Koppers Holdings Inc. Reports Second Quarter 2011 Results
Sales Increase 20% for Quarter; Operating Profit Increases 13% Over Prior Year Quarter as Both Segments Show Improved Results; Diluted EPS Increases to $0.96 per Share Compared to $0.78 per Share in Prior Year Quarter
(firmenpresse) - PITTSBURGH, PA -- (Marketwire) -- 08/04/11 -- Koppers Holdings Inc. (NYSE: KOP) today announced results for its fiscal 2011 second quarter.
Consolidated sales for the second quarter of 2011 were 20%, or $66.5 million higher than sales in the prior year quarter. Sales for Carbon Materials and Chemicals (CM&C) increased by 23%, or $47.8 million over the prior year quarter while sales for Railroad and Utility Products (R&UP) increased by 16%, or $18.7 million over the prior year quarter. The increase in sales in CM&C was due to higher sales volumes of carbon pitch, carbon black, and creosote combined with higher prices for carbon pitch, phthalic anhydride, and carbon black feedstock. The positive effect of foreign currency translation also resulted in increased sales for CM&C for the quarter. R&UP sales increased due to higher volumes and prices for crossties, which more than offset lower volumes of treating services.
Net income attributable to Koppers for the quarter ended June 30, 2011, was $19.8 million, or $0.96 per diluted share as compared to net income attributable to Koppers of $16.1 million, or $0.78 per diluted share in the second quarter of 2010. The increases in net income attributable to Koppers and diluted earnings per share for the second quarter of 2011 were due primarily to higher prices for phthalic anhydride, carbon black feedstock, and carbon pitch combined with higher volumes and prices for crossties. A reconciliation of net income to adjusted net income is attached to this press release.
Adjusted EBITDA for the quarter ended June 30, 2011, was $44.1 million compared to $39.9 million in the second quarter of 2010. A reconciliation of net income to EBITDA and adjusted EBITDA is attached to this press release.
Consolidated sales for the six months ended June 30, 2011, were 25%, or $151.3 million higher than sales in the prior year. Sales for CM&C increased by 29%, or $110.7 million over the prior year while sales for R&UP increased 19%, or $40.6 million. The increase in sales in CM&C was due to higher foreign currency translation, additional sales from the March 2010 acquisition in The Netherlands, higher sales volumes of carbon pitch and carbon black, and higher prices for phthalic anhydride and carbon black feedstock. R&UP sales were higher than the prior year due to higher volumes and prices for crossties, which more than offset lower volumes of treating services.
Net income attributable to Koppers for the six months ended June 30, 2011, was $28.7 million, or $1.39 per diluted share as compared to net income attributable to Koppers of $23.4 million, or $1.13 per diluted share in 2010. Adjusted net income and adjusted diluted earnings per share were $28.0 million and $1.35 per share for the six months ended June 30, 2011, compared to $24.5 million and $1.19 per share for the same period in 2010 after excluding net after-tax gains of $0.7 million for 2011 and after-tax charges of $0.9 million for 2010. The increases in adjusted net income and adjusted diluted earnings per share in 2011 were due primarily to the acquisition in The Netherlands, higher prices for phthalic anhydride and carbon black feedstock, and higher volumes and prices for crossties. A reconciliation of net income to adjusted net income is attached to this press release.
Adjusted EBITDA for the six months ended June 30, 2011, was $70.9 million compared to $64.8 million for the six months ended June 30, 2010, after excluding $0.9 million of net gains in 2011. A reconciliation of net income to EBITDA and adjusted EBITDA is attached to this press release.
Commenting on the quarter, President and CEO Walter W. Turner said, "I am pleased with our overall financial performance for the quarter with both business segments reporting stronger results as our end-market product demand continues to increase. Our Railroad and Utility Products business continues to accelerate in both volumes and profitability. The Carbon Materials and Chemicals business also improved significantly compared to the first quarter as well as to last year's second quarter as volumes improved as expected and, more importantly, we were able to obtain price increases that more closely reflect our higher raw material costs. Looking ahead, we expect the upward trends in both business segments to continue through the third quarter and are confident that the second half of the year will be stronger than the first."
Koppers management will conduct a conference call this morning, August 4, 2011, beginning at 11:00 a.m. EDT to discuss the company's performance. Interested parties may access the live audio broadcast by dialing (877) 941 9205 in the US/Canada or +1 (480) 629 9835 for International, Conference ID number 4452459. Investors are requested to access the call at least five minutes before the scheduled start time in order to complete a brief registration. An audio replay will be available approximately two hours after the call's completion at (800) 406 7325 or +1 (303) 590 3030, Conference ID number 4452459. The recording will be available for replay through August 18, 2011.
The live broadcast of Koppers conference call will be available online: . (Due to the length of this URL, it may be necessary to copy and paste this hyperlink into your Internet browser's URL address field.)
If you are unable to participate during the live webcast, the call will be archived on , and shortly after the live call and continuing through August 18 2011.
Koppers, with corporate headquarters and a research center in Pittsburgh, Pennsylvania, is a global integrated producer of carbon compounds and treated wood products. Including its joint ventures, Koppers operates facilities in the United States, United Kingdom, Denmark, The Netherlands, Australia and China. The stock of Koppers Holdings Inc. is publicly traded on the New York Stock Exchange under the symbol "KOP". For more information, visit us on the Web: . Questions concerning investor relations should be directed to Leroy M. Ball at 412 227 2118 or Michael W. Snyder at 412 227 2131.
Certain statements in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and may include, but are not limited to, statements about sales levels, restructuring, profitability and anticipated expenses and cash outflows. All forward-looking statements involve risks and uncertainties. All statements contained herein that are not clearly historical in nature are forward-looking, and words such as "believe," "anticipate," "expect," "estimate," "may," "will," "should," "continue," "plans," "intends," "likely," or other similar words or phrases are generally intended to identify forward-looking statements. Any forward-looking statement contained herein, in other press releases, written statements or other documents filed with the Securities and Exchange Commission, or in Koppers communications with and discussions with investors and analysts in the normal course of business through meetings, phone calls and conference calls, regarding expectations with respect to sales, earnings, cash flows, operating efficiencies, product introduction or expansion, the benefits of acquisitions and divestitures or other matters as well as financings and repurchases of debt or equity securities, are subject to known and unknown risks, uncertainties and contingencies. Many of these risks, uncertainties and contingencies are beyond our control, and may cause actual results, performance or achievements to differ materially from anticipated results, performance or achievements. Factors that might affect such forward-looking statements, include, among other things, general economic and business conditions, demand for Koppers goods and services, competitive conditions, interest rate and foreign currency rate fluctuations, availability of key raw materials and unfavorable resolution of claims against us, as well as those discussed more fully elsewhere in this release and in documents filed with the Securities and Exchange Commission by Koppers, particularly our latest annual report on Form 10-K and quarterly report on Form 10-Q. Any forward-looking statements in this release speak only as of the date of this release, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after that date or to reflect the occurrence of unanticipated events.
The following tables set forth certain sales and operating data, net of all intersegment transactions, for the company's businesses for the periods indicated.
Koppers believes that adjusted net income, adjusted operating profit and adjusted EBITDA provide information useful to investors in understanding the underlying operational performance of the company, its business and performance trends and facilitates comparisons between periods and with other corporations in similar industries. The exclusion of certain items permits evaluation and a comparison of results for ongoing business operations, and it is on this basis that Koppers management internally assesses the company's performance.
Although Koppers believes that these non-GAAP financial measures enhance investors' understanding of its business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP basis financial measures.
For Information:
Leroy M. Ball
Vice President and Chief Financial Officer
412-227-2118
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Datum: 04.08.2011 - 06:24 Uhr
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