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Calgon Carbon Reports 2014 Second Quarter Results

Stocks in this article: CCC

Calgon Carbon Corporation (NYSE: CCC) reported results for the second quarter ended June 30, 2014.

Income from operations was $21.3 million for the second quarter of 2014, as compared to $20.2 million for the second quarter of 2013, an increase of 5.4%. Net income for the second quarter of 2014 was $15.2 million versus $13.0 million for the comparable period of 2013, a 17.2% increase. On a fully diluted basis, net income per common share for the second quarter of 2014 was $0.28 as compared to $0.24 for the second quarter of 2013.

The company reported net sales of $145.1 million for the second quarter of 2014 versus $140.4 million for the second quarter of 2013. Currency translation had a $1.7 million positive effect on sales for the second quarter of 2014 due to the strength of the British pound sterling and the euro.

For the second quarter of 2014, sales for the Activated Carbon and Service segment increased 4.8% versus the second quarter of 2013. The increase was primarily due to higher demand for activated carbon products and services in the environmental water and industrial process markets. Sales to the food and drinking water markets also showed improvement over the second quarter of 2013. These increases were partially offset by lower demand for activated carbon in the respirator and environmental air markets.

Equipment sales for the second quarter of 2014 declined $2.5 million, or 17.2%, versus the comparable period in 2013, due to lower sales of ion exchange and traditional UV systems. Higher sales of traditional carbon equipment and ballast water treatment systems partially offset the decline.

Consumer sales for the second quarter of 2014 increased $1.2 million, or 57.9%, as compared to the second quarter of 2013. The increase was attributable to a single large order.

For the second quarter of 2014, net sales less the cost of products sold (excluding depreciation and amortization) as a percentage of net sales was 34.4% versus 33.0% for the second quarter of 2013. The improvement resulted from several factors including price increases on activated carbon products and services in the Americas region that were initiated in March 2013; a more favorable product mix; favorable impacts from the Company’s global cost improvement program; and the absence of unfavorable adjustments to estimated costs, recorded in 2013, to complete certain Equipment projects.

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