KOPPERS REPORTS FIRST QUARTER 2025 RESULTS; MAINTAINS 2025 OUTLOOK FOR ADJUSTED EBITDA AND EPS
- Sales of
$456.5 Million vs.$497.6 Million in PriorYear Quarter - Net (loss) income attributable to
Koppers of$(13.9) Million vs.$13.0 Million in PriorYear Quarter - Diluted EPS of
$(0.68) vs.$0.59 in PriorYear Quarter - Adjusted EPS of
$0.71 vs.$0.62 in PriorYear Quarter - Adjusted EBITDA of
$55.5 Million vs.$51.5 Million in PriorYear Quarter - Capital expenditures of
$14.3 Million vs.$26.3 Million in PriorYear Quarter - Capital expenditures, net of insurance proceeds and sale of assets, of
$10.0 Million vs.$25.8 Million in PriorYear Quarter
|
|
|
Three Months Ended |
|
|
|
|
||||||||||
|
(Dollars in millions, except per share amounts) |
|
2025 |
|
|
2024 |
|
|
Change |
|
|
% Change |
|
||||
|
Net sales |
|
$ |
456.5 |
|
|
$ |
497.6 |
|
|
$ |
(41.1) |
|
|
|
-8.3 |
% |
|
Net (loss) income attributable to Koppers |
|
$ |
(13.9) |
|
|
$ |
13.0 |
|
|
$ |
(26.9) |
|
|
|
-206.9 |
% |
|
Adjusted net income attributable to Koppers(1) |
|
$ |
14.6 |
|
|
$ |
13.6 |
|
|
$ |
1.0 |
|
|
|
7.4 |
% |
|
Diluted (loss) earnings per share (EPS) |
|
$ |
(0.68) |
|
|
$ |
0.59 |
|
|
$ |
(1.27) |
|
|
|
-215.3 |
% |
|
Adjusted earnings per share(1) |
|
$ |
0.71 |
|
|
$ |
0.62 |
|
|
$ |
0.09 |
|
|
|
14.5 |
% |
|
Adjusted EBITDA(1) |
|
$ |
55.5 |
|
|
$ |
51.5 |
|
|
$ |
4.0 |
|
|
|
7.8 |
% |
|
|
|
|
(1) |
Non-GAAP financial measure. See Non-GAAP Financial Measures for additional information and reconciliations to the most directly comparable financial measure determined and reported in accordance with |
Chief Executive Officer
First Quarter Financial Performance
|
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|
Three Months Ended |
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|
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||||||||||
|
|
|
2025 |
|
|
2024 |
|
|
Change |
|
|
% Change |
|
||||
|
(Dollars in millions) |
|
|
|
|||||||||||||
|
Net sales: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Railroad and Utility Products and Services |
|
$ |
235.0 |
|
|
$ |
225.1 |
|
|
$ |
9.9 |
|
|
|
4.4 |
% |
|
|
|
|
120.9 |
|
|
|
150.1 |
|
|
|
(29.2) |
|
|
|
-19.5 |
% |
|
Carbon Materials and Chemicals |
|
|
100.6 |
|
|
|
122.4 |
|
|
|
(21.8) |
|
|
|
-17.8 |
% |
|
Total |
|
$ |
456.5 |
|
|
$ |
497.6 |
|
|
$ |
(41.1) |
|
|
|
-8.3 |
% |
|
Adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Railroad and Utility Products and Services |
|
$ |
25.5 |
|
|
$ |
17.7 |
|
|
$ |
7.8 |
|
|
|
44.1 |
% |
|
|
|
|
20.1 |
|
|
|
29.8 |
|
|
|
(9.7) |
|
|
|
-32.6 |
% |
|
Carbon Materials and Chemicals |
|
|
9.9 |
|
|
|
4.0 |
|
|
|
5.9 |
|
|
|
147.5 |
% |
|
Total(1) |
|
$ |
55.5 |
|
|
$ |
51.5 |
|
|
$ |
4.0 |
|
|
|
7.8 |
% |
|
Adjusted EBITDA margin as a percentage of GAAP sales: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Railroad and Utility Products and Services |
|
|
10.9 |
% |
|
|
7.9 |
% |
|
|
3.0 |
% |
|
|
38.0 |
% |
|
|
|
|
16.6 |
% |
|
|
19.9 |
% |
|
|
-3.3 |
% |
|
|
-16.6 |
% |
|
Carbon Materials and Chemicals |
|
|
9.8 |
% |
|
|
3.3 |
% |
|
|
6.5 |
% |
|
|
197.0 |
% |
|
|
|
|
(1) |
Non-GAAP financial measure. See Non-GAAP Financial Measures for additional information and reconciliations to the most directly comparable financial measure determined and reported in accordance with |
- RUPS net sales increased largely due to higher volumes from Class I crosstie customers,
$4.6 million of price increases across most products, a nine percent increase in the volume of domestic utility poles, driven by the acquisition ofBrown Wood , and increased activity in the railroad bridge services business. These increases were partly offset by lower volumes in the commercial crosstie business. Adjusted EBITDA increased due to higher sales and a$2.2 million benefit from lower operating expenses in the crossties business, partly offset by$2.5 million of higher raw material and allocated selling, general and administrative expenses. - PC net sales decreased primarily due to 21.5 percent lower volumes of residential and industrial preservatives in the
Americas due mostly to a market share shift in theU.S. , along with reduced volumes due to weather. Foreign currency changes compared to the prior year period from international markets had an unfavorable impact on sales of$2.4 million in the current year period. Adjusted EBITDA decreased due to the net decrease in sales and higher raw material costs, partly offset by$3.7 million of lower logistics and selling, general and administrative expenses, particularly inNorth America . - CMC net sales decreased mainly due to
$10.8 million of volume decreases for phthalic anhydride as the company ramped down production of that product and lower sales prices for carbon pitch, where prices were down approximately eight percent globally. The decreases in carbon pitch prices were driven by market dynamics, particularly inAustralasia . Foreign currency changes compared to the prior year period from international markets had an unfavorable impact on sales of$2.3 million in the current year period. Adjusted EBITDA increased due to$7.0 million of lower raw material and allocated selling, general and administrative expenses, particularly inNorth America , and a favorable sales mix, along with improved plant performance as a result of a plant outage inNorth America in the prior year period, partly offset by price decreases. - Operating cash flow for the first quarter was
$(22.7) million , compared with$(12.3) million in the prior year quarter. In the first quarter of 2025, the company paid$13.9 million related to the termination of its largestU.S. qualified pension plan.
2025 Outlook
After considering the current competitive environment, global economic conditions, as well as the ongoing uncertainty associated with geopolitical and supply chain challenges, Koppers is updating its sales forecast to be approximately
|
|
|
2025 Forecast |
|
2024 Actual |
|
Net sales |
|
|
|
|
|
Adjusted EBITDA |
|
|
|
|
|
Effective tax rate |
|
28 % |
|
26 % |
|
Adjusted EPS |
|
|
|
|
|
Operating cash flow |
|
|
|
|
|
Capital expenditures |
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|
|
The forecasted operating cash flow includes any impact from planned pension terminations and other special items. The company completed the termination of its largest
Commenting on the revised 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. Forward-looking statements, including the guidance above, are based upon current expectations and are subject to factors that could cause actual results to differ materially from those set forth above. Please see the "Safe Harbor Statement" below for more information.
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 2,100 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 facilitates comparisons between periods. The exclusion of certain items permits evaluation and a comparison between periods 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, availability of and fluctuations in the prices of key raw materials, including coal tar, lumber and scrap copper; the impact of changes in commodity prices, such as oil, copper and chemicals, on product margins; the extent of the dependence of certain of our businesses on certain market sectors and customers; economic, political and environmental conditions in international markets, including governmental changes, tariffs, restrictions on trade and restrictions on the ability to transfer capital across countries; 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; disruptions and inefficiencies in the supply chain; 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 |
|
|||||
|
|
|
|
|
|||||
|
|
|
2025 |
|
|
2024 |
|
||
|
Net sales |
|
$ |
456.5 |
|
|
$ |
497.6 |
|
|
Cost of sales |
|
|
350.7 |
|
|
|
401.4 |
|
|
Depreciation and amortization |
|
|
18.0 |
|
|
|
16.1 |
|
|
Selling, general and administrative |
|
|
41.1 |
|
|
|
45.5 |
|
|
Impairment and restructuring |
|
|
20.0 |
|
|
|
0.0 |
|
|
(Gain) on sale of assets |
|
|
(0.3) |
|
|
|
0.0 |
|
|
Operating profit |
|
|
27.0 |
|
|
|
34.6 |
|
|
Other income (loss), net |
|
|
1.4 |
|
|
|
(0.1) |
|
|
Interest expense |
|
|
16.6 |
|
|
|
17.1 |
|
|
Loss on pension settlement |
|
|
29.0 |
|
|
|
0.0 |
|
|
(Loss) income before income taxes |
|
|
(17.2) |
|
|
|
17.4 |
|
|
Income tax provision |
|
|
(3.3) |
|
|
|
4.4 |
|
|
Net (loss) income |
|
|
(13.9) |
|
|
|
13.0 |
|
|
Net income attributable to noncontrolling interests |
|
|
0.0 |
|
|
|
0.0 |
|
|
Net (loss) income attributable to Koppers |
|
$ |
(13.9) |
|
|
$ |
13.0 |
|
|
(Loss) earnings per common share attributable to Koppers common shareholders: |
|
|||||||
|
Basic |
|
$ |
(0.68) |
|
|
$ |
0.61 |
|
|
Diluted |
|
$ |
(0.68) |
|
|
$ |
0.59 |
|
|
Weighted average shares outstanding (in thousands): |
|
|
|
|
|
|
||
|
Basic |
|
|
20,369 |
|
|
|
21,066 |
|
|
Diluted |
|
|
20,369 |
|
|
|
21,909 |
|
|
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET (Dollars in millions, except share and per share amounts) |
||||||||
|
|
||||||||
|
|
|
|
|
|
|
|
||
|
Assets |
|
|
|
|
|
|
||
|
Cash and cash equivalents |
|
$ |
33.3 |
|
|
$ |
43.9 |
|
|
Accounts receivable, net of allowance of |
|
|
204.8 |
|
|
|
191.8 |
|
|
Inventories, net |
|
|
403.4 |
|
|
|
404.6 |
|
|
Derivative contracts |
|
|
6.1 |
|
|
|
1.5 |
|
|
Other current assets |
|
|
44.2 |
|
|
|
38.8 |
|
|
Total current assets |
|
|
691.8 |
|
|
|
680.6 |
|
|
Property, plant and equipment, net of accumulated depreciation |
|
|
655.0 |
|
|
|
660.8 |
|
|
|
|
|
317.7 |
|
|
|
317.1 |
|
|
Intangible assets, net |
|
|
115.2 |
|
|
|
119.0 |
|
|
Operating lease right-of-use assets |
|
|
87.5 |
|
|
|
89.8 |
|
|
Deferred tax assets |
|
|
8.3 |
|
|
|
8.4 |
|
|
Other assets |
|
|
15.3 |
|
|
|
14.5 |
|
|
Total assets |
|
$ |
1,890.8 |
|
|
$ |
1,890.2 |
|
|
Liabilities |
|
|
|
|
|
|
||
|
Accounts payable |
|
$ |
148.2 |
|
|
$ |
179.1 |
|
|
Accrued liabilities |
|
|
82.4 |
|
|
|
115.1 |
|
|
Current operating lease liabilities |
|
|
26.7 |
|
|
|
26.7 |
|
|
Current maturities of long-term debt |
|
|
4.9 |
|
|
|
4.9 |
|
|
Total current liabilities |
|
|
262.2 |
|
|
|
325.8 |
|
|
Long-term debt |
|
|
975.9 |
|
|
|
925.9 |
|
|
Operating lease liabilities |
|
|
61.7 |
|
|
|
64.4 |
|
|
Accrued postretirement benefits |
|
|
13.9 |
|
|
|
14.9 |
|
|
Deferred tax liabilities |
|
|
35.1 |
|
|
|
25.9 |
|
|
Other long-term liabilities |
|
|
43.7 |
|
|
|
44.3 |
|
|
Total liabilities |
|
|
1,392.5 |
|
|
|
1,401.2 |
|
|
Commitments and contingent liabilities |
|
|
|
|
|
|
||
|
Equity |
|
|
|
|
|
|
||
|
Senior Convertible Preferred Stock, |
|
|
0.0 |
|
|
|
0.0 |
|
|
Common Stock, |
|
|
0.3 |
|
|
|
0.3 |
|
|
Additional paid-in capital |
|
|
324.1 |
|
|
|
317.2 |
|
|
Retained earnings |
|
|
474.5 |
|
|
|
490.3 |
|
|
Accumulated other comprehensive loss |
|
|
(83.3) |
|
|
|
(120.6) |
|
|
|
|
|
(217.6) |
|
|
|
(198.5) |
|
|
Total Koppers shareholders' equity |
|
|
498.0 |
|
|
|
488.7 |
|
|
Noncontrolling interests |
|
|
0.3 |
|
|
|
0.3 |
|
|
Total equity |
|
|
498.3 |
|
|
|
489.0 |
|
|
Total liabilities and equity |
|
$ |
1,890.8 |
|
|
$ |
1,890.2 |
|
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Dollars in millions) |
|
|||||||
|
|
|
|||||||
|
|
|
Three Months Ended |
|
|||||
|
|
|
|
|
|||||
|
|
|
2025 |
|
|
2024 |
|
||
|
Cash provided by (used in) operating activities: |
|
|
|
|
|
|
||
|
Net (loss) income |
|
$ |
(13.9) |
|
|
$ |
13.0 |
|
|
Adjustments to reconcile net cash used in operating activities: |
|
|
|
|
|
|
||
|
Depreciation and amortization |
|
|
18.0 |
|
|
|
16.1 |
|
|
Depreciation in impairment and restructuring |
|
|
12.2 |
|
|
|
0.0 |
|
|
Stock-based compensation |
|
|
6.6 |
|
|
|
5.4 |
|
|
Change in derivative contracts |
|
|
(9.1) |
|
|
|
(1.8) |
|
|
Non-cash interest expense |
|
|
0.9 |
|
|
|
0.8 |
|
|
(Gain) loss on sale of assets |
|
|
(0.6) |
|
|
|
0.1 |
|
|
Insurance proceeds |
|
|
(2.2) |
|
|
|
(0.5) |
|
|
Deferred income taxes |
|
|
0.3 |
|
|
|
0.5 |
|
|
Pension settlement |
|
|
29.0 |
|
|
|
0.0 |
|
|
Change in other liabilities |
|
|
4.0 |
|
|
|
(3.8) |
|
|
Other - net |
|
|
(1.5) |
|
|
|
(0.8) |
|
|
Changes in working capital: |
|
|
|
|
|
|
||
|
Accounts receivable |
|
|
(11.1) |
|
|
|
(18.2) |
|
|
Inventories |
|
|
4.0 |
|
|
|
(8.2) |
|
|
Accounts payable |
|
|
(32.8) |
|
|
|
(4.3) |
|
|
Accrued liabilities |
|
|
(24.3) |
|
|
|
(9.0) |
|
|
Other working capital |
|
|
(2.2) |
|
|
|
(1.6) |
|
|
Net cash used in operating activities |
|
|
(22.7) |
|
|
|
(12.3) |
|
|
Cash (used in) provided by investing activities: |
|
|
|
|
|
|
||
|
Capital expenditures |
|
|
(14.3) |
|
|
|
(26.3) |
|
|
Insurance proceeds |
|
|
2.2 |
|
|
|
0.5 |
|
|
Sale of assets |
|
|
2.1 |
|
|
|
0.0 |
|
|
Divestiture of KCCC |
|
|
(7.6) |
|
|
|
0.0 |
|
|
Net cash used in investing activities |
|
|
(17.6) |
|
|
|
(25.8) |
|
|
Cash provided by (used in) financing activities: |
|
|
|
|
|
|
||
|
Borrowings of credit facility |
|
|
144.4 |
|
|
|
190.7 |
|
|
Repayments of credit facility |
|
|
(94.1) |
|
|
|
(160.8) |
|
|
Repayments of long-term debt |
|
|
(1.2) |
|
|
|
(2.0) |
|
|
Issuances of Common Stock |
|
|
0.3 |
|
|
|
3.5 |
|
|
Repurchases of Common Stock |
|
|
(19.1) |
|
|
|
(6.9) |
|
|
Dividends paid |
|
|
(1.6) |
|
|
|
(1.5) |
|
|
Net cash provided by financing activities |
|
|
28.7 |
|
|
|
23.0 |
|
|
Effect of exchange rate changes on cash |
|
|
1.0 |
|
|
|
(2.4) |
|
|
Net decrease in cash and cash equivalents |
|
|
(10.6) |
|
|
|
(17.5) |
|
|
Cash and cash equivalents at beginning of period |
|
|
43.9 |
|
|
|
66.5 |
|
|
Cash and cash equivalents at end of period |
|
$ |
33.3 |
|
|
$ |
49.0 |
|
|
UNAUDITED SEGMENT INFORMATION (Dollars in millions) |
||||||||
|
|
||||||||
|
|
|
Three Months Ended |
|
|||||
|
|
|
|
|
|||||
|
|
|
2025 |
|
|
2024 |
|
||
|
Net sales: |
|
|
|
|
|
|
||
|
Railroad and Utility Products and Services |
|
$ |
235.0 |
|
|
$ |
225.1 |
|
|
|
|
|
120.9 |
|
|
|
150.1 |
|
|
Carbon Materials and Chemicals |
|
|
100.6 |
|
|
|
122.4 |
|
|
Total |
|
$ |
456.5 |
|
|
$ |
497.6 |
|
|
Adjusted EBITDA: |
|
|
|
|
|
|
||
|
Railroad and Utility Products and Services |
|
$ |
25.5 |
|
|
$ |
17.7 |
|
|
|
|
|
20.1 |
|
|
|
29.8 |
|
|
Carbon Materials and Chemicals |
|
|
9.9 |
|
|
|
4.0 |
|
|
Total(1) |
|
$ |
55.5 |
|
|
$ |
51.5 |
|
|
Adjusted EBITDA margin as a percentage of GAAP sales: |
|
|
|
|
|
|
||
|
Railroad and Utility Products and Services |
|
|
10.9 |
% |
|
|
7.9 |
% |
|
|
|
|
16.6 |
% |
|
|
19.9 |
% |
|
Carbon Materials and Chemicals |
|
|
9.8 |
% |
|
|
3.3 |
% |
|
|
|
|
(1) |
The tables below describe the adjustments to arrive at adjusted EBITDA. |
|
UNAUDITED RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA (Dollars in millions) |
|
|||||||
|
|
|
|||||||
|
|
|
Three Months Ended |
|
|||||
|
|
|
|
|
|||||
|
|
|
2025 |
|
|
2024 |
|
||
|
Net (loss) income |
|
$ |
(13.9) |
|
|
$ |
13.0 |
|
|
Interest expense |
|
|
16.6 |
|
|
|
17.1 |
|
|
Depreciation and amortization |
|
|
18.0 |
|
|
|
16.1 |
|
|
Income tax provision |
|
|
(3.3) |
|
|
|
4.4 |
|
|
Sub-total |
|
|
17.4 |
|
|
|
50.6 |
|
|
Adjustments to arrive at adjusted EBITDA: |
|
|
|
|
|
|
||
|
LIFO (benefit) expense(1) |
|
|
(1.8) |
|
|
|
2.6 |
|
|
Impairment, restructuring and plant closure costs |
|
|
20.0 |
|
|
|
0.0 |
|
|
(Gain) on sale of assets |
|
|
(0.3) |
|
|
|
0.0 |
|
|
Mark-to-market commodity hedging gains |
|
|
(9.1) |
|
|
|
(1.7) |
|
|
Amortization of cloud-based software implementation costs |
|
|
0.3 |
|
|
|
0.0 |
|
|
Loss on pension settlement |
|
|
29.0 |
|
|
|
0.0 |
|
|
Total adjustments |
|
|
38.1 |
|
|
|
0.9 |
|
|
Adjusted EBITDA |
|
$ |
55.5 |
|
|
$ |
51.5 |
|
|
|
|
|
(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 |
|
|||||
|
|
|
|
|
|||||
|
|
|
2025 |
|
|
2024 |
|
||
|
Net (loss) income attributable to Koppers |
|
$ |
(13.9) |
|
|
$ |
13.0 |
|
|
Adjustments to arrive at adjusted net income: |
|
|
|
|
|
|
||
|
LIFO (benefit) expense(1) |
|
|
(1.8) |
|
|
|
2.6 |
|
|
Impairment, restructuring and plant closure costs |
|
|
20.0 |
|
|
|
0.0 |
|
|
(Gain) on sale of assets |
|
|
(0.3) |
|
|
|
0.0 |
|
|
Mark-to-market commodity hedging gains |
|
|
(9.1) |
|
|
|
(1.7) |
|
|
Amortization of cloud-based software implementation costs |
|
|
0.3 |
|
|
|
0.0 |
|
|
Loss on pension settlement |
|
|
29.0 |
|
|
|
0.0 |
|
|
Total adjustments |
|
|
38.1 |
|
|
|
0.9 |
|
|
Adjustments to income tax and noncontrolling interests: |
|
|
|
|
|
|
||
|
Income tax on adjustments to pre-tax income |
|
|
(9.6) |
|
|
|
(0.3) |
|
|
Effect on adjusted net income |
|
|
28.5 |
|
|
|
0.6 |
|
|
Adjusted net income attributable to Koppers |
|
$ |
14.6 |
|
|
$ |
13.6 |
|
|
Diluted weighted average common shares outstanding (in thousands) |
|
|
20,660 |
|
|
|
21,909 |
|
|
Diluted (loss) earnings per share |
|
$ |
(0.68) |
|
|
$ |
0.59 |
|
|
Adjusted earnings per share |
|
$ |
0.71 |
|
|
$ |
0.62 |
|
|
|
|
|
(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:
Vice President, Investor Relations
412 227 2049
McGuireQT@koppers.com
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