Overview

• US treated wood products maker's Q1 sales nearly flat yr/yr, beating analyst expectations

• Adjusted EPS for Q1 beat analyst expectations

• Performance Chemicals gains offset by sharp decline in Carbon Materials and Chemicals profitability

Outlook

• Koppers sees 2026 net sales between $1.9 bln and $2.0 bln

• Company expects 2026 adjusted EBITDA of $240 mln to $260 mln

• Koppers projects 2026 adjusted EPS between $3.80 and $4.60

Result Drivers

• PERFORMANCE CHEMICALS GROWTH - Higher sales volumes and prices, especially in the Americas, drove gains in the Performance Chemicals segment

• CARBON MATERIALS AND CHEMICALS DECLINE - Profitability fell sharply due to lower sales prices, higher raw material costs, and the end of phthalic anhydride production

• RAILROAD AND UTILITY PRODUCTS WEAKNESS - Lower sales from customer mix changes, reduced maintenance-of-way activity, and price declines, partly offset by higher utility pole volumes and an acquisition

Company press release: ID:nPn9tZt5Xa

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Sales	Beat	$455.30 mln	$410.45 mln (4 Analysts)
Q1 Adjusted EPS	Beat	$0.57	$0.44 (4 Analysts)
Q1 EPS		$0.35
Q1 Net Income		$7.10 mln

Analyst Coverage

• The current average analyst rating on the shares is "strong buy" and the breakdown of recommendations is 3 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the commodity chemicals peer group is "buy."

• Wall Street's median 12-month price target for Koppers Holdings Inc is $50.00, about 21.5% above its May 7 closing price of $41.16

• The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 6 three months ago

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