Compass Minerals, Overland Park, Kan. reported a second-quarter net loss of $7.6 million ($0.23 per diluted share) on sales of $246.7 million, compared to a year-ago net loss of $6.4 million ($0.19 per diluted share) and $228 million, respectively.
Operating earnings were down in both of its Plant Nutrition segments, both North America and South America. They were up for Salt.
“Our second quarter is typically our lowest earnings period, however I am pleased that we delivered top-line growth across all our businesses. This provides a strong indicator that the fundamental market conditions for our businesses globally have continued to improve in 2018,” said Fran Malecha, president and CEO. “I believe we are now better positioned to deliver on our efficiency investments in our salt business, drive growth in our specialty plant nutrition business and capitalize on strong grower economics in South America.”
The Mosaic Co., Plymouth, Minn. reported second-quarter net earnings attributable to Mosaic of $68 million ($0.18 per diluted share) on net sales of $2.2 billion compared to the year-ago $97.3 million ($0.28 per share) and $1.75 billion, respectively. However, second- quarter EPS included a negative impact of $0.22 per share from notable items, primarily related to non-cash currency translation charges and costs related to the Vale Fertilizantes acquisition, partially offset by discrete tax benefits. Adjusted earnings per share during the second quarter of 2018 were $0.40, ahead of both last year and the first quarter of 2018.
“In fact, we have paid down $500 million in debt this year, which brings us closer to our through-cycle balance sheet targets. As we look ahead, our capital priorities remain unchanged: maintain a strong balance sheet, sustain our assets, invest to grow the business and return excess to shareholders.”
“We are seeing positive developments in potash and phosphate markets and we expect the momentum to continue,” said Joc O’Rourke, president and CEO. “Strong operational performance across our three business units and constructive market developments are driving improved earnings and cash flow. We are making excellent progress on the transformational initiatives at Mosaic Fertilizantes and are well positioned to benefit from today’s improved business environment.”
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