Koppers Holdings Lowers Q2 Earnings Outlook

(RTTNews) - Koppers Holdings Inc. (KOP) has lowered its second quarter earnings outlook, hurt mainly by lower demand and prices for certain products reflecting depressed European economy.

The company now expects second quarter adjusted earnings of of $0.66 to $0.70 per share, down from previously guidance of about $1.00 per share

The company now expects full-year 2013 adjusted earnings to be lower adjusted earnings of $3.27 per share reported last year.

The company's second-quarter results have been negatively impacted by volatility in demand and pricing for certain products primarily as a result of the depressed economy in Europe.

Sales volumes and prices for phthalic anhydride, carbon pitch, and creosote in North America were negatively impacted by lower priced European imports.

Profit for the quarter was also negatively impacted by wet weather in the Eastern United States that reduced demand for certain seasonal products for the Carbon Materials and Chemicals business.

Walter Turner, President and CEO of Koppers, said, "I am confident that these are short-term issues; however, we expect that the current volatility will continue through the remainder of 2013 and begin to stabilize in 2014. I anticipate that the second half of 2013 will be better than the first half as we continue to implement various initiatives to reduce costs and improve profitability."