Compass Minerals International Inc. (CMP) Monday reported higher earnings for the first quarter, largely reflecting improved sales in the salt segment.
For the quarter, the company reported net profit of $46.4 million or $1.38 per share, up from $39.9 million or $1.19 per share.
Nine analysts on average polled by Thomson Reuters estimated earnings per share of $1.12 for the quarter. Analysts estimates typically exclude one-time items.
Revenue for the three months was $383.7 million, up from $315.3 million a year earlier. Six analysts polled by Thomson Reuters were looking for revenue of $364.28 million for the quarter.
Sales in the salt segment was $327.5 million, up from $254.3 million a year back.
Looking forward, Fran Malecha, Compass Minerals president and CEO said, "Now that most, if not all, of the short-term weather-related challenges are behind us, our goal is to maximize our operating margin by carefully managing our salt production rates, continuing to improve our sulfate of potash production process and optimizing our sales strategies...We expect to end 2013 with strong cash flow from operations which will continue to provide Compass Minerals with the financial strength and flexibility to pursue future value-creating initiatives."
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