Compass Minerals reported fourth-quarter net earnings, excluding special items, of $46.1 million ($1.35 per diluted share) on sales of $443.2 million, down from the year-ago $58.4 million ($1.72 per share) and $289.3 million, respectively.
Net earnings were $97.6 million, including approximately $51.5 million in a net after-tax benefit or $1.52 per share. This included a $59.3 million gain on the company’s equity investment in Produquimica, which was partially offset by a partial writedown of the Wolf Trax trade name.
The company called the results solid, saying they were driven by a resilient performance in the Salt segment, improved demand for potassium sulfate in North America and the addition of the Produquimica business in Brazil.
Plant Nutrition North America operating earnings were $8 million on sales of $62.6 million, down from the year-ago $11.5 million and $50.5 million, respectively. However, sales volumes were up at 95,000 st from the year-ago 62,000 st, while average prices were down at $657/st from $805/st.
Full-year net earnings, excluding special items, were $111.2 million ($3.27 per share) on sales of $1.14 billion, down from the year-ago $159.2 million ($4.69 per share) and $1.1 billion, respectively.
Full-year North American operating earnings were $21.1 million on sales of $203 million, down from the prior year’s $57.9 million and $238.4 million, respectively. Fertilizer volumes were up slightly at 313,000 st from 311,000 st, while average prices were down at $648/st from $765/st.