Overland Park, Kan.-Compass Minerals reported that specialty fertilizer operating earnings were up 448 percent for the third quarter ending Sept. 30, 2008, to $42.3 million on sales of $73.4 million, up from the year-ago $7.7 million and $29.1 million, respectively. Sales volumes were 98,000 with an average sales price of $752/st, up from the year-ago 86,000 st and $341/st, respectively. Nine-month fertilizer operating earnings were $81.1 million on sales of $175.1 million, versus the year-ago $24.3 million and $96.7 million. Nine-month volumes were 332,000 st with an average sales price of $528/st, versus the year-ago 308,000 st and $314/st, respectively. Compass said it currently expects full-year sulfate of potash sales volumes to be approximately 425,000-430,000 st and fourth-quarter average prices to approach $1,000/st. “Continued strong demand for our products drove robust sales, earnings and cash flow in the third quarter, and we expect our business to remain strong,” said Angelo Brisimitzakis, Compass president and CEO. “Demand for highway deicing salt and sulfate of potash specialty fertilizer has continued to exceed supply. Our strategic investments in additional production capacity at our advantaged facilities will allow us to address supply imbalances while fueling long-term profitable growth. Compass Minerals is a predominately non-cyclical company selling generally non-discretionary products with substantial cash flow and a solid balance sheet, which has allowed us to continue to execute our long-term business strategies even in today’s difficult economic environment.” Company-wide, Compass reported third-quarter net income of $28.7 million ($.87 per diluted shares) on sales of $237.4 million, versus the year-ago $6.7 million ($.20 per share) and $139.5 million, respectively. Nine-month net income was $79.4 million ($2.39 per share) on sales of $779.4 million, compared to the year-ago $29.6 million ($.90 per share) and $531.2 million, respectively.
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