Calgon Carbon Corp. reported a profit of $13 million in the second quarter, up from $10.9 million during the same quarter a year ago.
The Robinson environmental products and services firm beat analysts' expectations with earnings per share of 24 cents, up from 19 cents a year earlier. Analysts polled by Thomson Financial had been looking for, on average, earnings of 21 cents per share.
Sales of $140.4 million for the three months ended June 30 compared to $148.4 million during the same period a year ago, with the impact of currency exchange rates putting a $3.2 million drag on the results.
Randy Dearth, the company's president and CEO, said in the official announcement this morning that Calgon Carbon is making progress with an ongoing $30 million cost-cutting initiative.