Specialty phosphate company Innophos Holdings Inc., Cranbury, N.J., reported first-quarter net income of $11 million ($0.55 per diluted share) on sales of $205 million, compared to the year-ago $11 million ($0.55 per share) and $166 million, respectively. Adjusted EBITDA was up 17 percent, at $32 million from $28 million.
“We began the year with a strong first quarter as we delivered growth from both our legacy business and acquisitions, supported by the favorable impact from our proactive pricing actions,” said Kim Ann Mink, Ph.D., chairman, president, and CEO. “Our recent acquisitions contributed 20 percent of our volume growth in the quarter, with an additional 4 percent year-over-year growth coming from our legacy business, which is a significant turning point compared with the trend seen in recent years.”
The company said a proactive selling price increase program that began in the fourth quarter was effective in offsetting first-quarter input cost increases. With an operating environment continuing to show inflation, the company said it has taken further price increase actions in its specialty phosphate portfolio that will take effect June 1.
Innophos continues to expect full-year revenue to grow 12-14 percent due to annualized contributions from acquisitions, favorable growth in specialty nutrition end-markets served, and stabilization in the legacy business.