Cranbury, N.J.-Specialty phosphate maker Innophos Holdings Inc. reported a 31 percent increase in sales during the fourth quarter ending Dec. 31, 2010, to $192.2 million from the year-ago $147.2 million. Net income surged to $19.3 million ($.86 per diluted share) from the year-ago $158,000 ($.01 per share). The company credited the results to a strong performance from its U.S. and Canadian specialty phosphates business and a recovery in the GTSP/Other segment compared to the weather-affected third quarter following hurricane disruption to transportation in Mexico. Innophos said specialty phosphate volume growth continued in the double digits despite tougher prior-year comparisons, and demand remains strong in all markets. It also reported sequential pricing improvement and said it is on track with its price increase and margin objectives. It expects phosphate rock and sulfur prices to remain strong, and noted that it has reached agreement with three rock suppliers on major terms for 2011 supply to the Coatzacoalcos facility, with options for other spot suppliers. It told analysts that there would be a turnaround at the Coatzacoalcos facility in the first quarter. Full-year net income was $45.1 million ($2.02 per share) on sales of $714.2 million, down from the prior year’s $63.1 million ($2.87 per share) on sales of $666.7 million.
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