Koppers reports Q2 results and CFO moves

Koppers, the provider of treated wood products, wood treatment chemicals and carbon compounds, reported second quarter consolidated sales moved up 1.0% to $441 million from sales of $436.6 million in the second quarter 2020.

Excluding an $11 million favorable impact from foreign currency translation, sales decreased by $6.6 million, or 1.5 percent%, from the prior year.

The Pittsburgh, Pa.-based company also reported a net income of $26.9 million for the quarter, falling 7.8% from a net income of $29.2 million in the prior second quarter.

Koppers also announced that CFO Michael Zugay has informed the board of directors that he will retire effective Dec. 31.  The Board has appointed Jimmi Sue Smith, the company's current vice president, finance and treasurer, to assume the role of CFO effective Jan. 1, 2022. Smith will report to Leroy Ball, Koppers president and CEO.

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The Bottom Line: Profits slide 7.8% to $26.9 million as sales edge up 1% to $441 million.

What the CEO said:  "The second quarter represented another successful outcome for Koppers profitability driven by record sales in our PC business and strong performance in CMC as industrial markets are heating up around the globe,” said Koppers President and CEO Leroy Ball said, 

Company info: Click here to read the full second quarter 2021 financial report from Koppers.