Calgon Carbon Announces Third Quarter 2016 Results

Calgon Carbon Corporation (NYSE: CCC) announced results for the third quarter ended September 30, 2016.

Net sales for the third quarter of 2016 were $124.0 million, as compared to $133.0 million for the comparable period in 2015. Currency translation had a $0.5 million negative impact on sales for the third quarter 2016 primarily due to the negative effect of a stronger U.S. dollar versus the British pound sterling that was partially offset by a weaker U.S. dollar versus the Japanese yen. As anticipated, third quarter sales declined sequentially as compared to second quarter 2016 sales of $132.6 million.

Income from operations for the third quarter of 2016 was $9.3 million versus $17.0 million for the third quarter of 2015. Third quarter 2016 income from operations includes $0.6 million of transaction-related costs attributable to the Company's acquisition of the European activated carbon and filter aid business of CECA (a subsidiary of the Arkema Group) that was completed on November 2, 2016.

Net income was $6.4 million for the third quarter of 2016 versus $12.1 million for the comparable period in 2015. On a fully diluted share basis, net income per common share for the third quarter of 2016 was $0.13 compared to $0.23 reported for last year's third quarter.

For the third quarter of 2016, sales for the Activated Carbon and Service segment declined to $112.5 million as compared to $121.3 million for the same period a year ago. This decline was primarily due to lower sales of powdered activated carbon for removing mercury from coal-fired power plant emissions in the North American Environmental Air market, as well as lower Environmental Water market sales resulting from the impact of continued soft global economic conditions on industrial sector customer demand. These declines were partially offset by higher Potable Water market sales, particularly in North America, and higher respirator and metal recovery Specialty Carbon market sales.

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