Compass 1Q fertilizer volumes up
Compass Minerals reported a 22 percent increase in specialty fertilizer volumes for the first quarter ending March 31, 2014. Volumes were 107,000 st, up from the year-ago 88,000 st. Average sales prices saw a slight uptick at $616/st versus the year-ago $615/st.
Despite the volumes uptick, operating earnings for the Specialty Fertilizer business unit were up only 6 percent to $16.3 million from the year-ago $15.4 million. Per unit costs were up as the company continued to buy potassium chloride for use in making is sulfate of potash product. Sales were $66.1 million, up from $54 million.
Company-wide, Compass net earnings were $50.2 million ($1.49 per diluted share) on sales of $422 million versus the year-ago $46.4 million ($1.38 per share) on sales of $383.7 million. The Compass Salt segment was buoyed by an 8 percent increase in salt sales due in part to strong North American winter demand. However, average selling prices for deicing products were down 6 percent due to the prior year’s bid season.