Third-Quarter Earnings Posted
Compass Minerals reported a year-over-year decline in third-quarter 2016 sales and earnings driven by lower salt sales volumes and lower average selling prices in both salt and plant nutrition businesses.
- Net income of $0.27 per diluted share, down from $0.80 per diluted share in the prior-year period
- Announced agreement to purchase remainder of Produquímica Indústria e Comércio S.A. (Produquímica), a leading Brazilian specialty plant nutrition company
- First year-over-year improvement in plant nutrition sales volumes in six quarters
- Lower pre-season deicing demand pressured salt segment earnings
“While our quarterly results fell below 2015 levels, we did perform in line with our expectations given the challenging highway deicing and plant nutrition markets,” said Fran Malecha, Compass Minerals’ president and CEO. “We remain focused on delivering value to shareholders. We believe this will come through further improving our ability to cost-effectively serve customer demand in both businesses, maximizing the value of our acquisition of Produquímica, and completing our major, on-going capital investments designed to ensure the sustainability of our core assets and support future growth.”
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