Overland Park, Kan.-Compass Minerals reported a 23 percent increase in specialty fertilizer sales in the year ending Dec. 31, 2007, to $136.1 million, up from 2006’s $110.3 million. Fertilizer operating earnings moved up to $35.6 million from 2006’s $30.5 million. Compass sold 423,000 st of product at an average sales price of $321.82, versus 2006’s 377,000 st and $292.39. Fourth-quarter fertilizer earnings were $11.3 million on sales of $39.4 million, up from the year-ago $8 million and $29.2 million, respectively. Fourth-quarter volumes were 115,000 st with an average price of $341.29, versus the year-ago 96,000 st and $303.69. Company-wide, Compass reported 2007 net income of $80 million ($2.43 per diluted share) on sales of $857.3 million, compared to 2006’s $55 million ($1.69 per share) on sales of $660.7 million. Fourth-quarter net income was $50.4 million ($1.53 per share) on sales of $326.1 million, versus the year-ago $26.2 million ($.80 per share) and $211.1 million. “Our record results this quarter and for all of 2007 demonstrate Compass Minerals’ improving performance,” said Angelo Brisimitzakis, Compass president and CEO. “As the leading North American producer of sulfate of potash, our specialty fertilizer segment is realizing increasing benefits from the dynamic growth of the fertilizer industry. Our salt segment also posted substantial sales and earnings gains, aided by a significant year-over-year weather benefit in the fourth quarter.”
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