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Dec 31, 2023
Koppers Q4 2023 Earnings Report
Reported record fourth-quarter sales and provided 2024 outlook.
Key Takeaways
Koppers Holdings Inc. reported a strong fourth quarter with record sales of $513.2 million, driven by the RUPS and PC segments, while the CMC segment faced challenges due to lower market prices and weaker demand. The company's net income attributable to Koppers was $12.9 million, or $0.59 per diluted share.
Record fourth-quarter sales of $513.2 million, up from $482.6 million in the prior year quarter.
Net income attributable to Koppers was $12.9 million, or $0.59 per diluted share, compared to $13.8 million, or $0.65 per diluted share, in the prior year quarter.
Adjusted EBITDA for the fourth quarter of 2023 was $53.9 million, compared with $52.1 million in the prior year quarter.
The Railroad and Utility Products and Services (RUPS) business delivered record fourth-quarter sales and adjusted EBITDA.
Forward Guidance
Koppers expects 2024 sales of approximately $2.25 billion and adjusted EBITDA of approximately $275 million. Adjusted EPS is forecasted to be in the range of $4.60 to $4.80 per share.
Positive Outlook
- Carry-over pricing benefits from prior year
- Contributions from Leesville, Louisiana, facility coming online to feed the Texas pole market
- Benefits of a full year of cost efficiencies from North Little Rock, Arkansas, treating facility
- Demand in segments meets projections of flat to slightly up from 2023 in existing markets.
Challenges Ahead
- Softer results in early 2024 versus strong comps from the first quarter of 2023
- Emergence from the bottom of the carbon markets cycle
- Recovery from the intense winter storm activity in the U.S. which affected much of Koppers and our customers' operating network
- Ongoing uncertainty associated with geopolitical and supply chain challenges
Historical Earnings Impact
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Avg. Return Before/After Earnings
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