Cranbury, N.J. — Specialty phosphate maker Innophos Holdings Inc. saw a 11 percent dip in net income to $16.7 million ($0.74 per diluted share) on sales of $211.2 million for the third quarter ending Sept. 30, 2012, compared to the year-ago $18.8 million ($0.84 per share) on sales of $202.1 million. Innophos cited weather and operational problems that impacted its business in Mexico as a reason for the drop. Nine-month income was also off, at $60.8 million from $65.6 million. The Innophos board approved a 30 percent increase in quarterly dividends, to $0.35 per share effective with the fourth quarter payment. The company said this was the third increase in less than two years, and means that it has more than doubled dividends since 2010. In other news, Hurricane Sandy cut off the power to the company’s N.J. headquarters and R&D center Oct. 29. While power was still off as of Nov. 1, the company said that customer-facing functions were operating from alternative sites. No production facilities were impacted.
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