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Compass Minerals posts impressive Q3 results

Post Time:Oct 28,2011Classify:Company NewsView:331

 

Compass Minerals International Inc posted better-than-expected quarterly results, as its highway de-icing customers placed early orders for the upcoming winter, and strong agriculture fundamentals pushed potash fertilizer prices.

 

For the July-September quarter, the provider of highway de-icing salt and specialty fertilizer reported a net income of $34.6 million, or $1.03 a share, up from $19.3 million, or 58 cents a share, a year ago.

Revenue jumped by almost a third to $229.1 million.

 

Analysts on average had expected earnings of 63 cents a share, on revenue of $190.4 million, according to Thomson Reuters I/B/E/S.

 

Salt business sales rose 29 percent to $175.5 million helped by a 40 percent increase in highway de-icing sales volume and stronger average prices on both highway de-icing and consumer and industrial salt products.

 

The company expects its specialty fertilizer segment to report sales volumes of about 70,000 tons in the fourth quarter.

 

Shares of the Overland Park, Kansas-based company closed at $75.50 on Wednesday on the New York Stock Exchange

 

Source: http://www.usgnn.comAuthor: shangyi

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