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Ahlstrom Corp, Finland
COMPANY WATCH
Ahlstrom Corp, Finland
Calgon Carbon Corp, USA
Key Figures (E million) Third quarter ended 30.9 2010
2009
Net Sales Of Which: Filtration
482.4
400.6
87.4
70.5
Cost of Goods Sold
420.5
346.9
16.9
13.1
7.0
Profit before Taxes Net Profit
Operating Profit Of Which: Filtration
107.5
110.0 12.1 2.3
94.2 10.6 2.7
Cost of Products Sold
82.4
71.1
5.3
Income from Operations
14.6
14.1
8.3
7.3
Net Income/(Loss)
10.0
13.9
4.1
4.9 Nine months ended 30.9 2010
2009
2009
Net Sales Of Which: Filtration
1412.8
1175.6
254.9
204.8
Cost of Goods Sold
1222.1
1043.4
190.7
132.2
Operating Profit Of Which: Filtration
60.7
12.1
23.9
10.6
Profit before Taxes
38.1
(6.6)
Net Profit
24.7
(5.0)
December 2010
Net Sales Of Which: Carbon and Service Equipment Consumer
350.9
301.2
310.8 33.4 6.6
261.4 32.8 7.1
Cost of Products Sold
228.7
202.6
Income from Operations
31.3
33.2
Net Income/(Loss)
22.8
25.9
COMMENT
COMMENT Ahlstrom’s good sales growth in fiscal 2010 continued in the third quarter with its net sales for the period up 20.4% on the year earlier at 482.4 million. Revenues in the company’s Filtration segment increased 24.0% for the quarter to 87.4 million, supported by continued growth in Asia and recovery in North American automotive industry, as well as higher selling prices and favourable currency fluctuations. “The demand for our products continued to develop as forecasted in most of our customer segments, and our cash flow remained strong in the third quarter, when demand is seasonally weaker in many of our markets,” Jan Lång, Ahlstrom’s president and CEO,
Net Sales Of Which: Carbon and Service Equipment Consumer
2009
124.4
Nine months ended 30.9 2010
Gross Profit
Key Figures (US$ million) Third quarter ended 30.9 2010
said. “Our growth strategy in Asia moved forward with the completion of the acquisition of Shandong Puri Filter & Paper Products in China.” Operating profits were also up year-on-year, rising 29.0% overall to 16.9 million and 32.1% in the Filtration segment to reach 7.0 million. Ahlstrom’s net profit, however, was down 16.3% to 4.1 million. “Higher maintenance costs and adverse currency moves affected our results negatively in the quarter,” Lång said. “However, we will continue to work hard to improve our profitability and increase performance of the production lines that were part of our 2007 and 2008 investment programme.” ■ www.ahlstrom.com
Calgon Carbon has posted net sales for the third quarter of fiscal 2010 of US$124.4 million, up 15.7% on the previous year. Sales received a year-onyear boost of US$16.2 million from acquisitions, although currency translation had a negative impact of US$2.1 million. Sales of activated carbon increased 16.7% to US$110.0 million, boosted mainly by the contribution from acquisitions. Equipment sales increased 14.7% to US$12.1 million, principally due to higher revenue from traditional carbon adsorption equipment, while consumer revenues were down 16.4% to US$2.3 million due to lower demand for its PreZerve products and carbon cloth. “We are encouraged by the third quarter results, as they
represent progress in achieving our long-term growth objectives,” John Stanik, Calgon Carbon’s chair, president and CEO, said. “We will continue to follow our growth plan, although from time-totime this may have an adverse impact on short-term results, but should have a more significant positive impact in the long term. For example, the increase in research and development expenses in the third quarter of 2010 should result in differentiated products that will strengthen our competitive position in that market. I am confident that Calgon Carbon is moving in the right direction to take full advantage of its many growth opportunities.” ■ www.calgoncarbon.com
Filtration Industry Analyst
9
Ahlstrom Corp, Finland
Calgon Carbon Corp, USA
Key Figures (E million) Third quarter ended 30.9 2010
2009
Net Sales Of Which: Filtration
482.4
400.6
87.4
70.5
Cost of Goods Sold
420.5
346.9
16.9
13.1
7.0
Profit before Taxes Net Profit
Operating Profit Of Which: Filtration
107.5
110.0 12.1 2.3
94.2 10.6 2.7
Cost of Products Sold
82.4
71.1
5.3
Income from Operations
14.6
14.1
8.3
7.3
Net Income/(Loss)
10.0
13.9
4.1
4.9 Nine months ended 30.9 2010
2009
2009
Net Sales Of Which: Filtration
1412.8
1175.6
254.9
204.8
Cost of Goods Sold
1222.1
1043.4
190.7
132.2
Operating Profit Of Which: Filtration
60.7
12.1
23.9
10.6
Profit before Taxes
38.1
(6.6)
Net Profit
24.7
(5.0)
December 2010
Net Sales Of Which: Carbon and Service Equipment Consumer
350.9
301.2
310.8 33.4 6.6
261.4 32.8 7.1
Cost of Products Sold
228.7
202.6
Income from Operations
31.3
33.2
Net Income/(Loss)
22.8
25.9
COMMENT
COMMENT Ahlstrom’s good sales growth in fiscal 2010 continued in the third quarter with its net sales for the period up 20.4% on the year earlier at 482.4 million. Revenues in the company’s Filtration segment increased 24.0% for the quarter to 87.4 million, supported by continued growth in Asia and recovery in North American automotive industry, as well as higher selling prices and favourable currency fluctuations. “The demand for our products continued to develop as forecasted in most of our customer segments, and our cash flow remained strong in the third quarter, when demand is seasonally weaker in many of our markets,” Jan Lång, Ahlstrom’s president and CEO,
Net Sales Of Which: Carbon and Service Equipment Consumer
2009
124.4
Nine months ended 30.9 2010
Gross Profit
Key Figures (US$ million) Third quarter ended 30.9 2010
said. “Our growth strategy in Asia moved forward with the completion of the acquisition of Shandong Puri Filter & Paper Products in China.” Operating profits were also up year-on-year, rising 29.0% overall to 16.9 million and 32.1% in the Filtration segment to reach 7.0 million. Ahlstrom’s net profit, however, was down 16.3% to 4.1 million. “Higher maintenance costs and adverse currency moves affected our results negatively in the quarter,” Lång said. “However, we will continue to work hard to improve our profitability and increase performance of the production lines that were part of our 2007 and 2008 investment programme.” ■ www.ahlstrom.com
Calgon Carbon has posted net sales for the third quarter of fiscal 2010 of US$124.4 million, up 15.7% on the previous year. Sales received a year-onyear boost of US$16.2 million from acquisitions, although currency translation had a negative impact of US$2.1 million. Sales of activated carbon increased 16.7% to US$110.0 million, boosted mainly by the contribution from acquisitions. Equipment sales increased 14.7% to US$12.1 million, principally due to higher revenue from traditional carbon adsorption equipment, while consumer revenues were down 16.4% to US$2.3 million due to lower demand for its PreZerve products and carbon cloth. “We are encouraged by the third quarter results, as they
represent progress in achieving our long-term growth objectives,” John Stanik, Calgon Carbon’s chair, president and CEO, said. “We will continue to follow our growth plan, although from time-totime this may have an adverse impact on short-term results, but should have a more significant positive impact in the long term. For example, the increase in research and development expenses in the third quarter of 2010 should result in differentiated products that will strengthen our competitive position in that market. I am confident that Calgon Carbon is moving in the right direction to take full advantage of its many growth opportunities.” ■ www.calgoncarbon.com
Filtration Industry Analyst
9