Last Update: 29-Apr-13 07:41 ET
Compass Minerals shares little changed following beat on earnings
Compass Minerals (CMP $81.31 +0.00) reported first quarter earnings of $1.38 per share, excluding non-recurring items, $0.24 better than the Capital IQ Consensus Estimate of $1.14, while revenues rose 23.3% year/year to $388.7 million versus the $350.42 million consensus. Salt segment sales totaled $327.5 million in the 2013 first quarter compared to $254.3 million in the first quarter of 2012. Highway deicing sales volumes climbed 40 percent to 4.4 mln tons due to higher weather-driven demand than in the extremely mild first quarter of 2012. Co reported operating Margin of 17.6% versus 19.5% in the same quarter as last year. Compass Minerals raised its quarterly dividend by 10 percent to $0.545 per share. Outlook: The arrival of late winter snow has depleted salt inventories more quickly than anticipated. As a result, the company expects to achieve more-normal salt production rates which are expected to reduce the per-unit costs of salt produced in 2013 compared to higher cost 2012 production. The market for Compass Minerals' specialty potash products continues to be strong, although production capacity constraints are expected to limit sales volumes in 2013. The company will continue to focus on those markets that provide the greatest value and expects average selling prices to remain attractive throughout 2013. The company also expects specialty fertilizer per-unit production costs to improve on a year-over-year basis.
Compass Minerals (CMP $81.31 +0.00) reported first quarter earnings of $1.38 per share, excluding non-recurring items, $0.24 better than the Capital