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Calgon Carbon Corporation (NYSE:CCC) reported its results for the second quarter. Calgon Carbon is globally engaged in services, products, and solutions for purifying water and air.
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Calgon Carbon Corporation Earnings Cheat Sheet
Results: Net income for Calgon Carbon Corporation fell to $10.9 million (19 cents per share) vs. $11.3 million (20 cents per share) a year earlier. This is a decline of 3.6% from the year-earlier quarter.
Revenue: Rose 9.7% to $148.4 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Calgon Carbon Corporation fell short of the mean analyst estimate of 20 cents per share. It beat the average revenue estimate of $132 million.
Quoting Management: Randy Dearth, Calgon Carbon’s president and chief executive officer, commented on the results, “Calgon Carbon is a company with strong fundamentals and unprecedented opportunities as a provider of environmental solutions. Several factors, including the global economic slowdown, rising raw material and maintenance costs, and delays in implementation of environmental regulations, have created a challenging business environment for the company. In response, Calgon Carbon’s management has initiated a program which, I believe, will result in annual cost savings in excess of $10 million.”
Revenue has risen the past four quarters. Revenue increased 9.8% to $136.6 million in the first quarter. The figure rose 5.1% in the fourth quarter of the last fiscal year from the year earlier and climbed 15.5% in the third quarter of the last fiscal year from the year-ago quarter.
The company’s net income has now fallen for three straight quarters. In the first quarter, net income fell 8.7% from the year earlier, while the figure fell 59% in the fourth quarter of the last fiscal year.
The company fell short of estimates last quarter after beating the mark the quarter before with net income of 14 cents versus a mean estimate of net income of 12 cents per share.
Looking Forward: The average estimate for the third quarter remains unchanged at 24 cents a share. For the fiscal year, the average estimate has been unchanged at 79 cents a share.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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