Compass Minerals profit beats estimates
* Q2 adj EPS $0.31 vs est $0.26
* Revenue down 1 pct at $178.5 mln
July 30 (Reuters) - Compass Minerals International Inc's second-quarter profit beat market expectations, helped by a surge in specialty fertilizer sales.
The provider of highway de-icing salt and specialty fertilizer said its net income fell to $9.5 million, or 28 per share, from $14 million, or 42 cents per share, a year earlier.
Excluding one-time items, the company earned 31 cents per share.
Revenue dropped 1 percent to $178.5 million.
Analysts on average had expected earnings of 26 cents per share, on revenue of $179.8 million, according to Thomson Reuters I/B/E/S.
Specialty fertilizer sales jumped 14 percent to $56.2 million, helped by a 10 percent increase in sales volume.
The company expects its highway de-icing segment to report sales volumes of about 1 million tons for the third quarter, down from 1.9 million tons a year ago, hurt by carryover inventories following a mild winter.
Shares of the Overland Park, Kansas-based company closed at $74.14 on Friday on the New York Stock Exchange.
- U.S. war veteran released by North Korea returns home |
- South Korea expands air defense zone to partially overlap China's |
- Dynasty's Congress party punished in Indian state elections
- South Korea to make announcement on air zone; expansion is anticipated |
- Pennsylvania newlyweds "just wanted to murder someone together:" police