Compass turns its "first ever" second quarter profit
Compass Minerals reported its second quarter results yesterday including a 27% increase in sales to $162 million over the same quarter a year ago. The company said the results reflected "solid salt segment gains" and "significant improvement" in its fertilier business. The company earned $1.6 million for the quarter compared to a quarterly loss in 2007 of $3.2 million, a feat that KansasCity.com described as the first time the company had been profitable in the March-June timeframe.
Sales increased 27 percent to $162.0 million from $127.5 million in the prior-year quarter through significant improvement in the company's specialty fertilizer segment coupled with solid salt segment gains. Cash flow from operations increased 11% in the second quarter when compared to the second quarter of 2007. Year-to-date cash flow from operations rose to $178.3 million through June 30, 2008, compared to $110.0 million in the same period last year.
The company also announced it has sold 6.2 million tons of deicing salt so far this year compared to 5.1 million tons a year ago, a 22% increase. Consumer and industrial tonnage rose slightly more sharply, up from 1.1 million to over 1.3 million tons, 23%.
