false000131525700013152572023-02-272023-02-27

 

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 27, 2023

 

 

KOPPERS HOLDINGS INC.

(Exact name of Registrant as Specified in Its Charter)

 

 

Pennsylvania			1-32737	20-1878963
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
436 Seventh Avenue
Pittsburgh, Pennsylvania				15219
(Address of Principal Executive Offices)				(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: (412) 227-2001

 

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock		KOP		The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

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Item 2.02 Results of Operations and Financial Condition.

On February 27, 2023 we issued a press release announcing fourth quarter and full year 2022 results. A copy of the press release is included in this Current Report on Form 8-K as Exhibit 99.1 and is furnished herewith.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

 

99.1		Press Release dated February 27, 2023
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

 

 

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: February 27, 2023

 

KOPPERS HOLDINGS INC.
By:		/s/ Jimmi Sue Smith
		Jimmi Sue Smith
		Chief Financial Officer

 

 

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Exhibit 99.1

 

		Koppers Holdings Inc. 436 Seventh Avenue Pittsburgh, PA 15219-1800 Tel 412 227 2001 www.koppers.com

 

News Release

FOR IMMEDIATE RELEASE

For Information:		Quynh McGuire, Vice President, Investor Relations
		412 227 2049
		McGuireQT@koppers.com

 

Koppers Reports Fourth Quarter and Full-Year 2022 Results; Provides 2023 Outlook

Record Quarter Sales of $482.6 Million vs. $405.3 Million in Prior Year Quarter

Record Year Sales of $1.98 Billion vs. $1.68 Billion in Prior Year

PITTSBURGH, February 27, 2023 – Koppers Holdings Inc. (NYSE: KOP), an integrated global provider of treated wood products, wood treatment chemicals, and carbon compounds, today reported net income attributable to Koppers for the fourth quarter of 2022 of $13.8 million, or $0.65 per diluted share, compared to $22.2 million, or $1.01 per diluted share, in the prior year quarter.

Adjusted net income attributable to Koppers and adjusted earnings per share (EPS) were $23.0 million and $1.09 per share for the fourth quarter of 2022, compared to $16.9 million and $0.77 per share in the prior year quarter, respectively.

Consolidated sales of $482.6 million, which was a quarterly record, increased by $77.3 million, or 19.1 percent, compared with $405.3 million in the prior year. Excluding a $14.7 million unfavorable impact from foreign currency changes, sales increased by $92.0 million, or 22.7 percent.

The Railroad and Utility Products and Services (RUPS) business achieved record fourth-quarter sales and higher year-over-year profitability, primarily driven by pricing increases as well as improvements in maintenance-of-way businesses and favorable cost absorption due to higher volumes in commercial crossties.

The Performance Chemicals (PC) segment delivered a fourth-quarter record in sales; however, profitability continued to be unfavorably impacted in the near-term by higher overall raw material costs, partly offset by global price increases.

The Carbon Materials and Chemicals (CMC) segment continued to generate strong sales due to a favorable pricing environment. As expected, fourth-quarter profitability was unfavorably impacted by higher raw material and operating costs.

President and CEO Leroy Ball said, “Overall, I am happy to state that 2022 represented another year of solid performance. Profitability was strong in the fourth quarter and for the full year as CMC continued to lead the way with exceptional performance. Only a handful of companies outside of China can meet the unique market need that our CMC business does, and our products command a high value, which reflects their importance. RUPS demonstrated notable improvement in both quarterly and annual performance as demand for utility poles remained strong supporting higher pricing, recent capital improvements began paying off, and hardwood availability increased. Our PC segment finished the year in disappointing fashion as we honored supply agreements and absorbed higher costs with limited pass-through in price. By contrast, 2023 points to a better PC story, as new pricing takes effect, positioning us on the right side of the market. We remain on track to achieve our long-term goals through a strategy of expanding and optimizing our vertically integrated business model serving critical infrastructure."

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Fourth Quarter Financial Performance

2022 Financial Performance

 

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2022 Accomplishments

In 2022, Koppers continued implementing its value creation strategy and the following key pillars contributed to its results as well as helped to further position the company for long-term growth and profitability.

 

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2023 Outlook

Koppers remains committed to expanding and optimizing its business and making continued progress toward its long-term financial goals. After considering global economic conditions as well as the ongoing uncertainty associated with geopolitical and supply chain challenges, Koppers expects 2023 sales of approximately $2.1 billion, compared with $1.98 billion in the prior year, and 2023 adjusted EBITDA of approximately $250 million, compared with $228.1 million in the prior year.

The effective tax rate for adjusted net income attributable to Koppers in 2023 is projected to be approximately 31 percent, which is consistent with the adjusted tax rate in 2022. Accordingly, the 2023 adjusted EPS is forecasted to be approximately $4.40, compared with adjusted EPS of $4.14 in 2022.

Koppers expects capital expenditures of approximately $105 million in 2023 with $40 million of the total allocated to discretionary projects that are expected to generate returns on investment of over 20 percent.

Commenting on the forecast, Mr. Ball said, “I am excited about what lies ahead for Koppers in 2023 as we expect to make our largest year-over-year leap in profitability since 2015. The past two years have seen us struggle to match pricing with significant increases in costs while our investments to expand and optimize have generally driven our modestly higher profits. This year, we are poised to recapture the remaining cost increases in our PC business while we expect CMC will see some natural margin compression as market dynamics intensify on both the supply and demand side. RUPS should take another step forward as we complete a few of our larger multi-year projects and begin taking cost out of the organization through greater efficiency. We remain focused on reaching our 2025 goal of $300 million in adjusted EBITDA and believe that our 2023 plan keeps us squarely on track.”

Koppers does not provide reconciliations of guidance for adjusted EBITDA and 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.

Investor Conference Call and Webcast

Interested parties may access the live audio broadcast toll free by dialing 833-366-1128 in the United States and Canada, or 412-902-6774 for international, Conference ID number 10175202. Participants are requested to access the call at least five minutes before the scheduled start time to complete a brief registration. The conference call will be broadcast live on www.koppers.com and can also be accessed here.

An audio replay will be available approximately two hours after the completion of the call at 877-344-7529 for U.S. toll free, 855-669-9658 for Canada toll free, or 412-317-0088 for international, using replay access code 9435602. The recording will be available for replay through May 27, 2023.

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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.

 

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Non-GAAP Financial Measures

This press release contains certain non-GAAP financial measures. Koppers believes that adjusted EBITDA, adjusted EBITDA margin, adjusted net income attributable to Koppers and adjusted earnings per share provide information useful to investors in understanding the underlying operational performance of the company, its business and performance trends, and facilitate comparisons between periods and with other corporations in similar industries. The exclusion of certain items permits evaluation and a comparison of results for ongoing business operations, and it is on this basis that Koppers management internally assesses the company’s performance. In addition, the Board of Directors and executive management team use adjusted EBITDA as a performance measure under the company’s annual incentive plans.

Although Koppers believes that these non-GAAP financial measures enhance investors’ understanding of its business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP basis financial measures and should be read in conjunction with the relevant GAAP financial measure. Other companies in a similar industry may define or calculate these measures differently than the company, limiting their usefulness as comparative measures. Because of these limitations, these non-GAAP financial measures should not be considered in isolation or as substitutes for performance measures calculated in accordance with GAAP.

See the attached tables for the following reconciliations of non-GAAP financial measures included in this press release: Unaudited Reconciliation of Net Income to Adjusted EBITDA; Unaudited Reconciliation of Net Income Attributable to Koppers and Adjusted Net Income Attributable to Koppers; and Unaudited Reconciliation of Diluted Earnings Per Share and Adjusted Earnings Per Share.

Koppers does not provide reconciliations of guidance for adjusted EBITDA and 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.

 

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.

 

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KOPPERS HOLDINGS INC.

UNAUDITED CONSOLIDATED STATEMENT OF OPERATIONS

(Dollars in millions, except per share amounts)

 

		Three Months Ended December 31,								Year Ended December 31,
		2022				2021				2022				2021
Net sales		$	482.6			$	405.3			$	1,980.5			$	1,678.6
Cost of sales			406.5				332.4				1,635.9				1,344.5
Depreciation and amortization			11.6				14.3				56.1				57.7
Selling, general and administrative expenses			36.9				38.3				153.3				148.9
Impairment and restructuring charges			0.0				0.0				0.0				2.2
(Gain) on sale of assets			0.0				(23.4	)			(2.5	)			(31.2	)
Operating profit			27.6				43.7				137.7				156.5
Other income, net			0.7				0.9				2.5				3.6
Interest expense			12.5				10.0				44.8				40.5
Income from continuing operations before income taxes			15.8				34.6				95.4				119.6
Income tax provision			1.9				12.1				31.6				34.5
Income from continuing operations			13.9				22.5				63.8				85.1
(Loss) on sale of discontinued operations, net of tax   benefit of $0.0, $0.0, $0.0 and $0.1			(0.1	)			(0.3	)			(0.6	)			(0.2	)
Net income			13.8				22.2				63.2				84.9
Net (loss) attributable to noncontrolling interests			0.0				0.0				(0.2	)			(0.3	)
Net income attributable to Koppers		$	13.8			$	22.2			$	63.4			$	85.2
Earnings (loss) per common share attributable to Koppers    common shareholders:
Basic -
Continuing operations		$	0.67			$	1.06			$	3.05			$	4.02
Discontinued operations			(0.01	)			(0.02	)			(0.03	)			(0.02	)
Earnings per basic common share		$	0.66			$	1.04			$	3.02			$	4.00
Diluted -
Continuing operations		$	0.66			$	1.02			$	3.00			$	3.90
Discontinued operations			(0.01	)			(0.01	)			(0.02	)			(0.02	)
Earnings per diluted common share		$	0.65			$	1.01			$	2.98			$	3.88
Weighted average shares outstanding (in thousands):
Basic			20,839				21,193				20,977				21,238
Diluted			21,224				21,917				21,313				21,925

 

 

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KOPPERS HOLDINGS INC.

UNAUDITED CONSOLIDATED BALANCE SHEET

(Dollars in millions, except per share amounts)

 

		December 31, 2022				December 31, 2021
Assets
Cash and cash equivalents		$	33.3			$	45.5
Accounts receivable, net of allowance of $3.5 and $3.3			215.7				182.8
Inventories, net			355.7				313.8
Derivative contracts			3.1				61.0
Other current assets			29.0				25.0
Total current assets			636.8				628.1
Property, plant and equipment, net			557.3				489.1
Operating lease right-of-use assets			86.3				91.2
Goodwill			294.0				296.0
Intangible assets, net			116.1				131.5
Deferred tax assets			11.7				15.0
Other assets			9.2				11.0
Total assets		$	1,711.4			$	1,661.9
Liabilities
Accounts payable		$	207.4			$	171.9
Accrued liabilities			96.1				90.5
Current operating lease liabilities			20.5				21.3
Current maturities of long-term debt			0.0				2.0
Total current liabilities			324.0				285.7
Long-term debt			817.7				781.5
Accrued post-retirement benefits			34.7				38.6
Deferred tax liabilities			21.5				33.4
Operating lease liabilities			66.3				70.3
Other long-term liabilities			44.2				41.6
Total liabilities			1,308.4				1,251.1
Commitments and contingent liabilities
Equity
Senior Convertible Preferred Stock, $0.01 par value per share; 10,000,000    shares authorized; no shares issued			0.0				0.0
Common Stock, $0.01 par value per share; 80,000,000 shares authorized;    24,547,000 and 24,026,844 shares issued			0.2				0.2
Additional paid-in capital			263.9				249.5
Retained earnings			360.2				300.9
Accumulated other comprehensive loss			(97.3	)			(40.0	)
Treasury stock, at cost, 3,783,901 and 2,930,694 shares			(127.6	)			(104.0	)
Total Koppers shareholders’ equity			399.4				406.6
Noncontrolling interests			3.6				4.2
Total equity			403.0				410.8
Total liabilities and equity		$	1,711.4			$	1,661.9

 

 

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KOPPERS HOLDINGS INC.

UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS

(Dollars in millions)

 

		Year Ended December 31,
		2022				2021
Cash provided by (used in) operating activities:
Net income		$	63.2			$	84.9
Adjustments to reconcile net cash provided by (used in) operating activities:
Depreciation and amortization			56.1				57.7
Stock-based compensation			13.2				13.0
Change in derivative contracts			6.5				3.8
Non-cash interest expense			2.8				2.7
Loss on sale of discontinued operations			0.0				0.3
(Gain) on sale of assets and investment			(2.6	)			(31.5	)
Insurance proceeds			(0.8	)			(6.1	)
Deferred income taxes			2.7				16.9
Change in other liabilities			1.1				2.1
Other - net			5.3				4.0
Changes in working capital:
Accounts receivable			(32.3	)			(12.7	)
Inventories			(41.8	)			(24.3	)
Accounts payable			32.7				20.9
Accrued liabilities			(7.3	)			(21.0	)
Other working capital			3.5				(7.7	)
Net cash provided by operating activities			102.3				103.0
Cash (used in) provided by investing activities:
Capital expenditures			(105.3	)			(125.0	)
Insurance proceeds			0.8				6.1
Acquisitions			(14.7	)			0.0
Net cash provided by sale of discontinued operations and asset sales			4.4				29.4
Net cash used in investing activities			(114.8	)			(89.5	)
Cash provided by (used in) financing activities:
Net increase in credit facility borrowings			38.3				15.2
Repayments of long-term debt			(2.0	)			(10.1	)
Issuances of Common Stock			1.1				2.4
Repurchases of Common Stock			(23.6	)			(11.5	)
Payment of debt issuance costs			(4.8	)			0.0
Dividends paid			(4.2	)			0.0
Net cash provided by (used in) financing activities			4.8				(4.0	)
Effect of exchange rate changes on cash			(4.5	)			(2.5	)
Net (decrease) increase in cash and cash equivalents			(12.2	)			7.0
Cash and cash equivalents at beginning of period			45.5				38.5
Cash and cash equivalents at end of period		$	33.3			$	45.5
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflow from operating leases		$	29.3			$	30.5
Supplemental disclosure of non-cash investing and financing activities:
Right-of-use assets obtained in exchange for new operating lease    liabilities		$	12.1			$	12.6
Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest		$	41.3			$	38.1
Income taxes			20.7				23.4
Noncash investing activities:
Accrued capital expenditures			11.1				7.3

 

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UNAUDITED SEGMENT INFORMATION

The following tables set forth certain sales and operating data, net of all intersegment transactions, for the company’s businesses for the periods indicated.

 

		Three Months Ended December 31,								Year Ended December 31,
		2022				2021				2022				2021
(Dollars in millions)
Net sales:
Railroad and Utility Products and Services		$	193.0			$	155.6			$	788.3			$	729.9
Performance Chemicals			140.8				118.9				579.9				503.3
Carbon Materials and Chemicals			148.8				130.8				612.3				445.4
Total		$	482.6			$	405.3			$	1,980.5			$	1,678.6
Adjusted EBITDA(1):
Railroad and Utility Products and Services		$	13.3			$	6.2			$	53.6			$	45.4
Performance Chemicals			17.6				19.4				75.5				101.8
Carbon Materials and Chemicals			21.2				24.9				99.0				76.3
Corporate Unallocated			0.0				(1.7	)			0.0				0.0
Total		$	52.1			$	48.8			$	228.1			$	223.5
Adjusted EBITDA margin(2):
Railroad and Utility Products and Services			6.9	%			4.0	%			6.8	%			6.2	%
Performance Chemicals			12.5	%			16.3	%			13.0	%			20.2	%
Carbon Materials and Chemicals			14.2	%			19.0	%			16.2	%			17.1	%
Total			10.8	%			12.0	%			11.5	%			13.3	%

 

 

 

 

UNAUDITED RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA

(In millions)

		Three Months Ended December 31,								Year Ended December 31,
		2022				2021				2022				2021
Net income		$	13.8			$	22.2			$	63.2			$	84.9
Interest expense			12.5				10.0				44.8				40.5
Depreciation and amortization			11.6				14.3				56.1				57.7
Depreciation in impairment and restructuring charges			0.0				0.0				0.0				0.7
Income tax provision			1.9				12.1				31.6				34.5
Discontinued operations			0.1				0.3				0.6				0.2
Sub-total			39.9				58.9				196.3				218.5
Adjustments to arrive at adjusted EBITDA:
Impairment, restructuring and plant closure costs (benefits)			0.8				(0.1	)			1.1				4.2
(Gain) on sale of assets			0.0				(23.4	)			(2.5	)			(31.2	)
LIFO expense			12.8				12.2				25.6				28.2
Mark-to-market commodity hedging losses (gains)			(2.5	)			1.2				6.5				3.8
Inventory adjustment			1.1				0.0				1.1				0.0
Total adjustments			12.2				(10.1	)			31.8				5.0
Adjusted EBITDA		$	52.1			$	48.8			$	228.1			$	223.5

 

 

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UNAUDITED RECONCILIATION OF NET INCOME ATTRIBUTABLE TO KOPPERS

AND ADJUSTED NET INCOME ATTRIBUTABLE TO KOPPERS

(In millions)

		Three Months Ended December 31,								Year Ended December 31,
		2022				2021				2022				2021
Net income attributable to Koppers		$	13.8			$	22.2			$	63.4			$	85.2
Adjustments to arrive at adjusted net income:
Impairment, restructuring and plant closure costs (benefits)			0.8				(0.1	)			1.0				5.5
(Gain) on sale of assets			0.0				(23.4	)			(2.5	)			(31.2	)
LIFO expense			12.8				12.2				25.6				28.2
Mark-to-market commodity hedging losses (gains)			(2.5	)			1.2				6.5				3.8
Inventory adjustment			1.1				0.0				1.1				0.0
Total adjustments			12.2				(10.1	)			31.7				6.3
Adjustments to income tax and noncontrolling interests:
Income tax on adjustments to pre-tax income			(3.1	)			2.5				(7.6	)			(1.4	)
Deferred tax adjustments			0.0				(1.5	)			0.0				(1.2	)
Writeoff of debt issue costs			0.0				3.5				0.4				3.5
Noncontrolling interest			0.0				0.0				(0.2	)			(0.3	)
Effect on adjusted net income			9.1				(5.6	)			24.3				6.9
Adjusted net income including discontinued operations			22.9				16.6				87.7				92.1
Discontinued operations			0.1				0.3				0.6				0.2
Adjusted net income attributable to Koppers		$	23.0			$	16.9			$	88.3			$	92.3

 

 

 

UNAUDITED RECONCILIATION OF DILUTED EARNINGS PER SHARE

AND ADJUSTED EARNINGS PER SHARE

(In millions except share amounts)

		Three Months Ended December 31,								Year Ended December 31,
		2022				2021				2022				2021
Income from continuing operations attributable to Koppers		$	13.9			$	22.5			$	64.0			$	85.4
Net income attributable to Koppers		$	13.8			$	22.2			$	63.4			$	85.2
Adjusted net income attributable to Koppers		$	23.0			$	16.9			$	88.3			$	92.3
Denominator for diluted earnings per share (in thousands)			21,224				21,917				21,313				21,925
Earnings per share:
Diluted earnings per share - continuing operations		$	0.66			$	1.02			$	3.00			$	3.90
Diluted earnings per share - net income		$	0.65			$	1.01			$	2.98			$	3.88
Adjusted earnings per share		$	1.09			$	0.77			$	4.14			$	4.21

 

 

 

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