Enviri Corporation today reported second quarter 2025 results.
Revenues in the second quarter of 2025 totaled $562 million, and on a U.S. GAAP (“GAAP”) basis, the consolidated loss from continuing operations was $46 million. Adjusted EBITDA was $65 million.
On a GAAP basis, the second quarter of 2025 diluted loss per share from continuing operations was $0.58, including contract adjustments in Harsco Rail, an asset impairment and site exit costs in Harsco Environmental, and strategic expenses. The adjusted diluted loss per share from continuing operations in the second quarter of 2025 was $0.22. These figures compare with a second quarter of 2024 GAAP diluted loss per share from continuing operations of $0.16, which included certain contract adjustments in Harsco Rail, and adjusted diluted earnings per share from continuing operations of $0.02.
Our environmental businesses performed well in the quarter and in line with our expectations,” said Enviri Chairman and CEO Nick Grasberger. “Clean Earth achieved record Q2 earnings while continuing to generate strong free cash flow, and Harsco Environmental again delivered consistent performance despite steel-industry volumes remaining subdued. Rail results were below our expectations and negatively impacted by weak demand and ongoing operating challenges.”
The second quarter began with significant economic uncertainty, and our forward-looking outlook is mixed. Fundamentals for Clean Earth and Harsco Environmental remain stable, while market conditions for Harsco Rail have weakened due to slowing global demand. This weakness can be partially attributed to global trade tensions, and our revised 2025 guidance reflects a more cautious view on Rail. Looking into the second half of the year, we intend to continue executing on our strategic priorities with discipline, while concurrently reviewing strategic alternatives available to the Company to unlock the significant value inherent in our businesses.”
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 definition of these non-GAAP measures and reconciliations to the most directly comparable GAAP financial measures.
Consolidated Second Quarter Operating Results
Consolidated revenues from continuing operations were $562 million, or 8% below the prior-year quarter. Clean Earth realized an increase in revenues compared with the second quarter of 2024, while revenues for the Company’s other business segments were lower year-on-year. Business divestitures during 2024 in Harsco Environmental negatively impacted second quarter 2025 revenues by approximately $22 million, compared with the same quarter in 2024.
The Company’s GAAP consolidated loss from continuing operations was $46 million for the second quarter of 2025, compared with a GAAP consolidated loss of $10 million in the same quarter of 2024. Meanwhile, Adjusted EBITDA totaled $65 million in the second quarter of 2025 versus $86 million in the second quarter of the prior year. An increase in Adjusted EBITDA from Clean Earth compared with the prior-year quarter was offset by lower contributions from the Company’s other business segments, as anticipated. Divestitures negatively impacted second quarter 2025 Adjusted EBITDA by approximately $3 million, compared with the prior-year period.