Overland Park, Kan.-Compass Minerals reported net earnings of $1.6 million ($.05 per diluted share) on sales of $162.0 million for the second quarter ending June 30, 2008, compared to a year-ago loss of $3.2 million on sales of $127.5 million. Second-quarter fertilizer operating earnings were $21.7 million on sales of $53.9 million, versus the year-ago $8.9 million and $35.5 million, respectively. Volumes were off 4 percent, to 111,000 st from 115,000 st due to timing of shipments. Average prices were up 58 percent, to $484.81/st from $307.62/st. “Compass Minerals posted record second quarter revenue and cash flow and generated a second quarter profit for the first time in the company’s history,” said Angelo Brisimitzakis, Compass president and CEO. “This significant achievement illustrates the success of our strategies to strengthen our non-winter, non-seasonal applications coupled with the company’s minimal exposure to economic cycles. We are very optimistic about the growth opportunities for our sulfate of potash specialty fertilizer segment and the solid outlook for our salt segment.” Six-month net earnings were $50.7 million ($1.53 per share) on sales of $542.0 million, versus the year-ago $22.9 million ($.70 per share) and $391.7 million, respectively. Six-month fertilizer operating earnings were $38.8 million on sales of $101.6 million, up from the year-ago $16.6 million and $67.6 million, respectively. Volumes were 234,000 st, up from 222,000. The average price was up 25 percent, to $434.25/st from $304.23/st. “We continue to be very encouraged by the dynamics of the global agriculture industry,” said Brisimitzakis. “Potash fertilizer demand remains very robust, which continues to drive price acceleration. Our multi-phased sulfate of potash capacity expansion program will systematically increase our ability to meet the mounting need for our organic, specialty fertilizer in coming years.”
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