What guidance did Enviri's management provide for the next earnings period?

What were the key takeaways from Enviri’s earnings call?

What is the revenue and EPS growth rate for Enviri year over year?

What is the market's earnings forecast for Enviri next quarter?

What is Enviri's latest dividend and current dividend yield?

What does Enviri do and what are its main business segments?

Did Enviri beat or miss consensus estimates last quarter?

What is Enviri's gross profit margin?

- **Strategic Value Unlock**: Enviri advancing tax-efficient Clean Earth sale/spin-off, with credit agreement amended to enable transaction.
- **Clean Earth Outperformance**: Q3 EBITDA margin 17.3%, record performance driven by hazardous waste growth, despite soil/dredge delays.
- **Rail Challenges & Recovery**: 2027 cash flow turnaround expected as ETO contracts mature; current baseline EBITDA ~$30-35M vs. long-term $35-40M.
- **Full-Year EBITDA Cut**: $27M reduction (mostly Rail) reflects derisked outlook, with Q4 EBITDA guidance $62-72M.

**【CEO Summary Section】**
- **Strategic Review Update**: Enviri is exploring alternatives to unlock value, with strong interest in Clean Earth. A potential tax-efficient sale/spin-off structure is being evaluated, including a credit agreement amendment to facilitate the transaction.
- **Q3 Business Performance**:
  - **Clean Earth**: Record quarterly performance with 6% revenue growth and 17.3% EBITDA margin. Backlog growth and volume increases offset soil/dredge project delays.
  - **Harsco Environmental (HE)**: Margin improved to 17%, $30M free cash flow, but facing cost inflation and weak steel demand. 2026 outlook positive with potential European steel industry recovery.
  - **Harsco Rail (Rail)**: Base business profitable but ETO contracts (e.g., Network Rail) strain cash flow. 2027 expected cash flow turnaround as contracts mature.

**【CFO Financial Commentary】**
- **Q3 Financials**: Total revenue $575M, adjusted EBITDA $74M (year-high), but below expectations due to Rail underperformance. Free cash flow $6M (vs. -$14M Q2).
- **Outlook Adjustments**: Full-year EBITDA guidance reduced by $27M (mostly Rail) and free cash flow by $50M. Q4 EBITDA expected $62-72M, with Rail volumes and HE contract exits拖累.
- **Credit Agreement**: Amended to allow Clean Earth sale with 2x-3x net leverage ratio, providing financial flexibility for remaining businesses.

**【Q&A Highlights】**
- **Strategic Process Timeline**: CEO confident in progress but unable to confirm timing; expects resolution by year-end.
- **Rail Baseline EBITDA**: Current run rate ~$30-35M, expected to recover to $35-40M long-term as ETO contracts wind down.
- **Clean Earth Multiples**: CEO references industry consolidation trends, suggesting transaction multiples consistent with recent precedent deals.

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