Monitor union negotiations for Stickney closure—any delay or cost overrun would pressure cash flow. Focus on CMC segment profitability (adj. EBITDA dropped 90.9% to $0.9M) and whether the guided $15-20M adjusted EBITDA savings materialize. The lowered guidance (-4% at midpoint) and large non-cash impairment suggest limited near-term catalysts; watch for Q2 2026 earnings to confirm restructuring execution.
Price Chart
Executive Summary
Koppers Q1 2026 adjusted EPS of $0.57 beat consensus $0.38 by 50%, but revenue was flat YoY and adjusted EBITDA fell 11%. Management lowered full-year guidance (adj. EBITDA $240-260M, adj. EPS $3.80-4.60) and announced a conditional plant closure in Stickney, IL with pre-tax charges of $227-262M. The combination of declining profitability and a major restructuring overshadows the near-term beat, indicating operational deterioration.
Key Financial Metrics
Key Facts
- Q1 2026 adjusted EPS $0.57 vs consensus $0.38 (beat 50%); GAAP EPS $0.35 vs ($0.68) YoY.
- Revenue $455.3M flat YoY, beat consensus $390.1M by 16.7%.
- Adjusted EBITDA $49.3M down 11.2% YoY ($55.5M); Adjusted net income $11.4M down 21.9%.
- 2026 guidance lowered: adj. EBITDA $240-260M (from $250-270M), adj. EPS $3.80-4.60 (from $4.20-5.00).
- Conditional plan to close Stickney, IL plant, affecting ~85 employees, with pre-tax charges $227-262M over 4 years.
- Operating cash flow improved to $46.3M vs ($22.7M) YoY; free cash flow $34.9M vs ($37.0M).
- Company repurchased $29.0M of common stock in Q1.
Financial Impact
Pre-tax restructuring charges of $227M-$262M (170-195M non-cash) over 2026-2029; cash impact $57-67M; expected annual FCF benefit $15-25M and adj. EPS benefit $1.00-1.20 by 2027.
Risk Factors
- Union negotiations may delay or alter the Stickney plant closure, increasing costs.
- Further commodity price spikes (oil, copper) could pressure margins beyond guided $10M impact.
- Potential goodwill or asset impairment if CMC market conditions worsen.
- Debt level ($915M) relative to equity ($550M) leaves limited financial flexibility.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001315257-26-000036 |
| Document: kop-20260507.htm | 0001315257-26-000036 |
| Document: a2026q18-kex992.htm | 0001315257-26-000036 |
| Document: 0001315257-26-000036-index-headers.html | 0001315257-26-000036 |
| Document: 0001315257-26-000036-index.html | 0001315257-26-000036 |
| Document: 0001315257-26-000036.txt | 0001315257-26-000036 |
| 8-K Data (Synthetic) | 0001315257-26-000036 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 4d ago | Press Release | $40.18 | awaiting T+5 | — | $41.44 (+3.14%) |
Oct 22, 2026 4d ago | SC 13D/A | $40.18 | awaiting T+5 | — | $41.44 (−3.14%) |
Oct 19, 2026 8d ago | SC 13G/A | $42.91 $39.83 | ▲ +7.18% | ▲ +7.03% | $41.44 (+3.43%) |
Oct 8, 2026 19d ago | SC 13G/A | $44.24 $43.44 | ▼ −1.81% | ▼ −1.53% | $41.44 (−6.33%) |
Aug 20, 2026 9w ago | Insider Cluster | $45.19 $46.56 | ▲ +3.03% | ▲ +2.56% | $41.44 (−8.30%) |
Aug 13, 2026 10w ago | Insider Cluster | $47.14 $45.19 | ▼ −4.14% | ▼ −2.77% | $41.44 (−12.09%) |
Aug 12, 2026 10w ago | Insider Cluster | $46.22 $45.88 | ▼ −0.74% | ▲ +1.23% | $41.44 (−10.34%) |
Aug 11, 2026 11w ago | Insider Cluster | $45.34 $44.90 | ▲ +0.97% | ▲ +0.53% | $41.44 (+8.60%) |
May 11, 2026 24w ago | 8-K | $43.08 $40.39 | ▼ −6.24% | ▼ −6.16% | $41.44 (−3.81%) |
May 8, 2026 24w ago | 8-K | $43.99 $42.41 | ▲ +3.59% | ▲ +5.06% | $41.44 (+5.80%) |
US Market Status
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