Koppers Holdings Inc. reported net income for the 3Q 2018 of $7.6 million, or $0.35 per diluted share compared to net income of $19.8 million, or $0.91 per diluted share in the prior year quarter.
Consolidated sales were $442.7 million for the 3Q 2018, an increase of $57.9 million, or 15%, from sales of $384.8 million in the prior year quarter. Excluding an unfavorable impact from foreign currency translation of $5 million, sales increased by $62.9 million, or 16.3%, from the prior year quarter.
Adjusted net income and adjusted earnings per share (EPS) were $15.6 million and $0.73 per share for the 3Q 2018 compared to $31.5 million and $1.43 per share in the prior year quarter, respectively.
Commenting on the quarter, President and CEO Leroy Ball said, "Our results would have been much different if not for our main customer in China curtailing production during the 3Q. In our legacy RUPS segment, demand metrics continued to improve and matched our prior year numbers for the first time since the 2Q 2016, which validates that we are turning the corner as expected. The fundamentals in our PC business remain solid, but increased cost and limited availability of certain raw materials were issues that have had a ripple effect throughout our supply chain."
Koppers Holdings Inc. is an integrated global provider of treated wood products, wood treatment chemicals and carbon compounds.