Source: Pittsburgh Business Times
Calgon Carbon Corp.'s net income rose in the first quarter even as revenue declined slightly after the Pittsburgh manufacturer continued to cut costs.
First-quarter profit was $9.8 million, or 18 cents a share, compared to $7.7 million, or 14 cents a share, during the same period a year ago. Revenue was $135 million in the first quarter, down from $136.6 million a year ago.
Activated carbon and service sales were up 1.4 percent, while equipment sales, including ballast water treatment and ion exchange, dropped 13.7 percent. Overall operating income was $15 million, up from $124.4 million a year ago.
“Although revenue was flat for the first quarter of 2013 versus last year’s first quarter, the company’s bottom line results showed significant improvement," said Randy Dearth, president and CEO of Calgon Carbon (NYSE: CCC), in a prepared statement. "Going forward we should see higher margins as we continue to implement the second phase of our cost reduction program, which specifically targets margin improvement. In addition, price increases on our activated carbon products and services that we initiated earlier this year should begin to have a positive impact on both sales and margins."
Another measure, comprehensive income, was $3.7 million, down from $9.3 million in the first quarter of 2012. That included a $6.3 million impact of foreign currency translation and $378,000 for employee benefit plans.
Activated carbon and service sales were up 1.4 percent, while equipment sales, including ballast water treatment and ion exchange, dropped 13.7 percent. Overall operating income was $15 million, up from $124.4 million a year ago.
“Although revenue was flat for the first quarter of 2013 versus last year’s first quarter, the company’s bottom line results showed significant improvement," said Randy Dearth, president and CEO of Calgon Carbon (NYSE: CCC), in a prepared statement. "Going forward we should see higher margins as we continue to implement the second phase of our cost reduction program, which specifically targets margin improvement. In addition, price increases on our activated carbon products and services that we initiated earlier this year should begin to have a positive impact on both sales and margins."
Another measure, comprehensive income, was $3.7 million, down from $9.3 million in the first quarter of 2012. That included a $6.3 million impact of foreign currency translation and $378,000 for employee benefit plans.
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