Quarterly profit up at Calgon Carbon as yearly profit sags
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Calgon Carbon today reported higher fourth-quarter profit even as it showed reduced profit for all of 2012.
The Robinson environmental services company reported fourth-quarter profit of $9.1 million, or 16 cents per share, versus profit of $4.9 million, or 9 cents per share, in the year-ago quarter.
Sales rose 3 percent to $141.8 million. The company attributed the increase to sales of activated carbon used to treat drinking water and in respirators.
The results reflected $2.3 million in restructuring charges that were part of a cost-cutting initiative begun after former Lanxess executive Randy Dearth became president and CEO in August.
For all of 2012, Calgon Carbon earned $23.3 million, or 41 cents per share, versus 2011 profit of $39.2 million, or 69 cents per share. Sales increased 4 percent to $562.3 million.
The results were disclosed prior to Wall Street opening. Calgon Carbon shares finished Wednesday at $16.06, off 46 cents.
First Published February 21, 2013 9:20 am