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Calgon Carbon Announces Third Quarter Results

Stocks in this article: CCC

Calgon Carbon Corporation (NYSE: CCC) reported results for the third quarter ended September 30, 2011.

For the third quarter of 2011, the company reported income from operations of $18.2 million, as compared to $14.6 million for the third quarter of 2010.

Net income for the third quarter of 2011 was $14.5 million versus $10.0 million for the comparable period of 2010. On a fully diluted basis, net income per common share for the third quarter of 2011 was $0.25 as compared to $0.18 for the comparable quarter of 2010. Results for the third quarter of 2011 included $2.8 million of income due to the reversal of an uncertain tax position liability. Results for the third quarter of 2010 included $0.8 million of income, primarily from the reversal of a valuation allowance on foreign tax credits.

Net sales for the third quarter of 2011 were $143.6 million versus third quarter 2010 sales of $124.4 million, an increase of 15.5%. Currency translation had a $5.1 million positive impact on sales for the third quarter of 2011 due to the weaker U.S. dollar.

For the third quarter of 2011, sales of Activated Carbon and Service increased by 18.2%, as compared to the third quarter of 2010. Sales increased versus the comparable quarter of 2010 in five of the company’s six market segments with the largest increases in potable water (including supply of a large quantity of activated carbon for a new treatment facility), wastewater, and environmental air treatment. These increases were due primarily to higher demand for activated carbon products and services and were partially offset by lower demand for activated carbon products in the food market.

Equipment sales declined 4.5% versus the third quarter of 2010, due to lower revenue from traditional carbon adsorption equipment. The substantial increase in revenue for UV systems in the third quarter of 2011 did not offset this decline. An 11.0% decline in Consumer sales for the third quarter of 2011 was due to lower sales of PreZerve® products. The company had previously disclosed that it was discontinuing that product line.

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