Overland Park, Kan.-Compass Minerals International reported an increase in specialty fertilizer volumes and prices, though operating earnings were off slightly for the first quarter ending March 31, 2007. Specialty fert operating earnings were $7.7 million on sales of $32.1 million (107,000 st @ average $300.58/st) versus the year-ago $7.9 million and $27.7 million (97,000 st @ $285.39/st). Volume and price gains were partially offset by a significant increase in potash costs. The company began implementing a $10/st price increase on its SOP on March 1, and its specialty fert subsidiary, Great Salt Lakes Minerals, announced another $20/st increase for June 1. Compass-wide first-quarter net earnings were off slightly, to $26.1 million ($.80 per diluted share) on increased sales of $264.2 million, versus the year-ago $28.6 million ($.88 per share) and $217.9 million.
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