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Koppers earnings down on lower sales

10:06 AM MDT | May 3, 2013 | Vincent Valk

Koppers today reported net income down 27.7% year-on-year (YOY), to $11 million, or 53 cts/share, on sales down 2.8%, to $370.4 million. Adjusted earnings of 54 cts/share fell short of analysts’ consensus of 64 cts/share, as reported by Thomson Reuters (New York). Lower pitch and phthalic anhydride volumes and a fall in profitability for the company’s European operations drove the declines, Koppers says.   "Our first quarter proved to be rather challenging as our European business struggled more than we had anticipated with the continuing...

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