- Net earnings were $9.5 million, or $0.28 per diluted share, compared with $14.0 million, or $0.42 per diluted share, in the 2011 period.
- Excluding special items from the current-period results, net earnings were $10.3 million, or $0.31 per diluted share. These special items include losses resulting from the tornado that struck the company’s salt operations in Goderich, ON, in August of 2011 and the cost to refinance the company’s term loans, partially offset by an income tax benefit.
- Sales were essentially flat year over year at $178.5 million versus $179.9 million in the second quarter of 2011, as a 14 percent gain in specialty fertilizer sales was more than offset by a 6 percent decline in salt sales.
- Operating earnings declined to $15.5 million from $22.1 million in the prior-year quarter driven by increased sulfate of potash unit production costs related to sourcing higher-cost potassium mineral feedstock as a result of unfavorable solar-evaporation weather at the Great Salt Lake in 2011 and the estimated impact of the 2011 tornado on salt costs.
- For the six months ended June 30, 2012, cash flow from operations was $115.5 million, down from $194.1 million in the prior-year period.
|Compass Minerals Financial Results (in millions, except for earnings per share)|
|Three months ended June 30,||Six months ended June 30,|
|Sales less shipping and handling (product sales)||135.6||135.8||357.4||411.7|
|Net earnings, excluding special items*||10.3||14.0||59.8||70.5|
|Diluted earnings per share||0.28||0.42||1.47||2.11|
|Diluted per-share earnings, excluding special items*||0.31||0.42||1.78||2.11|