Koppers Holdings (KOP) FY2023 results: revenue $2.2 billion, up 8.8% on the year

Koppers Holdings Inc. (KOP) reported revenue of $2.2 billion for fiscal 2023, the year ended 31 December 2023, up 8.8% on the year before. Net income was $89 million, up 40.7%, and diluted earnings per share $4.14. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2024.

Revenue

$2.2 billion

+8.8% on the year

FY2016FY2023

Operating margin

9.1%

7.0% a year earlier

FY2016FY2023

Net income

$89 million

+40.7% on the year

FY2016FY2023

Diluted EPS

$4.14

+38.9% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	2,154	1,980	1,679	+8.8%
Cost of revenue	1,730	1,636	1,344	+5.7%
Gross profit	424	345	334	+23.2%
Gross margin	19.7%	17.4%	19.9%
Selling, general and administrative	174	153	149	+13.6%
Operating income	195	138	156	+41.8%
Operating margin	9.1%	7.0%	9.3%
Interest expense	71.0	44.8	40.5	+58.5%
Pre-tax income	125	95.4	120	+30.6%
Income tax	34.8	31.6	34.5	+10.1%
Effective tax rate	27.9%	33.1%	28.8%
Net income	89.2	63.4	85.2	+40.7%
Net margin	4.1%	3.2%	5.1%
Diluted EPS	$4.14	$2.98	$3.88	+38.9%

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	146	102	103	+42.8%
Capital expenditure	120	105	125	+14.4%
Free cash flow	25.6	-3.0	-22.0
Free cash flow margin	1.2%	-0.2%	-1.3%
Cash from investing	-116	-115	-89.5
Cash from financing	2.6	4.8	-4.0	-45.8%
Depreciation and amortisation	57.0	56.1	57.7	+1.6%
Share-based compensation	17.3	13.2	13.0	+31.1%
Buybacks	20.1	23.6	11.5	-14.8%
Dividends paid	5.0	4.2	0.0	+19.0%
Dividend per share	$0.24	$0.20	n/a	+20.0%
Diluted shares, weighted	22m	21m	22m	+1.1%
Shares outstanding at period end	21m	21m	21m	+0.5%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	499	399	407	+24.9%
Non-controlling interest	4.1	3.6	4.2	+13.9%
Debt	849	825	789	+2.9%
Operating lease liabilities	67.4	66.3	70.3	+1.7%
Other liabilities	416	417	392	-0.3%
Total liabilities and equity	1,836	1,711	1,662	+7.3%
Fixed assets	632	557	489	+13.4%
Goodwill	294	294	296	+0.1%
Intangible assets	102	116	132	-12.0%
Cash and equivalents	66.5	33.3	45.5	+99.7%
Receivables	202	216	183	-6.2%
Inventory	396	356	314	+11.2%
Other assets	143	139	203	+2.4%
Total assets	1,836	1,711	1,662	+7.3%

10-K for the year ended 31 December 2023, filed 28 February 2024: the filing.