Overland Park, Kan. — Compass Minerals saw improvement in all categories for its specialty fertilizer business for the first quarter ending March 31, 2012. Operating earnings were $20.7 million on sales of $58.5 million, compared to the year-ago $19.3 million on sales of $55.4 million. Volumes moved up to 96,000 st from 95,000 st, while prices saw a more robust increase at $613/st from $583/st. Compass, which does business as Great Salt Lake Minerals and Big Quill Resources, said it expects second-quarter volumes of about 85,000 st and 2012 sales of 375,000 st, with stable and attractive prices. Compass-wide results were down due to the company’s salt business, which saw a big decline due to the mild winter. Compass net earnings dropped to $39.9 million ($1.19 per diluted share) on sales of $315.3 million from the year-ago $56.5 million ($1.69 per share) on sales of $390.6 million. The results also include about $10 million in losses due to the effects of the tornado that occurred at the Goderich, Ont., salt mine in August 2011. Operating earnings declined to $221.8 million from $275.9 million, and EBITDA dropped to $75.5 million from $100.4 million. Compass announced that it was increasing its quarterly dividend 10 percent, to $.495 per share from $.45 per share. The salt unit saw a drop in volume sales, to 3.61 million st from 4.86 million st. Salt operating earnings were $52.4 million on sales of $254.3 million, down from $77.2 million on $332.4 million. Average salt prices were actually up slightly, to $70.44/st from $68.36/st.
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