PITTSBURGH, Sept. 14,
2023 /PRNewswire/ -- Koppers Holdings Inc. (NYSE:
KOP), an integrated global provider of treated wood products, wood
treatment chemicals and carbon compounds, announced that the
company is affirming its previous forecast for 2023 sales of
approximately $2.1 billion, while
increasing both its adjusted earnings before interest, taxes,
depreciation and amortization (EBITDA) and adjusted earnings per
share (EPS) guidance. Adjusted EBITDA is now anticipated to be in
the range of $250 million to
$260 million in 2023, compared with
$250 million previously and
$228.1 million in the prior
year. Adjusted EPS is now expected to be in the range of
$4.30 to $4.60 per share, compared with $4.40 per share previously and $4.14 per share in the prior year. Koppers
remains committed to expanding and optimizing its business and
making continued progress on the company's strategic pillars toward
its long-term financial goals.
President and Chief Executive Officer Leroy Ball said, "I'm extremely pleased to
affirm my confidence that we will exceed our previously
communicated full-year financial guidance. Better-than-expected
volume strength for utility poles and residential and industrial
wood preservatives, recent pricing actions in our rail business,
and a Carbon Materials and Chemicals business that is managing
better than expected through sudden market disruptions, all lead me
to believe that we can deliver adjusted EBITDA at higher than
$250 million. We typically do not
update guidance between reporting periods; however, we made an
exception because we will be sharing news today that recent results
are trending toward another record quarter as well as informing the
investment community on our longer-term plan progress. This data
represents another proof point that Koppers remains on track to
reach our 2025 target of $300 million
in adjusted EBITDA."
Koppers will host an Investor Day today in Chicago, Illinois, beginning at 8:30 a.m. Central Time, or 9:30 a.m. Eastern Time. The presentation will
feature an in-depth review of the business as well as an update on
the company's strategic initiatives through 2025. Key speakers will
include:
- Leroy Ball – President and Chief
Executive Officer
- Leslie Hyde – Senior Vice
President and Chief Sustainability Officer
- Jimmi Sue Smith – Chief
Financial Officer
- James Sullivan – Executive Vice
President and Chief Operating Officer
Koppers does not provide reconciliations of guidance for
adjusted EBITDA or adjusted EPS to comparable GAAP measures, in
reliance on the unreasonable efforts exception. Koppers is unable,
without unreasonable efforts, to forecast certain items required to
develop meaningful comparable GAAP financial measures. These items
include, but are not limited to, restructuring and impairment
charges, acquisition-related costs, mark-to-market commodity
hedging, and LIFO adjustments that are difficult to forecast for a
GAAP estimate and may be significant.
The company's Investor Day event is open to investors and
analysts attending either in person or virtually and will include a
question-and-answer session following the prepared remarks.
Live Video Webcast and Conference Call
The live video event can be accessed here. In addition, a live
audio broadcast will be available toll free by dialing 833-366-1128
in the United States and
Canada, or 412-902-6774 for
international, Conference ID number 10181084.
Presentation materials will be available at least 15 minutes
before the call on www.koppers.com in the Investor Relations
section of the company's website.
An online archive of the webcast and presentation slides will be
available after the conclusion of the event and will remain on the
company's website for one year.
About Koppers
Koppers, with corporate headquarters in Pittsburgh, Pennsylvania, is an integrated
global provider of treated wood products, wood treatment chemicals,
and carbon compounds. Our products and services are used in a
variety of niche applications in a diverse range of end markets,
including the railroad, specialty chemical, utility, residential
lumber, agriculture, aluminum, steel, rubber, and construction
industries. We serve our customers through a comprehensive global
manufacturing and distribution network, with facilities located in
North America, South America, Australasia, and Europe. The stock of Koppers Holdings
Inc. is publicly traded on the New York Stock Exchange under the
symbol "KOP."
For more information, visit: www.koppers.com. Inquiries from the
media should be directed to Ms. Jessica
Franklin Black at BlackJF@koppers.com or 412-227-2025.
Inquiries from the investment community should be directed to
Ms. Quynh McGuire at McGuireQT@koppers.com or
412-227-2049.
Safe Harbor Statement
Certain statements in this press release are "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995 and may include, but are not limited to,
statements about sales levels, acquisitions, restructuring,
declines in the value of Koppers assets and the effect of any
resulting impairment charges, profitability and anticipated
expenses and cash outflows. All forward-looking statements involve
risks and uncertainties.
All statements contained herein that are not clearly historical
in nature are forward-looking, and words such as "outlook,"
"guidance," "forecast," "believe," "anticipate," "expect,"
"estimate," "may," "will," "should," "continue," "plan,"
"potential," "intend," "likely," or other similar words or phrases
are generally intended to identify forward-looking statements. Any
forward-looking statement contained herein, in other press
releases, written statements or other documents filed with the
Securities and Exchange Commission, or in Koppers communications
and discussions with investors and analysts in the normal course of
business through meetings, phone calls and conference calls,
regarding future dividends, expectations with respect to sales,
earnings, cash flows, operating efficiencies, restructurings, the
benefits of acquisitions, divestitures, joint ventures or other
matters as well as financings and debt reduction, are subject to
known and unknown risks, uncertainties and contingencies.
Many of these risks, uncertainties and contingencies are beyond
our control, and may cause actual results, performance or
achievements to differ materially from anticipated results,
performance or achievements. Factors that might affect such
forward-looking statements include, among other things, the impact
of changes in commodity prices, such as oil and copper, on product
margins; general economic and business conditions; disruption in
the U.S. and global financial markets; potential difficulties in
protecting our intellectual property; the ratings on our debt and
our ability to repay or refinance our outstanding indebtedness as
it matures; our ability to operate within the limitations of our
debt covenants; potential impairment of our goodwill and/or
long-lived assets; demand for Koppers goods and services;
competitive conditions; interest rate and foreign currency rate
fluctuations; availability and costs of key raw materials;
unfavorable resolution of claims against us, as well as those
discussed more fully elsewhere in this release and in documents
filed with the Securities and Exchange Commission by Koppers,
particularly our latest annual report on Form 10-K and any
subsequent filings by Koppers with the Securities and Exchange
Commission. Any forward-looking statements in this release speak
only as of the date of this release, and we undertake no obligation
to update any forward-looking statement to reflect events or
circumstances after that date or to reflect the occurrence of
unanticipated events.
For Information:
|
Quynh McGuire, Vice
President, Investor Relations
|
|
412 227 2049
|
|
McGuireQT@koppers.com
|
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SOURCE Koppers