Calgon Carbon (CCC) Misses Q1 EPS by 5c

Calgon Carbon (NYSE: CCC) reported Q1 EPS of $0.11, $0.05 worse than the analyst estimate of $0.16. Revenue for the quarter came in at $120.2 million versus the consensus estimate of $126.17 million.

Commenting on the quarter and the Company’s future outlook, Randy Dearth, Calgon Carbon’s Chairman, President and Chief Executive Officer, said, “While we projected a slow start to the year, our first quarter results were below our expectations. The negative impact of low natural gas prices coupled with unseasonably warm winter weather conditions on our FLUEPAC® mercury removal volumes was more significant than expected, and revenues related to several municipal water carbon exchange projects shifted from the first quarter to later in the year.”

“On a positive note, we were pleased that the performance of our industrial and food businesses was in line with our expectations, and our business activities in Asia showed modest growth – when excluding last year’s revenues from a significant initial carbon fill in South Korea.”

Commenting on the Company’s outlook, Mr. Death continued, “Although we anticipate challenging global market conditions to continue, we are confident that our second quarter revenue will improve sequentially.”

“Looking beyond 2016, we’re working diligently toward the fourth quarter closing of our planned acquisition of CECA’s wood-based activated carbon and filter aid business, which we announced last month. As part of the execution of our global growth and diversification strategy, we look forward to the incremental revenue and earnings this business is expected to bring to us in 2017 and beyond, as well as the positive affect it will have on the balance of our exposure across traditional and regulatory-driven end markets,” concluded Dearth.

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

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