calgon Carbon Corporation(CCC) has reported a profit of $ 12.5 million, or 22 cents per share in the fourth quarter of 2010 compared to 23 cents over last year's quarter. Reported earnings were above the Zacks consensus estimate of 17 cents.
In fiscal 2010, net income was $ 34.9 million, or 61 cents versus 39.2 million or 69 cents a year earlier.
Revenues
Revenues in the quarter increased 18.8% to $ 131.5 million. The increase is attributable to acquisitions completed by the company in 2010. Results beat the Zacks consensus estimate of $ 124 million.
Sales for the fiscal 2010 were $ 482.3 million, an increase of 6.7% year on year. Tax until 2010, foreign currency translation had a negative impact of $ 3.2 million on sales due to a stronger dollar.
Sales in the segment's largest carbon Calgon carbon, and service, increase the 20.7% to 116.9 million in the quarter reported. The increase was mainly attributed to increased demand for coal products in the markets of respirator and drinking water. However, the increase in sales were offset by a decline in demand for the products of charcoal in the food market.
Equipment segment sales shot up 13.3% to 12.6 million, driven by the recognition of revenue from ballast water treatment. However, sales of Consumer segment for the quarter declined to 27.9% to 2.0 million due to the declining demand for products and carbon cloth PreZerve.
The costs of
Cost of goods sold increased 14.9% 88.1 million in the quarter reported. Cost of products sold as a percentage of sales was 13.0% compared to 16.6% in the year-ago quarter. Gross profit decreased 17.1 million in the quarter from $ 46.7 million in the prior year quarter.
Selling, administrative and research expenses for the fourth quarter of 2010 increased 7.3% to 21.6 million, due to ongoing expenses relating to the acquisitions completed in the first quarter of 2010.
Financial Performance
Cash and equivalents was 35.2 million on December 31, 2010, compared with $ 43.6 million at the end of December 31, 2009. Long-term debt at December 31, 2010 was $ 3.7 million.
Zacks Recommendation
Currently, Calgon has a Zacks # 5 rank (Hold) for the short term (1 to 3 months) and a neutral recommendation for the long term (6 months and more).
CALGON CARBON (CCC): Report of Free Stock Analysis
Zacks Investment Research
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