Wednesday, Calgon Carbon Corp. (CCC) reported a decline in earnings for the second quarter ended June 30, 2009, reflecting the comparably strong U.S. dollar, which caused a negative impact on sales from currency translation, and lower demand for certain activated carbon and service products. Earnings missed analysts' estimates.
The company reported net income of $6.1 million for the second quarter of 2009, compared with $12.7 million year-ago. The earnings per share or EPS were $0.11, compared with $0.24 in the year-ago period.
On average, ten analysts polled by Thomson Reuters estimated an EPS of $0.16. Analysts' estimates typically exclude one-time items.
Net sales for the second quarter of 2009 declined by 5.0% to $103.1 million, from $108.5 million in the year-ago period. Stronger U.S. dollar and lower demand for certain activated carbon and service products particularly contributed to lower sales.
Eight Wall Street analysts estimated revenues of $102.58 million.
Also, the company's selling, administrative and research expenses for the second quarter increased 8.6%, compared with the year-ago period. This increase was principally due to higher employee-related costs, primarily pension expense, and an increase in bad debt expense. Other expenses increased to $1.5 million as compared to $0.5 million for the second quarter of 2008.
Calgon Carbon's board of directors did not declare a quarterly dividend.
Net income for the six months ended June 30, 2009 was $12.1 million versus $23.1 million for the comparable period of 2008. The EPS was $0.21, compared with EPS of $0.45 year-ago.
Year-to-date net sales were $193.72 million, compared with $198.8 million year-ago.
CCC closed Tuesday's regular trade on the New York Stock Exchange at $13.39.
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