Koppers Holdings Inc. (KOP) Friday announced a decline in third quarter earnings, despite a slight growth in sales, compared to the prior year.
The quarterly profit attributable to Koppers were $22.8 milion, down from $26.3 million a year ago. On a per share basis, earnings were $1.09, lower than $1.22 reported in the prior year. On an adjusted basis, earnings were $1.37 per share.
On average, 3 analysts polled by Thomson Reuters expected the company to earn $1.3 per share. Analysts estimates usually exclude special items.
The company noted that the results reflect the acquisition of Brown Wood Preserving Co., which closed on April 1, 2024.
Net sales for the quarter increased to $554.3 million from $550.4 million last year. Analysts expected $577.8 million.
Looking ahead to the 2024, full year adjusted earnings expected to be in the range of $4.25 to $4.45 per share, compared with $4.36 per share in 2023. Wall Street expects $4.16 per share on revenue of $2.18 billion.
Expectation for sales is approximately $2.1 billion, compared to $2.15 billion last year.
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