Cranbury, N.J.-Specialty phosphate maker Innophos Holdings Inc. reported second-quarter net income of $59.3 million ($2.74 per diluted share) on sales of $264.0 million, compared to a year-ago loss of $5.2 million ($.25 per share) and $151.9 million. Six-month net income was $68.5 million, up from the year-ago loss of $7.2 million. Citing higher raw material costs, Innophos said it has had to pass these costs on to customers, with some five price increases so far this year, the last slated for Aug. 1. It expects these to be fully realized in the fourth quarter and says they are expected to result in a revenue increase of 120-130 percent of 2007 annual sales, or approximately $695-$755 million on an annualized basis.
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