Koppers Q3 Profit Surges, Beats Estimates; Reaffirms FY22 Sales

(RTTNews) - Koppers Holdings Inc. (KOP) Friday announced an increase in third-quarter earnings on higher revenues. Further, the company reaffirmed its full-year 2022 outlook for sales.

The company reported quarterly earnings of $19 million, up from $10.2 million in the previous year. On a per-share basis, earnings were $0.91, compared to $0.49 last year. On an adjusted basis, earnings were $25.1 million and $1.19 per share.

On average, 4 analysts polled by Thomson Reuters expected the company to earn $1.17 per share. Analysts estimates usually exclude special items.

Revenue for the quarter climbed to $536.1 million from $424.8 million a year ago. Wall Street expected the company to earn $555 million.

The company also confirmed its full-year 2022 outlook for sales and EBITDA. Koppers expects 2022 sales to be around $2.0 billion, compared with $1.68 billion in the prior year, and adjusted EBITDA of approximately $230 million, compared with $223.5 million in the prior year.

The 2022 adjusted earnings per share are forecasted to be approximately $4.00, compared with $4.21 in the prior year. Analysts expect $2 billion.

Koppers announced that its Board declared a quarterly cash dividend of $0.05, payable on December 12, to shareholders on record November 25, 2022.