Koppers Holdings Inc. reported record third-quarter consolidated sales of $554.3 million for 2024, a 0.7 percent increase from $550.4 million in the prior year quarter. Excluding foreign currency impacts, sales increased by $1.4 million, or 0.3 percent. The company's adjusted earnings per share (EPS) rose to $1.37, compared to $1.32 in the third quarter of 2023.
The Railroad and Utility Products and Services (RUPS) segment achieved record third-quarter sales, though profitability remained flat due to higher costs and decreased activity in the crosstie recovery business. The Performance Chemicals (PC) segment saw a slight sales decline but increased profitability year-over-year due to lower costs. The Carbon Materials and Chemicals (CMC) segment reported increased profitability despite lower sales prices, driven by reduced raw material costs and higher volumes of carbon pitch and phthalic anhydride.
Koppers reaffirmed its 2024 outlook, projecting sales of approximately $2.1 billion and adjusted EBITDA between $270 million and $275 million. Adjusted EPS is forecasted in the range of $4.25 to $4.45 per share. The company also announced plans to begin streamlining its organization in the fourth quarter to support a more cost-conscious customer base.
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