Koppers Holdings Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported net income attributable to company was $11 million or $0.53 diluted earnings per share on net sales of $370.4 million against net income attributable to company of $15.6 million or $0.75 diluted earnings per share on net sales of $380.9 million a year ago. Operating profit was $24.9 million and income before income taxes was $18.5 million against operating profit of $29.2 million and income before income taxes of $23 million a year ago. Income from continuing operations was $11.4 million or $0.53 per share against $15.8 million or $0.74 per share a year ago. Net cash provided by operating activities was $5.7 million and capital expenditures were $6.4 million against net cash used in operating activities of $15.8 million and capital expenditures of $3.4 million a year ago. Adjusted net income was $11.2 million against $15.5 million a year ago. Adjusted earnings per share was $0.54 against $0.74 per share a year ago. Adjusted EBITDA for the quarter ended March 31, 2013, was $33.1 million compared to $36.7 million in the first quarter of 2012, due mainly to reduced profitability in Europe driven by lower sales volumes and prices, which more than offset higher profitability for RUPS due mainly to higher sales volumes and favorable product mix for railroad crossties and higher sales volumes and prices for utility poles. The decreases in net income attributable to Koppers and diluted earnings per share for the first quarter of 2013 were due to lower profitability for CMC due mainly to lower sales volumes and prices for pitch, lower sales volumes for phthalic anhydride, and reduced profitability in Europe, combined with an increase in the effective tax rate to 38% from 31%, which more than offset higher profitability from RUPS. For the year 2013, the company expects CapEx to be in the range of $32 million to $34 million. The company expects full year effective tax rates of approximately 36%.

The Board of Directors of Koppers Holdings Inc. declared a quarterly dividend of $0.25 per common share, payable on July 8, 2013, to stockholders of record as of the close of business on May 13, 2013.

Koppers Holdings Inc., Q1 2013 Earnings Call, May 03, 2013