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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, 2013.

For the third quarter of 2013, the company reported net income of $0.22 per fully diluted share, as compared to a net loss of $0.08 per fully diluted share for the third quarter of 2012.

Net income for the third quarter of 2013 was $11.9 million versus a net loss of $4.5 million for the comparable period of 2012. The 2012 results included a pre-tax restructuring charge of $8.0 million.

Net sales for the third quarter of 2013 were $139.4 million versus third quarter 2012 sales of $135.5 million, an increase of 2.9%. Currency translation had a $3.8 million negative impact on sales for the third quarter of 2013 due primarily to the weaker yen.

For the third quarter of 2013, sales of Activated Carbon and Service increased by 7.0%, as compared to the third quarter of 2012. The increase was primarily due to higher demand for activated carbon in the environmental water, food and specialty carbon markets. These increases were partially offset by lower demand for activated carbon in the environmental air treatment market.

Equipment sales decreased by 26.3% versus the third quarter of 2012 due to lower sales of ballast water treatment systems and, to a lesser extent, on carbon adsorption systems. Third quarter 2013 Consumer sales increased 28.2% over the comparable period of 2012 due to higher demand for activated carbon cloth.

For the third quarter of 2013, net sales less the cost of products sold as a percentage of net sales (excluding depreciation) was 33.3%, versus 27.3% for the third quarter of 2012. The improvement was attributable to better plant performance and lower costs. In addition, the 2012 period was characterized by maintenance issues, delays associated with a capital project, and hurricane damage at the company’s Pearl River plant, which increased the cost of products sold by $2.5 million. A $1.7 million write-off of obsolete inventory also contributed unfavorably to 2012’s costs.

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