Koppers Holdings said the winter’s harsh weather was a major contributor to lower sales and less income in the first quarter.
The Downtown-based chemicals and railroad products company today said first-quarter net income dropped by 80 percent to $2.2 million, or 11 cents per share, from $11 million, or 53 cents per share in the first quarter of 2013. Sales fell by 11 percent to $331.4 million.
Besides weather conditions, Koppers said its results were negatively impacted by $17.2 million in plant closure charges for chemicals plants in The Netherlands and China, lower prices for some chemicals, consulting charges for acquisitions, and startup costs for a joint venture in China.
Adjusted income before the charges was $6.6 million, or 32 cents per share, falling short of analysts’ estimates that ranged from 43 cents to 62 cents.
A year ago, adjusted income was $11.2 million, or 54 cents per share.
Also this morning, Koppers said Leroy Ball has been named to the new position of chief operating officer. Mr. Ball, 45, will retain his current responsibilities as chief financial officer until a successor to that position is named.
Joyce Gannon: firstname.lastname@example.org or 412-263-1580.