Compass Minerals reported a 52 percent drop in second-quarter net income to $6.3 million ($0.18 per diluted share) on sales of $169.5 million from the year-ago $13.2 million ($0.39 per share) and $183.7 million, respectively.
Improved results in the company’s Salt section, somewhat offset a 72 percent decrease in operating earnings in the Plant Nutrition segment where operating earnings were $4.7 million, down from the year-ago $16.8 million.
The average quarterly fertilizer sales price dropped to $651/st from $756/st, while volumes were 74,000 st, down from 85,000 st. Compass announced that it instituted an average $30/st price decrease for SOP products effective July 1, 2016.
Citing current SOP and highway deicing markets, Compass reduced its full-year EPS guidance to $2.60-$2.90 from $3.25-$3.65.