 earnings press release and 2025 Form 10-K, the Company has revised its prior-period financial statements. Additional information on this revision and the related financial impacts can be found in the Company's 2025 Form 10-K and Form 10-Q for the period ended March 31, 2026. 2026 Outlook The Company is reaffirming its 2026 Adjusted EBITDA guidance for Harsco Environmental and Harsco Rail as well as Proforma Adjusted EBITDA for New Enviri of approximately $140 million (at guidance range mid-point). Key business drivers for each segment are unchanged and are below. The Company's expectation for free cash flow for these businesses in 2026 is also consistent with its February commentary. Cash generation for Harsco Environmental and Harsco Rail is projected to improve, although overall free cash flow will remain muted given the cash burden of Rail's existing ETO (engineered to order) contracts in the short term. Harsco Environmental Adjusted EBITDA of $170 million to $180 million, which is modestly above prior-year results at the range mid-point. Higher services and products demand, new sites and improvement initiatives are expected to be offset by site exits and the fact that certain 2025 items are not anticipated to repeat in 2026 (such as the recovery of certain sales tax expenses in Brazil). Harsco Rail Adjusted EBITDA of $(26) million to $(19) million, which is below 2025 results as a result of lower standard equipment and contracted services demand and related manufacturing inefficiencies, partially offset by cost-out activities and benefits. Conference Call The Company will hold a conference call today at 4:30 p.m. Eastern Time to discuss its results and respond to questions from the investment community. Those who wish to listen to the conference call webcast should visit investors.enviri.com, or by dialing (844) 539-1331 or (412) 652-1264 for international callers. Please ask to join the Enviri Corporation call. Listeners are advised to dial in approximately ten minutes prior to the call. If you are unable to listen to the live call, the webcast will be archived on the Company’s website. Forward-Looking Statements The nature of the Company's business, together with the number of countries in which it operates, subject it to changing economic, competitive, regulatory and technological conditions, risks and uncertainties. In accordance with the "safe harbor" provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, the Company provides the following cautionary remarks regarding important factors that, among others, could cause future results to differ materially from the results contemplated by forward-looking statements, including the expectations and assumptions expressed or implied herein. Forward-looking statements contained herein could include, among other things, statements regarding the expected timing, completion and effects of the transactions contemplated by the Merger Agreement and the Separation Agreement, including the sale of Clean Earth and the spin-off of New Enviri; statements about management's confidence in and strategies for performance; expectations for new and existing products, technologies and opportunities; and expectations regarding growth, sales, cash flows, and earnings, including those under "2026 Outlook". Forward-looking statements can be identified by the use of such terms as "may," "could," "expect," "anticipate," "intend," "believe," "likely," "estimate," "outlook," "plan," "contemplate," "project," "target" or other comparable terms. Factors that could cause actual results to differ, perhaps materially, from those implied by forward-looking statements include, but are not limited to: (1) the Company's ability to complete the transactions contemplated by the Merger Agreement and the Separation Agreement on the terms expected, in a timely manner or at all; (2) the possibility that the Merger and the Separation may not ultimately achieve the expected benefits; (3) the Company's ability to successfully enter into new contracts and complete new acquisitions, divestitures, or strategic ventures in the time-frame contemplated or at all; (4) the Company’s inability to comply with applicable environmental laws and regulations; (5) the Company’s inability to obtain, renew, or maintain compliance with its operating permits or license agreements; (6) various economic, business, and regulatory risks associated with the waste management industry; (7) the seasonal nature of the Company's business; (8) risks caused by customer concentration, the fixed price and long-term customer contracts, especially those related to complex engineered equipment, and the competitive nature of the industries in which the Company operates; (9) the outcome of any disputes with customers, contractors and subcontractors; (10) the financial condition of the Company's customers, including the ability of customers (especially those that may be highly leveraged or have inadequate liquidity) to maintain their credit availability; (11) higher than expected claims under the Company’s insurance policies, or losses that are uninsurable or that exceed existing insurance coverage; (12) market and competitive changes, including pricing pressures, market demand and acceptance for new products, services and technologies; changes in currency exchange rates, interest rates, commodity and fuel costs and capital costs; (13) the Company's ability to negotiate, complete, and integrate strategic transactions and joint ventures with strategic partners; (14) the Company’s ability to effectively retain key management and employees, including due to unanticipated changes to demand for the Company’s services, disruptions associated with labor disputes, and increased operating costs associated with union organizations; (15) the Company's inability or failure to protect its intellectual property rights from infringement in one or more of the many countries in which the Company operates; (16) failure to effectively prevent, detect or recover from breaches in the Company's cybersecurity infrastructure; (17) changes in the worldwide business environment in which the Company operates, including changes in general economic and industry conditions and cyclical slowdowns impacting the steel and aluminum industries; (18) fluctuations in exchange rates between the U.S. dollar and other currencies in which the Company conducts business; (19) unforeseen business disruptions in one or more of the many countries in which the Company operates due to changes in economic conditions, changes in governmental laws and regulations, including environmental, occupational health and safety, tax and import tariff standards and amounts; political instability, civil disobedience, armed hostilities, public health issues or other calamities; (20) liability for and implementation of environmental remediation matters; (21) product liability and warranty claims associated with the Company’s operations; (22) the Company’s ability to comply with financial covenants and obligations to financial counterparties; (23) the Company’s outstanding indebtedness and exposure to derivative financial instruments that may be impacted by, among other factors, changes in interest rates; (24) tax liabilities and changes in tax laws; (25) changes in the performance of equity and bond markets that could affect, among other things, the valuation of the assets in the Company's pension plans and the accounting for pension assets, liabilities and expenses; (26) risk and uncertainty associated with intangible assets; and the other risk factors listed from time to time in the Company's SEC reports. A further discussion of these, along with other potential risk factors, can be found in Part I, Item 1A, “Risk Factors” of the Company’s most recently filed Annual Report on Form 10-K, as updated by subsequent Quarterly Reports on Form 10-Q, which are filed with the Securities and Exchange Commission. The Company cautions that these factors may not be exhaustive and that many of these factors are beyond the Company's ability to control or predict. Accordingly, forward-looking statements should not be relied upon as a prediction of actual results. The Company undertakes no duty to update forward-looking statements except as may be required by law. Non-GAAP Measures Measurements of financial performance not calculated in accordance with GAAP should be considered as supplements to, and not substitutes for, performance measurements calculated or derived in accordance with GAAP. Any such measures are not necessarily comparable to other similarly-titled measurements employed by other companies. The most comparable GAAP measures are included within the definitions below and reconciliations of these non-GAAP measures to the most directly comparable GAAP financial measures are included at the end of this press release. Adjusted diluted earnings (loss) per share from continuing operations: Adjusted diluted earnings (loss) per share from continuing operations is a non-GAAP financial measure and consists of diluted earnings (loss) per share from continuing operations adjusted for unusual items and acquisition-related intangible asset amortization expense. It is important to note that such intangible assets contribute to revenue generation and that intangible asset amortization related to past acquisitions will recur in future periods until such intangible assets have been fully amortized. The Company’s management believes Adjusted diluted earnings (loss) per share from continuing operations is useful to investors because it provides an overall understanding of the Company’s historical and future prospects. Exclusion of unusual items permits evaluation and comparison of results for the Company’s core business operations, and it is on this basis that management internally assesses the Company’s performance. Exclusion of acquisition-related intangible asset amortization expense, the amount of which can vary by the timing, size and nature of the Company’s acquisitions, facilitates more consistent internal comparisons of operating results over time between the Company’s newly acquired and long-held businesses, and comparisons with both acquisitive and non-acquisitive peer companies. Adjusted EBITDA: Adjusted EBITDA is a non-GAAP financial measure and consists of income (loss) from continuing operations adjusted to add back income tax expense; equity income of unconsolidated entities, net; net interest expense; defined benefit pension income (expense); facility fees and debt-related income (expense); stock-based compensation expense; and depreciation and amortization (excluding amortization of deferred financing costs); and excludes unusual items. Segment Adjusted EBITDA consists of operating income from continuing operations adjusted to exclude unusual items and add back depreciation and amortization (excluding amortization of deferred financing costs). The sum of the Segments’ Adjusted EBITDA and Corporate Adjusted EBITDA (which is adjusted for all stock-based compensation expense) equals consolidated Adjusted EBITDA. The Company‘s management believes Adjusted EBITDA is meaningful to investors because management reviews Adjusted EBITDA in assessing and evaluating performance. Adjusted free cash flow: Adjusted free cash flow is a non-GAAP financial measure and consists of net cash provided (used) by operating activities less capital expenditures and expenditures for intangible assets; and plus capital expenditures for strategic ventures, total proceeds from sales of assets and certain transaction-related / debt-refinancing expenditures. The Company's management believes that Adjusted free cash flow is important to management and useful to investors as a supplemental measure as it indicates the cash flow available for working capital needs, repay debt obligations, invest in future growth through new business development activities, conduct strategic acquisitions or other uses of cash. It is important to note that Adjusted free cash flow does not represent the total residual cash flow available for discretionary expenditures since other non-discretionary expenditures, such as mandatory debt service requirements and settlements of foreign currency forward exchange contracts, are not deducted from this measure. This presentation provides a basis for comparison of ongoing operations and prospects. About Enviri Enviri is transforming the world to green, as a trusted global leader in providing a broad range of environmental services and related innovative solutions. The company serves a diverse customer base by offering critical recycle and reuse solutions for their waste streams, enabling customers to address their most complex environmental challenges and to achieve their sustainability goals. Enviri is based in Philadelphia, Pennsylvania and operates in more than 150 locations in over 30 countries. Additional information can be found at www.enviri.com.