Koppers Holdings Q2 Profit Plunges - Quick Facts

(RTTNews) - Koppers Holdings Inc.'s (KOP) net income for the second quarter 2014 plummeted to $1.6 million, or $0.08 per share, from $14.4 million, or $0.69 per share, in the prior-year quarter. Adjusted net income amounted to $8.1 million, or $0.39 per share for the latest period. On average, eight analysts polled by Thomson Reuters expected the company to report profit per share of $0.61 for the quarter. Analysts' estimates typically exclude special items.

The firm recorded $356.8 million of consolidated sales in the second quarter 2014, a four percent decline from $370.9 million sales, last year. This decline was driven predominately by lower sales volumes for railroad crossties due to lower raw material availability, and lower sales volumes and prices for carbon pitch. Analysts projected revenue of $391.27 million for the quarter.

Commenting on the results, Walt Turner, president and CEO of Koppers, said, "We continue to operate against industry headwinds and remain challenged in our global CMC business due to lower demand in certain regions, which resulted in reduced sales prices and volumes compared to the prior year."

"For the second half of the year, we expect overall sales and adjusted operating profit to be higher as we continue to align our strategy and footprint in the current operating environment, including driving costs out of the business and capitalizing on a strengthening European economy," Turner added.