- Net earnings for the quarter were $30.1 million, or $0.90 per diluted share, compared to $43.9 million, or $1.31 per diluted share, in the fourth quarter of 2011.
- Full-year net earnings were $88.9 million, or $2.65 per diluted share, compared to $149.0 million, or $4.45 per diluted share, in the prior year.
- These results include estimated losses in both 2012 and 2011 related to the effects of a tornado that struck the company’s salt operations in Goderich, Ontario, in August 2011, as well as CEO transition expenses in the fourth quarter of 2012. Excluding these special items, net earnings were $34.3 million, or $1.02 per diluted share, in the 2012 fourth quarter versus $55.3 million, or $1.65 per diluted share, in the 2011 quarter. For the full year, net earnings excluding special items were $104.4 million, or $3.11 per diluted share, in 2012 and $160.4 million, or $4.79 per diluted share, in 2011.
- Fourth-quarter sales decreased $39.0 million from the fourth quarter of 2011 to $267.1 million due to the effects of mild winter weather in North America that continued to limit deicing salt sales, partially offset by higher sales of specialty fertilizer products.
- Operating income was $42.2 million, down from $60.0 million in the prior-year period, primarily resulting from lower salt sales volumes and higher specialty fertilizer per-unit product costs.
- Cash flow from operations for 2012 was $151.7 million compared to $252.3 million in 2011.
|Financial Results (in millions except per-share data)|
|Three months ended December 31,||Twelve months ended December 31,|
|Sales less shipping and handling (product sales)||206.3||227.2||703.8||811.9|
|Net earnings, excluding special items*||34.3||55.3||104.4||160.4|
|Diluted earnings per share||0.90||1.31||2.65||4.45|
|Diluted earnings per share, excluding special items*||1.02||1.65||3.11||4.79|