Koppers Holdings Inc. reported net income for the Q3 2024 of $22.8 million, or $1.09 per diluted share, compared to $26.3 million, or $1.22 per diluted share, in the prior year quarter. The financial results in the current year quarter reflect the acquisition of Brown Wood Preserving Company (Brown Wood), which closed on April 1, 2024.
Adjusted net income and adjusted earnings per share (EPS) were $28.7 million and $1.37 per share for the Q3 2024, compared to $28.6 million and $1.32 per share in the prior year quarter.
Consolidated sales of $554.3 million were a record Q3 2024 and increased by $3.9 million, or 0.7%, compared with $550.4 million in the prior year quarter. Excluding a $2.5 million favorable impact from foreign currency changes, sales increased by $1.4 million, or 0.3%.
Chief Executive Officer Leroy Ball said, "Once again, I am pleased with the solid performance delivered by our global Koppers team in the Q3, as evidenced by our strong financial results and solid safety performance. On the plus side, we generated improved sequential profitability in our railroad and carbon materials businesses, primarily driven by cost reduction initiatives undertaken earlier this year. However, we continued to experience reduced volumes year-over-year in our legacy utility pole business and lower sequential profitability in Performance Chemicals as a result of higher raw material costs. As always, the balance of our diversified business portfolio and our team's ongoing commitment to solving everyday challenges demonstrated its value, keeping us on track to meet our 2024 goals."
Koppers is an integrated global provider of essential treated wood products, wood preservation technologies and carbon compounds.
