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Calgon Carbon Announces First Quarter Results

Stocks in this article: CCC

Calgon Carbon Corporation (NYSE: CCC) announced results for the first quarter ended March 31, 2012.

The company reported net income of $7.7 million for the first quarter of 2012, as compared to net income of $8.5 million for the first quarter of 2011. On a fully diluted share basis, earnings per common share for the first quarter of 2012 were $0.14 versus $0.15 for the first quarter of 2011.

Net sales for the first quarter of 2012 were $136.6 million, a 9.8% increase over net sales of $124.4 million for the first quarter of 2011. Currency translation had a $0.3 million negative impact on sales for the first quarter of 2012 due to the stronger dollar.

For the first quarter of 2012, sales for the Activated Carbon and Service segment increased 3.9% as compared to the first quarter of 2011. The increase was due to higher demand for activated carbon products and services in four of six market segments: food, metals recovery, environmental air, and environmental water.

Equipment sales increased by 76.8% in the first quarter of 2012 versus the comparable period in 2011 due primarily to higher revenue from ballast water treatment systems and, to a lesser extent, from ion exchange equipment. The increase was partially offset by lower revenue from sales of carbon adsorption equipment.

The increase in consumer sales was attributed to higher demand for activated carbon cloth.

Net sales less the cost of products sold (excluding depreciation and amortization), as a percentage of net sales for the first quarter of 2012 was 31.3%, versus 33.3% for the first quarter of 2011. The decline was due to higher 2012 plant maintenance costs, unfavorable product mix, and increased raw material costs in the Activated Carbon and Service segment as well as a higher proportion of our total revenue attributed to the Equipment segment. Costs related to the repair of two new reactivation facilities in Belgium and China also contributed to the decline.

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