By Josh Beckerman
Koppers Holdings said it had a strong third quarter but also noted issues including continuing uncertainty associated with geopolitical and supply-chain challenges.
The company also announced a workforce-reduction plan, starting with a voluntary program that would first be offered to about 90 U.S. employees. Koppers intends to "streamline our organization to support an increasingly cost-conscious customer base."
Koppers, whose products include utility poles, railroad ties and chemicals, said sales rose to $554.3 million from $550.4 million. Adjusted earnings per share increased to $1.37 from $1.32. Results reflect the April 1 purchase of Brown Wood Preserving for about $100 million.
Koppers expects 2024 sales of about $2.1 billion, compared with $2.15 billion in 2023. It expects 2024 adjusted earnings per share of $4.25 to $4.45, compared with $4.36 last year.
"Looking beyond this year, I believe we remain on track for continued growth in profitability and free cash flow, despite an intensely competitive environment," said Chief Executive Leroy Ball.
Shares were down 3.8%, to $36.57.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
November 08, 2024 14:10 ET (19:10 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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