Calgon Carbon Corp (NYSE: CCC) reported results for the third quarter ended September 30, 2007. Net income rose to $4.9 million ($0.10 per common share on a fully diluted basis) compared to a net loss of $0.5 million ($0.01 per common share on a fully diluted basis) for Q306.
Income similarly rose to $6.5 million versus $1.5 million for Q306. Results include a pre-tax gain of $3.2 million related to an insurance settlement for business interruption caused by Hurricane Katrina in 2005.
Net sales were $84.9 million versus $79.7 million for Q306, an increase of 6.5%. Currency translation had a $2.0-million positive impact on sales because of the stronger Euro and British Pound Sterling.
Sales for the Activated Carbon and Service segment increased 6.6% primarily due to higher pricing for activated carbon products and services and higher volume in the industrial process and environmental air treatment markets.
Equipment sales increased 5.9% from higher demand for odor control equipment and from systems that use ultraviolet light for disinfection of drinking water and wastewater. A 6.9% increase in Consumer sales was attributable to higher demand for activated carbon cloth.
John Stanik, CEO, said, “While we recognize the significant impact that our lower tax provision had on the third quarter results, we are pleased with the progress shown in the quarter. Higher prices on activated carbon and service products, a lower cost structure, and lower legal expenses contributed to improved results year-over-year. These three factors will play a continuing role in achieving year-over-year improvement in the fourth quarter.”
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