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Compass Minerals Reports Fourth-Quarter And Full-Year 2013 Earnings

Stocks in this article: CMP

Compass Minerals (NYSE: CMP) reports the following results of its fourth-quarter and full-year 2013 operations:

  • Net earnings increased 94 percent to $58.4 million, or $1.73 per diluted share, from $30.1 million, or $0.90 per diluted share, in the fourth quarter of 2012. Full-year net earnings were up 47 percent to $130.8 million, or $3.88 per diluted share, compared to $88.9 million, or $2.65 per diluted share, in 2012.
  • Net earnings in the fourth quarter of 2013 include a net benefit from special items of $2.9 million, while net earnings in 2012 included unfavorable special items totaling $4.2 million. Excluding these special items from all periods, net earnings for the 2013 quarter were $55.5 million, or $1.65 per diluted share, compared to $34.3 million, or $1.02 per diluted share, in the 2012 period. For the full year, 2013 net earnings excluding special items were $127.9 million, or $3.80 per diluted share, and $104.4 million, or $3.11 per diluted share, in 2012.
  • Fourth quarter sales increased 45 percent year-over-year to $387.4 million as severe winter weather drove a 56 percent improvement in salt segment sales, while specialty fertilizer sales rose 8 percent.
  • Operating income increased 90 percent to $80.3 million in the quarter and rose 39 percent to $185.6 million for the full year as increased salt sales volumes and improved salt segment per-unit operating costs more than offset the impact of higher specialty fertilizer per-unit costs, net of special items.
  • Adjusted EBITDA* totaled $99.9 million for the quarter compared to $59.5 million in the 2012 period and was $258.6 million for the full year compared to $197.7 million in 2012.
  • Cash flow from operations rose to $238.3 million from $151.7 million in 2012.
  • Compass Minerals’ board of directors has increased the company’s quarterly dividend by 10 percent to $0.60 per share effective with its dividend payable March 14, 2014, to shareholders of record as of the close of business on February 28, 2014.

*Earnings before interest, taxes, depreciation and amortization. This is a non-GAAP financial measure. Reconciliations to GAAP measures of performance are provided in tables at the end of this release.

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