Calgon Carbon (CCC) Misses Q1 EPS by 2c

Calgon Carbon (NYSE: CCC) reported Q1 EPS of $0.02, $0.02 worse than the analyst estimate of $0.04. Revenue for the quarter came in at $142.7 million versus the consensus estimate of $142.55 million.

Commenting on the company’s first quarter results, Calgon Carbon’s Chairman, President, and Chief Executive Officer Randy Dearth said, “Excluding expected impacts of acquisition integration and subsidiary reorganization costs, we’re off to a solid start to the new year. Through the addition of the New Business and the diversity of our exposure to varied end markets and geographic regions we achieved our first quarter revenue growth target of 18% to 20%.

“Importantly, sales to industrial sector customers were approximately level with last year’s first quarter, in line with our outlook. We believe our activities in this area have stabilized – particularly in the Americas region – and we remain cautiously optimistic that an industrial sector recovery may be underway.

“I’m pleased with the performance of our New Business. First quarter sales were slightly above the high end of our outlook, and integration activities and projects aimed at capturing synergies continued to progress to plan.”

Commenting on prospects for the full year, Mr. Dearth concluded, “In addition to approximately $100 million in revenues we expect from the New Business, we still see the potential for year-over-year revenue growth from our legacy Calgon Carbon business in 2017 from continued strength in North American potable water and mercury removal markets, as well as increasing ballast water system sales later in the year.”

For earnings history and earnings-related data on Calgon Carbon (CCC) click here.

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