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Koppers Holdings Inc. (KOP-2.58%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in net sales to $554.3 million from $550.4 million in the same quarter the previous year. The increase is attributed to price increases and higher volumes in the Railroad and Utility Products and Services segment.
Cost of sales for the quarter was $433.1 million, representing 78% of sales, compared to 80% in the same quarter of the previous year. This decrease in cost ratio is due to lower raw material costs.
The company reported a net income of $19.0 million for the quarter, compared to $26.2 million in the previous year, with the decrease attributed to higher interest expenses and a loss on the sale of assets.
Selling, general, and administrative expenses increased to $43.9 million from $43.8 million, primarily due to compensation-related costs.
Net cash provided by operating activities was $44.7 million, while net cash used in investing activities was $154.4 million, primarily due to the acquisition of Brown Wood.
Koppers had a working capital of $730.1 million as of September 30, 2024. The company continues to focus on cost reduction initiatives and strategic acquisitions.
The filing details the acquisition of Brown Wood Preserving Company, Inc., which was completed on April 1, 2024, for approximately $100 million in cash.
Koppers does not anticipate cash dividend payments to common stockholders in the near future.
The company identified no material changes to its risk factors or critical accounting policies as disclosed in its Annual Report on Form 10-K for the year ended December 31, 2023.
Koppers continues to focus on its Railroad and Utility Products and Services, Performance Chemicals, and Carbon Materials and Chemicals segments, with strategic initiatives aimed at improving operational efficiency and market presence.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Koppers Holdings Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.