Koppers Holdings said second-quarter sales fell 10 percent and profit dropped 30 percent as its carbon and chemicals business suffered from depressed economic conditions in Europe.
The Downtown Pittsburgh-based company said its railroad and utility products segment had higher sales and profit for the quarter but couldn't offset declines in the chemicals unit.
Koppers last month announced it was lowering its outlook primarily because of the weak European economy.
Sales were $370.9 million, down from $411.3 million in the second quarter of 2012.
Profit was $14.4 million, or 69 cents per share, down from $20.4 million, or 98 cents per share a year ago.
Walter Turner, Koppers' president and chief executive, said the company expects to benefit from cost-savings initiatives in the second half of the year.neigh_city - breaking - businessnews
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