Koppers Holdings Inc. reported preliminary net income for the 2Q $29.2 million, or $1.39 per diluted share, a 2Q record, compared to net income of $14.7 million, or $0.70 per diluted share, in the prior year quarter.
The preliminary adjusted net income and adjusted earnings per share (EPS) from continuing operations for the 2Q 2020 were $26.7 million and $1.27 per share, a 2Q record, compared to $24.1 million and $1.14 per share in the prior year quarter, respectively.
Adjustments to pre-tax income excluded $3.7 million in earnings for the 2Q 2020, compared with $13 million in charges for the prior year quarter. For both periods, the adjustments included restructuring expenses as well as non-cash effects related to LIFO and mark-to-market commodity hedging.
The preliminary operating profit was $49.7 million, a 2Q record, or 11.4%, compared with $38.1 million, or 8.6%, in the prior year period. The operating profit margin is calculated as a percentage of sales.
For the 2Q 2020, preliminary adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) was $59.6 million, or 13.7%, compared with $63.2 million, or 14.2%, in the prior year quarter. The adjusted EBITDA margin is calculated as a percentage of sales.
Consolidated sales, on a preliminary basis, were $436.6 million for the 2Q 2020, a decrease of $7.2 million, or 1.6%, from sales of $443.8 million in the prior year quarter. Excluding a negative impact from foreign currency translation of $3.7 million, sales were lower by $3.5 million, or 0.8%.
Koppers Holdings Inc. is an integrated global provider of treated wood products, wood treatment chemicals and carbon compounds.
