Koppers Holdings (KOP) FY2021 results: revenue $1.7 billion, up 0.6% on the year

Koppers Holdings Inc. (KOP) reported revenue of $1.7 billion for fiscal 2021, the year ended 31 December 2021, up 0.6% on the year before. Net income was $85 million, down 30.2%, and diluted earnings per share $3.88. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2022.

Revenue

$1.7 billion

+0.6% on the year

FY2014FY2021

Operating margin

9.3%

9.4% a year earlier

FY2014FY2021

Net income

$85 million

-30.2% on the year

FY2014FY2021

Diluted EPS

$3.88

-32.0% on the year

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	1,679	1,669	1,637	+0.6%
Cost of revenue	1,344	1,309	1,306	+2.7%
Gross profit	334	360	331	-7.3%
Gross margin	19.9%	21.6%	20.2%
Selling, general and administrative	149	143	148	+4.1%
Operating income	156	157	125	-0.1%
Operating margin	9.3%	9.4%	7.6%
Interest expense	40.5	48.9	61.7	-17.2%
Pre-tax income	120	110	63.7	+8.6%
Income tax	34.5	21.0	0.0	+64.3%
Effective tax rate	28.8%	19.1%	0.0%
Net income	85.2	122	66.6	-30.2%
Net margin	5.1%	7.3%	4.1%
Diluted EPS	$3.88	$5.71	$3.16	-32.0%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	103	127	115	-19.0%
Capital expenditure	125	69.8	37.2	+79.1%
Free cash flow	-22.0	57.3	78.1
Free cash flow margin	-1.3%	3.4%	4.8%
Cash from investing	-89.5	5.6	-33.8
Cash from financing	-4.0	-129	-88.7
Depreciation and amortisation	57.7	54.1	51.4	+6.7%
Share-based compensation	13.0	11.3	12.1	+15.0%
Buybacks	11.5	1.6	0.9	+618.8%
Dividends paid	0.0	0.0	0.0
Diluted shares, weighted	22m	21m	21m	+2.6%
Shares outstanding at period end	21m	n/a	n/a

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	407	342	147	+19.0%
Non-controlling interest	4.2	4.3	11.4	-2.3%
Debt	789	784	912	+0.6%
Operating lease liabilities	70.3	81.3	91.5	-13.5%
Other liabilities	392	387	402	+1.2%
Total liabilities and equity	1,662	1,599	1,565	+4.0%
Fixed assets	489	409	359	+19.6%
Goodwill	296	298	296	-0.6%
Intangible assets	132	150	168	-12.2%
Cash and equivalents	45.5	38.5	32.3	+18.2%
Receivables	183	175	162	+4.4%
Inventory	314	296	288	+6.1%
Other assets	203	232	259	-12.6%
Total assets	1,662	1,599	1,565	+4.0%

10-K for the year ended 31 December 2021, filed 23 February 2022: the filing.