Compass Minerals reports record 1st quarter earnings, sales decline
Compass Minerals has reported a 25% increase in first quarter earnings over the same period in 2008, the company announced April 27, and a 50% increase in margins from 21% to 31%.
“Continued strong pricing enabled us to deliver the strongest operating and net earnings of any first quarter in our history. However, we experienced declines in sales volumes in both of our operating segments, with salt sales reflecting milder-than-normal winter weather in the Midwest and specialty fertilizer sales mirroring the very weak demand which persists throughout the global potash industry,” said Angelo Brisimitzakis, Compass Minerals president and CEO.
Salt segment sales were $268.8 million compared to $329.2 million in the 2008 quarter and operating earnings were up 11 percent over the prior-year quarter to $77.4 million, a first-quarter record. Highway sales slumped with an early-ending winter from 5.1 million tons in the January - March 2008 period to 3.7 million tons this year. Consumer/industrial sales eased from 762,000 tons to 630,00 tons.