Profits down at Origin Bancorp
Ruston, Louisiana-based Origin Bancorp, which recently acquired Quitman-based BTH Bank, announced net income of $16.2 million, or 57 cents diluted earnings per share, for the quarter that ended Sept. 30 compared with $21.3 million, or 90 cents diluted earnings per share, for the quarter that ended June 30, and compared to net income of $27 million, or $1.14 diluted earnings per share for the quarter that ended Sept. 30, 2021.
“This was a significant and exciting quarter for Origin as we showed strong core profitability and completed the merger with BT Holdings,” said Drake Mills, chairman, president and CEO of Origin Bancorp, Inc. “Origin now has meaningful expansion across the I-20 corridor in East Texas and adds impressive depth in Dallas and Fort Worth.”
EnPro Industries announces quarterly dividend
EnPro Industries, which owns Stemco in Longview, declared a regular quarterly dividend of 28 cents per share.
The dividend is payable Dec. 14 to shareholders of record as of the close of business on Nov. 30.
Eastman reports lower revenue, earnings
Eastman Chemical Co., which has a plant in Longview, reported lower third quarter sales revenue and earnings compared with a year ago.
Third quarter sales revenue this year was about $2.71 billion, compared with $2.72 billion a year earlier.
Earnings before interest and taxes were $324 million, or $2.46 per share, down from $370 million, or $2.57 per share, in 2021.
“Our team has done an excellent job managing through a challenging environment, including driving mix improvement with innovative products and demonstrating commercial excellence in our pricing,” said Mark Costa, board chair and CEO. “We remained focused on implementing significant price increases to offset higher raw material, energy, distribution, and other costs, which were at a higher level in the third quarter than at any other time during this inflationary period.
“Our focus for the remainder of the year is on generating strong operating cash flow and driving progress on milestones for our key growth initiatives. We are excited to have reached a definitive agreement with PepsiCo for our third planned molecular recycling facility, demonstrating our leadership position to create significant value in the circular economy.”
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