Koppers Reports Third Quarter 2024 Results; Reaffirms 2024 Outlook
Record Third Quarter Sales of
Third Quarter Diluted EPS of
Adjusted EPS of
Adjusted net income attributable to Koppers and adjusted earnings per share (EPS) were
Consolidated sales of
The Railroad and Utility Products and Services (RUPS) business generated record third-quarter sales, but profitability remained flat as higher costs and decreased activity in the crosstie recovery business offset sales increases and improved plant utilization.
The Performance Chemicals (PC) segment reported a slight decline in sales, as sales to Brown Wood are now considered affiliate sales, while profitability increased year-over-year as a result of lower costs, which were favorably impacted by timing.
The Carbon Materials and Chemicals (CMC) segment saw increased profitability despite experiencing lower sales prices, primarily driven by reduced raw material costs, lower selling, general and administrative costs, and higher volumes of carbon pitch and phthalic anhydride.
Chief Executive Officer
Third Quarter Financial Performance
- RUPS delivered record third-quarter sales of
$248.1 million , an increase of$14.1 million , or 6.0 percent, compared to$234.0 million in the prior year quarter. The sales growth was largely due to$10.0 million of pricing increases across multiple markets, particularly for domestic crossties and utility poles inAustralia , and increased activity in the railroad bridge services business, partly offset by lower activity in the crosstie recovery business. Sales in the domestic utility pole business increased 11.0 percent, primarily attributable to Brown Wood. Adjusted EBITDA for the third quarter of 2024 was$24.7 million , or 10.0 percent, compared with$25.1 million , or 10.7 percent, in the prior year quarter. Profitability was essentially flat as the net sales increase and$3.4 million from improved plant utilization were offset by$14.1 million of higher raw material, operating and selling, general and administrative expenses. - PC generated third quarter sales of
$176.7 million , a decrease of$2.7 million , or 1.5 percent, compared to sales of$179.4 million in the prior year quarter. Sales were lower primarily as a result of sales to Brown Wood now being affiliated sales. Adjusted EBITDA for the third quarter of 2024 was$40.0 million , or 22.6 percent, compared with$35.2 million , or 19.6 percent, in the prior year quarter. Profitability increased despite lower sales, primarily due to lower year-over-year raw material and logistics costs, which were favorably impacted by timing. - CMC reported third quarter sales of
$129.5 million , a decrease of$7.5 million , or 5.5 percent, compared to sales of$137.0 million in the prior year quarter. Excluding a favorable impact from foreign currency changes of$1.8 million , sales decreased by$9.3 million , or 6.8 percent, from the prior year quarter. The sales decline was mainly due to$16.6 million of lower sales prices across most products, especially carbon pitch where prices were down approximately 20 percent globally, along with lower volumes of carbon black feedstock. The reduced prices for carbon pitch were driven by market dynamics, particularly inEurope . The decreases were partly offset by volume increases for carbon pitch and phthalic anhydride. Adjusted EBITDA for the third quarter of 2024 was$12.7 million , or 9.8 percent, compared with$10.4 million , or 7.6 percent, in the prior year quarter. Profitability increased due to a$9.2 million reduction in raw material costs, particularly inEurope , lower selling, general and administrative costs, and higher volumes of carbon pitch and phthalic anhydride. These favorable drivers were partly offset by price decreases and higher operating expenses. - Capital expenditures for the nine months ended
September 30, 2024 , were$58.8 million , compared with$91.3 million for the prior year period. Net of insurance proceeds and cash provided from asset sales, capital expenditures were$55.0 million for the current year period, compared with$88.3 million for the prior year period.
2024 Outlook
After considering the current competitive environment, global economic conditions, as well as the ongoing uncertainty associated with geopolitical and supply chain challenges, Koppers expects 2024 sales of approximately
The effective tax rate for adjusted net income attributable to Koppers in 2024 is projected to be approximately 28 percent, consistent with the adjusted tax rate in 2023. Accordingly, 2024 adjusted EPS is forecasted to be in the range of
Koppers now expects operating cash flows of approximately
Koppers continues to anticipate capital expenditures of approximately
Commenting on the forecast,
Koppers does not provide reconciliations of guidance for adjusted EBITDA and adjusted EPS to comparable GAAP measures, in reliance on the unreasonable efforts exception. Koppers is unable, without unreasonable efforts, to forecast certain items required to develop meaningful comparable GAAP financial measures. These items include, but are not limited to, restructuring and impairment charges, acquisition-related costs, mark-to-market commodity hedging, and LIFO adjustments that are difficult to forecast for a GAAP estimate and may be significant.
Investor Conference Call and Webcast
Koppers management will conduct a conference call this morning, beginning at
Interested parties may access the live audio broadcast toll free by dialing 833-366-1128 in
An audio replay will be available approximately two hours after the completion of the call at 877-344-7529 for
About Koppers
Koppers (NYSE: KOP) is an integrated global provider of essential treated wood products, wood preservation technologies and carbon compounds. Our team of 2,200 employees create, protect and preserve key elements of our global infrastructure – including railroad crossties, utility poles, outdoor wooden structures, and production feedstocks for steel, aluminum and construction materials, among others – applying decades of industry-leading expertise while constantly innovating to anticipate the needs of tomorrow. Together we are providing safe and sustainable solutions to enable rail transportation, keep power flowing, and create spaces of enjoyment for people everywhere. Protecting What Matters, Preserving The Future. Learn more at Koppers.com.
Inquiries from the media should be directed to Ms.
Non-GAAP Financial Measures
This press release contains certain non-GAAP financial measures. Koppers believes that adjusted EBITDA, adjusted net income attributable to Koppers, and adjusted earnings per share provide information useful to investors in understanding the underlying operational performance of the company, its business and performance trends, and facilitate 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. In addition, the Board of Directors and executive management team use adjusted EBITDA as a performance measure under the company's annual incentive plans and for certain performance share units granted to management.
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 and should be read in conjunction with the relevant GAAP financial measure. Other companies in a similar industry may define or calculate these measures differently than the company, limiting their usefulness as comparative measures. Because of these limitations, these non-GAAP financial measures should not be considered in isolation or as substitutes for performance measures calculated in accordance with GAAP.
See the attached tables for the following reconciliations of non-GAAP financial measures included in this press release: Unaudited Reconciliation of Net Income to Adjusted EBITDA and Unaudited Reconciliations of Net Income Attributable to Koppers to Adjusted Net Income Attributable to Koppers and Diluted Earnings Per Share and Adjusted Earnings Per Share.
Safe Harbor Statement
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, acquisitions, restructuring, declines in the value of Koppers assets and the effect of any resulting impairment charges, 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 "outlook," "guidance," "forecast," "believe," "anticipate," "expect," "estimate," "may," "will," "should," "continue," "plan," "potential," "intend," "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
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, the impact of changes in commodity prices, such as oil and copper, on product margins; general economic and business conditions; potential difficulties in protecting our intellectual property; the ratings on our debt and our ability to repay or refinance our outstanding indebtedness as it matures; our ability to operate within the limitations of our debt covenants; unexpected business disruptions; potential delays in timing or changes to expected benefits from cost reduction efforts; potential impairment of our goodwill and/or long-lived assets; demand for Koppers goods and services; competitive conditions; capital market conditions, including interest rates, borrowing costs and foreign currency rate fluctuations; availability and fluctuations in the prices of key raw materials; disruptions and inefficiencies in the supply chain; economic, political and environmental conditions in international markets; changes in laws; the impact of environmental laws and regulations; unfavorable resolution of claims against us, as well as those discussed more fully elsewhere in this release and in documents filed with the
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Dollars in millions, except share and per share amounts) |
||||||||||||||||
|
|
||||||||||||||||
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
||||||||||
|
|
|
|
|
|
|
|
||||||||||
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
|
Net sales |
|
$ |
554.3 |
|
|
$ |
550.4 |
|
|
$ |
1,615.1 |
|
|
$ |
1,641.0 |
|
|
Cost of sales |
|
|
433.1 |
|
|
|
439.0 |
|
|
|
1,276.1 |
|
|
|
1,313.0 |
|
|
Depreciation and amortization |
|
|
17.9 |
|
|
|
14.3 |
|
|
|
52.2 |
|
|
|
42.7 |
|
|
Selling, general and administrative expenses |
|
|
43.9 |
|
|
|
43.8 |
|
|
|
135.3 |
|
|
|
129.1 |
|
|
Loss (gain) on sale of assets |
|
|
9.7 |
|
|
|
0.0 |
|
|
|
9.7 |
|
|
|
(1.8) |
|
|
Operating profit |
|
|
49.7 |
|
|
|
53.3 |
|
|
|
141.8 |
|
|
|
158.0 |
|
|
Other income, net |
|
|
0.1 |
|
|
|
0.2 |
|
|
|
0.1 |
|
|
|
0.2 |
|
|
Interest expense |
|
|
20.2 |
|
|
|
19.0 |
|
|
|
57.9 |
|
|
|
53.3 |
|
|
Income before income taxes |
|
|
29.6 |
|
|
|
34.5 |
|
|
|
84.0 |
|
|
|
104.9 |
|
|
Income tax expense |
|
|
10.6 |
|
|
|
8.3 |
|
|
|
25.2 |
|
|
|
28.1 |
|
|
Net income |
|
|
19.0 |
|
|
|
26.2 |
|
|
|
58.8 |
|
|
|
76.8 |
|
|
Net (loss) income attributable to noncontrolling interests |
|
|
(3.8) |
|
|
|
(0.1) |
|
|
|
(3.8) |
|
|
|
0.5 |
|
|
Net income attributable to Koppers |
|
$ |
22.8 |
|
|
$ |
26.3 |
|
|
$ |
62.6 |
|
|
$ |
76.3 |
|
|
Earnings per common share attributable to Koppers |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Basic |
|
$ |
1.12 |
|
|
$ |
1.27 |
|
|
$ |
3.01 |
|
|
$ |
3.66 |
|
|
Diluted |
|
$ |
1.09 |
|
|
$ |
1.22 |
|
|
$ |
2.92 |
|
|
$ |
3.54 |
|
|
Weighted average shares outstanding (in thousands): |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Basic |
|
|
20,409 |
|
|
|
20,828 |
|
|
|
20,790 |
|
|
|
20,838 |
|
|
Diluted |
|
|
20,961 |
|
|
|
21,659 |
|
|
|
21,448 |
|
|
|
21,546 |
|
|
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET (Dollars in millions, except share and per share amounts) |
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||||||||
|
|
|
|
|
|
|
|
||
|
Assets |
|
|
|
|
|
|
||
|
Cash and cash equivalents |
|
$ |
44.5 |
|
|
$ |
66.5 |
|
|
Accounts receivable, net of allowance of |
|
|
238.0 |
|
|
|
202.4 |
|
|
Inventories, net |
|
|
405.9 |
|
|
|
395.7 |
|
|
Derivative contracts |
|
|
12.7 |
|
|
|
7.1 |
|
|
Other current assets |
|
|
29.0 |
|
|
|
27.3 |
|
|
Total current assets |
|
|
730.1 |
|
|
|
699.0 |
|
|
Property, plant and equipment, net of accumulated depreciation |
|
|
673.1 |
|
|
|
631.7 |
|
|
|
|
|
319.8 |
|
|
|
294.4 |
|
|
Intangible assets, net |
|
|
123.2 |
|
|
|
102.2 |
|
|
Operating lease right-of-use assets |
|
|
91.9 |
|
|
|
90.5 |
|
|
Deferred tax assets |
|
|
9.9 |
|
|
|
10.4 |
|
|
Other assets |
|
|
11.6 |
|
|
|
7.3 |
|
|
Total assets |
|
$ |
1,959.6 |
|
|
$ |
1,835.5 |
|
|
Liabilities |
|
|
|
|
|
|
||
|
Accounts payable |
|
$ |
169.5 |
|
|
$ |
202.9 |
|
|
Accrued liabilities |
|
|
86.8 |
|
|
|
95.1 |
|
|
Current operating lease liabilities |
|
|
25.7 |
|
|
|
22.9 |
|
|
Current maturities of long-term debt |
|
|
5.0 |
|
|
|
5.0 |
|
|
Total current liabilities |
|
|
287.0 |
|
|
|
325.9 |
|
|
Long-term debt |
|
|
975.9 |
|
|
|
835.4 |
|
|
Operating lease liabilities |
|
|
66.0 |
|
|
|
67.4 |
|
|
Accrued postretirement benefits |
|
|
25.3 |
|
|
|
31.6 |
|
|
Deferred tax liabilities |
|
|
27.3 |
|
|
|
25.9 |
|
|
Other long-term liabilities |
|
|
45.5 |
|
|
|
46.3 |
|
|
Total liabilities |
|
|
1,427.0 |
|
|
|
1,332.5 |
|
|
Commitments and contingent liabilities |
|
|
|
|
|
|
||
|
Equity |
|
|
|
|
|
|
||
|
Senior Convertible Preferred Stock, |
|
|
0.0 |
|
|
|
0.0 |
|
|
Common Stock, |
|
|
0.3 |
|
|
|
0.3 |
|
|
Additional paid-in capital |
|
|
311.7 |
|
|
|
291.1 |
|
|
Retained earnings |
|
|
502.0 |
|
|
|
444.0 |
|
|
Accumulated other comprehensive loss |
|
|
(84.5) |
|
|
|
(88.8) |
|
|
|
|
|
(197.2) |
|
|
|
(147.7) |
|
|
Total Koppers shareholders' equity |
|
|
532.3 |
|
|
|
498.9 |
|
|
Noncontrolling interests |
|
|
0.3 |
|
|
|
4.1 |
|
|
Total equity |
|
|
532.6 |
|
|
|
503.0 |
|
|
Total liabilities and equity |
|
$ |
1,959.6 |
|
|
$ |
1,835.5 |
|
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Dollars in millions) |
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|
|
||||||||
|
|
|
Nine Months Ended |
|
|||||
|
|
|
|
|
|||||
|
|
|
2024 |
|
|
2023 |
|
||
|
Cash provided by (used in) operating activities: |
|
|
|
|
|
|
||
|
Net income |
|
$ |
58.8 |
|
|
$ |
76.8 |
|
|
Adjustments to reconcile net cash used in operating activities: |
|
|
|
|
|
|
||
|
Depreciation and amortization |
|
|
52.2 |
|
|
|
42.7 |
|
|
Stock-based compensation |
|
|
16.1 |
|
|
|
13.0 |
|
|
Change in derivative contracts |
|
|
(3.0) |
|
|
|
0.0 |
|
|
Non-cash interest expense |
|
|
2.5 |
|
|
|
4.1 |
|
|
Loss (gain) on sale of assets |
|
|
9.4 |
|
|
|
(2.0) |
|
|
Insurance proceeds |
|
|
(1.0) |
|
|
|
(0.8) |
|
|
Deferred income taxes |
|
|
1.0 |
|
|
|
1.6 |
|
|
Change in other liabilities |
|
|
(7.8) |
|
|
|
0.6 |
|
|
Other - net |
|
|
0.3 |
|
|
|
(1.0) |
|
|
Changes in working capital: |
|
|
|
|
|
|
||
|
Accounts receivable |
|
|
(32.1) |
|
|
|
(27.5) |
|
|
Inventories |
|
|
4.7 |
|
|
|
(16.8) |
|
|
Accounts payable |
|
|
(31.3) |
|
|
|
4.3 |
|
|
Accrued liabilities |
|
|
(19.8) |
|
|
|
(10.0) |
|
|
Other working capital |
|
|
(5.3) |
|
|
|
(5.5) |
|
|
Net cash provided by operating activities |
|
|
44.7 |
|
|
|
79.5 |
|
|
Cash (used in) provided by investing activities: |
|
|
|
|
|
|
||
|
Capital expenditures |
|
|
(58.8) |
|
|
|
(91.3) |
|
|
Insurance proceeds received |
|
|
1.0 |
|
|
|
0.8 |
|
|
Acquisitions |
|
|
(99.4) |
|
|
|
0.0 |
|
|
Cash provided by sale of assets |
|
|
2.8 |
|
|
|
2.2 |
|
|
Net cash (used in) investing activities |
|
|
(154.4) |
|
|
|
(88.3) |
|
|
Cash provided by (used in) financing activities: |
|
|
|
|
|
|
||
|
Borrowings of credit facility |
|
|
599.1 |
|
|
|
909.8 |
|
|
Repayments of credit facility |
|
|
(555.7) |
|
|
|
(749.9) |
|
|
Borrowings of long-term debt |
|
|
100.0 |
|
|
|
388.0 |
|
|
Repayments of long-term debt |
|
|
(4.5) |
|
|
|
(501.0) |
|
|
Issuances of Common Stock |
|
|
4.5 |
|
|
|
3.2 |
|
|
Repurchases of Common Stock |
|
|
(49.5) |
|
|
|
(9.8) |
|
|
Payment of debt issuance costs |
|
|
(0.9) |
|
|
|
(4.9) |
|
|
Dividends paid |
|
|
(4.6) |
|
|
|
(3.8) |
|
|
Net cash provided by financing activities |
|
|
88.4 |
|
|
|
31.6 |
|
|
Effect of exchange rate changes on cash |
|
|
(0.7) |
|
|
|
(2.6) |
|
|
Net (decrease) increase in cash and cash equivalents |
|
|
(22.0) |
|
|
|
20.2 |
|
|
Cash and cash equivalents at beginning of period |
|
|
66.5 |
|
|
|
33.3 |
|
|
Cash and cash equivalents at end of period |
|
$ |
44.5 |
|
|
$ |
53.5 |
|
|
UNAUDITED SEGMENT INFORMATION (Dollars in millions) |
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|
|
||||||||||||||||
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
||||||||||
|
|
|
|
|
|
|
|
||||||||||
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
|
Net sales: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Railroad and Utility Products and Services |
|
$ |
248.1 |
|
|
$ |
234.0 |
|
|
$ |
727.1 |
|
|
$ |
681.5 |
|
|
Performance Chemicals |
|
|
176.7 |
|
|
|
179.4 |
|
|
|
503.7 |
|
|
|
507.2 |
|
|
Carbon Materials and Chemicals |
|
|
129.5 |
|
|
|
137.0 |
|
|
|
384.3 |
|
|
|
452.3 |
|
|
Total |
|
$ |
554.3 |
|
|
$ |
550.4 |
|
|
$ |
1,615.1 |
|
|
$ |
1,641.0 |
|
|
Adjusted EBITDA(1): |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Railroad and Utility Products and Services |
|
$ |
24.7 |
|
|
$ |
25.1 |
|
|
$ |
64.8 |
|
|
$ |
63.2 |
|
|
Performance Chemicals |
|
|
40.0 |
|
|
|
35.2 |
|
|
|
114.1 |
|
|
|
93.8 |
|
|
Carbon Materials and Chemicals |
|
|
12.7 |
|
|
|
10.4 |
|
|
|
27.5 |
|
|
|
45.5 |
|
|
Total |
|
$ |
77.4 |
|
|
$ |
70.7 |
|
|
$ |
206.4 |
|
|
$ |
202.5 |
|
|
Adjusted EBITDA margin as a percentage of GAAP sales: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Railroad and Utility Products and Services |
|
|
10.0 |
% |
|
|
10.7 |
% |
|
|
8.9 |
% |
|
|
9.3 |
% |
|
Performance Chemicals |
|
|
22.6 |
% |
|
|
19.6 |
% |
|
|
22.7 |
% |
|
|
18.5 |
% |
|
Carbon Materials and Chemicals |
|
|
9.8 |
% |
|
|
7.6 |
% |
|
|
7.2 |
% |
|
|
10.1 |
% |
|
(1) |
The table below describes the adjustments to arrive at adjusted EBITDA. |
|
UNAUDITED RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA (Dollars in millions) |
||||||||||||||||
|
|
||||||||||||||||
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
||||||||||
|
|
|
|
|
|
|
|
||||||||||
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
|
Net income |
|
$ |
19.0 |
|
|
$ |
26.2 |
|
|
$ |
58.8 |
|
|
$ |
76.8 |
|
|
Interest expense |
|
|
20.2 |
|
|
|
19.0 |
|
|
|
57.9 |
|
|
|
53.3 |
|
|
Depreciation and amortization |
|
|
17.9 |
|
|
|
14.3 |
|
|
|
52.2 |
|
|
|
42.7 |
|
|
Income tax expense |
|
|
10.6 |
|
|
|
8.3 |
|
|
|
25.2 |
|
|
|
28.1 |
|
|
Sub-total |
|
|
67.7 |
|
|
|
67.8 |
|
|
|
194.1 |
|
|
|
200.9 |
|
|
Adjustments to arrive at adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
LIFO (benefit) expense(1) |
|
|
(1.2) |
|
|
|
2.8 |
|
|
|
2.9 |
|
|
|
3.3 |
|
|
Impairment, restructuring and plant closure costs |
|
|
0.4 |
|
|
|
0.1 |
|
|
|
0.4 |
|
|
|
0.1 |
|
|
Loss (gain) on sale of assets |
|
|
9.7 |
|
|
|
0.0 |
|
|
|
9.7 |
|
|
|
(1.8) |
|
|
Mark-to-market commodity hedging gains |
|
|
0.0 |
|
|
|
0.0 |
|
|
|
(3.0) |
|
|
|
0.0 |
|
|
Acquisition inventory step-up amortization |
|
|
0.8 |
|
|
|
0.0 |
|
|
|
2.3 |
|
|
|
0.0 |
|
|
Total adjustments |
|
|
9.7 |
|
|
|
2.9 |
|
|
|
12.3 |
|
|
|
1.6 |
|
|
Adjusted EBITDA |
|
$ |
77.4 |
|
|
$ |
70.7 |
|
|
$ |
206.4 |
|
|
$ |
202.5 |
|
|
(1) |
The LIFO expense adjustment removes the entire impact of LIFO and effectively reflects the results as if we were on a FIFO inventory basis. |
|
UNAUDITED RECONCILIATIONS OF NET INCOME ATTRIBUTABLE TO KOPPERS TO ADJUSTED NET INCOME ATTRIBUTABLE TO KOPPERS AND DILUTED EARNINGS PER SHARE AND ADJUSTED EARNINGS PER SHARE (Dollars in millions, except share and per share amounts) |
||||||||||||||||
|
|
||||||||||||||||
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
||||||||||
|
|
|
|
|
|
|
|
||||||||||
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
|
Net income attributable to Koppers |
|
$ |
22.8 |
|
|
$ |
26.3 |
|
|
$ |
62.6 |
|
|
$ |
76.3 |
|
|
Adjustments to arrive at adjusted net income: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
LIFO (benefit) expense(1) |
|
|
(1.2) |
|
|
|
2.8 |
|
|
|
2.9 |
|
|
|
3.3 |
|
|
Impairment, restructuring and plant closure costs |
|
|
0.4 |
|
|
|
0.1 |
|
|
|
1.9 |
|
|
|
0.1 |
|
|
Loss (gain) on sale of assets |
|
|
9.7 |
|
|
|
0.0 |
|
|
|
9.7 |
|
|
|
(1.8) |
|
|
Mark-to-market commodity hedging gains |
|
|
0.0 |
|
|
|
0.0 |
|
|
|
(3.0) |
|
|
|
0.0 |
|
|
Acquisition inventory step-up amortization |
|
|
0.8 |
|
|
|
0.0 |
|
|
|
2.3 |
|
|
|
0.0 |
|
|
Write-off of debt issuance costs |
|
|
0.0 |
|
|
|
0.0 |
|
|
|
0.0 |
|
|
|
2.0 |
|
|
Total adjustments |
|
|
9.7 |
|
|
|
2.9 |
|
|
|
13.8 |
|
|
|
3.6 |
|
|
Adjustments to income tax and noncontrolling interests: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Income tax on adjustments to pre-tax income |
|
|
0.1 |
|
|
|
(0.6) |
|
|
|
(1.0) |
|
|
|
(1.2) |
|
|
Deferred tax adjustments |
|
|
0.0 |
|
|
|
0.0 |
|
|
|
0.0 |
|
|
|
0.2 |
|
|
Noncontrolling interest |
|
|
(3.9) |
|
|
|
0.0 |
|
|
|
(3.9) |
|
|
|
0.6 |
|
|
Effect on adjusted net income |
|
|
5.9 |
|
|
|
2.3 |
|
|
|
8.9 |
|
|
|
3.2 |
|
|
Adjusted net income attributable to Koppers |
|
$ |
28.7 |
|
|
$ |
28.6 |
|
|
$ |
71.5 |
|
|
$ |
79.5 |
|
|
Diluted weighted average common shares outstanding (in |
|
|
20,961 |
|
|
|
21,659 |
|
|
|
21,448 |
|
|
|
21,546 |
|
|
Diluted earnings per share |
|
$ |
1.09 |
|
|
$ |
1.22 |
|
|
$ |
2.92 |
|
|
$ |
3.54 |
|
|
Adjusted earnings per share |
|
$ |
1.37 |
|
|
$ |
1.32 |
|
|
$ |
3.34 |
|
|
$ |
3.69 |
|
|
(1) |
The LIFO expense adjustment removes the entire impact of LIFO and effectively reflects the results as if we were on a FIFO inventory basis. |
|
|
|
|
|
For Information: |
|
|
|
|
|
412 227 2049 |
|
|
|
View original content to download multimedia:https://www.prnewswire.com/news-releases/koppers-reports-third-quarter-2024-results-reaffirms-2024-outlook-302299910.html
SOURCE
