Koppers Holdings(US:KOP)2025-02-27 13:33Sales Performance - Fourth-quarter sales were $477.0 million, a decrease of $36.2 million, or 7.1%, compared to $513.2 million in the prior year quarter[5]. - Full-year sales totaled $2.09 billion, down $62 million, or 2.9%, from $2.15 billion in the prior year[11]. - The RUPS segment reported sales of $215.6 million, a slight decrease of $0.8 million, or 0.4%, compared to the prior year quarter, with adjusted EBITDA of $17.5 million[11]. - The PC segment's sales were $147.9 million, down $16.5 million, or 10.0%, with adjusted EBITDA of $28.6 million, or 19.3%[11]. - The CMC segment experienced sales of $113.5 million, a decline of $18.9 million, or 14.3%, with adjusted EBITDA increasing to $9.1 million, or 8.0%[11]. - The Performance Chemicals segment reported net sales of $147.9 million in Q4 2024, down from $164.4 million in Q4 2023[38]. Net Income and Loss - The net loss attributable to Koppers for Q4 2024 was $10.2 million, or $0.50 per diluted share, compared to a net income of $12.9 million, or $0.59 per diluted share in Q4 2023[3]. - Net loss attributable to Koppers for Q4 2024 was $(10.2) million, a decrease from $12.9 million in Q4 2023[43]. - Adjusted net income attributable to Koppers for the year ended December 31, 2024, was $87.5 million, down from $94.0 million in 2023, representing a 6.9% decline[43]. - Adjusted earnings per share for the year ended December 31, 2024, was $4.11, slightly down from $4.36 in 2023[43]. - Diluted earnings per share for Q4 2024 was $(0.50), compared to $0.59 in Q4 2023[43]. Adjusted EBITDA - Adjusted net income for Q4 2024 was $16.0 million, or $0.77 per share, compared to $14.5 million, or $0.67 per share in the prior year quarter[4]. - Adjusted EBITDA for the total company was $55.2 million in Q4 2024, slightly up from $53.9 million in Q4 2023[38]. - Adjusted EBITDA for Q4 2024 was $55.2 million, compared to $53.9 million in Q4 2023, reflecting a 2.4% increase[40]. - Total adjustments to arrive at adjusted net income for Q4 2024 amounted to $34.8 million, significantly higher than $2.2 million in Q4 2023[43]. Expenses and Charges - The company incurred impairment and restructuring charges of $16.9 million in Q4 2024, compared to no charges in Q4 2023[32]. - Interest expense for the year ended December 31, 2024, increased to $76.2 million from $71.0 million in 2023, marking a 3.5% rise[40]. - Depreciation and amortization for the year ended December 31, 2024, rose to $67.5 million, up from $57.0 million in 2023, indicating an 18.6% increase[40]. Future Projections - For 2025, Koppers expects sales of approximately $2.17 billion and adjusted EBITDA of approximately $280 million[12]. - The projected effective tax rate for adjusted net income in 2025 is approximately 28%, with adjusted EPS forecasted at $4.75 per share[13]. - Capital expenditures are anticipated to be approximately $65 million in 2025, down from $77.4 million in 2024[15]. Balance Sheet and Assets - Total assets increased to $1,890.2 million in 2024 from $1,835.5 million in 2023, indicating growth in the company's asset base[34]. - Long-term debt rose to $925.9 million in 2024, up from $835.4 million in 2023, reflecting increased leverage[34]. - Cash and cash equivalents decreased to $43.9 million at the end of 2024 from $66.5 million at the end of 2023[36]. Operational Performance - Operating profit for Q4 2024 was $6.4 million, down from $37.2 million in Q4 2023, reflecting a significant decline[32]. - The company plans to focus on cost reduction efforts and market expansion strategies to improve future performance[31]. - The diluted weighted average common shares outstanding decreased to 20,864 thousand in Q4 2024 from 21,687 thousand in Q4 2023[43].