Compass Minerals Reports Fourth-Quarter and Full-Year 2015 Results and Announces 5 Percent Dividend Increase
The company reported lower full-year and quarterly earnings when compared to 2014 as a result of mild winter weather and a weak agricultural market. Despite the near-term headwinds, the company announced that its board of directors has approved a 5 percent increase in the quarterly dividend for 2016, the 13th consecutive year of increased dividends and an indication of the strong underlying fundamentals of both businesses.
“A combination of limited snow events and warm weather significantly reduced fourth quarter demand for our deicing products. We also experienced further deterioration in sales volumes of our specialty sulfate of potash,” said Fran Malecha, Compass Minerals’ president and CEO. “Even with the weakness in the fourth quarter, our full-year adjusted earnings were only slightly below last year’s, which speaks to the execution of our strategies to improve both businesses. As we enter 2016, we believe market conditions will likely be challenging, and we are taking the necessary steps to align production with current demand and create a leaner organization for long-term success.”
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