- Net earnings increased to $10.6 million, or $0.32 per diluted share, from $9.5 million, or $0.28 per diluted share, in the second quarter of 2012. Excluding special items, second-quarter 2012 net earnings were $10.3 million, or $0.31 per diluted share.
- Sales of $173.8 million were 3 percent lower year over year as increased salt sales were offset by a decline in specialty fertilizer sales resulting from the company’s constrained supply of sulfate of potash.
- Operating earnings of $14.7 million were $0.8 million lower year over year as improved salt earnings were offset by an increase in selling, general and administrative expenses, including a $1.7 million restructuring charge associated with streamlining the company’s management structure.
- Adjusted EBITDA* increased to $32.8 million from $31.3 million in the second quarter of 2012.
- Cash flow from operations for the six months ended June 30, 2013, increased 52 percent to $175.8 million from $115.5 million in the 2012 period.
|Compass Minerals Financial Results|
|(in millions, except for earnings per share)|
|Three months ended||Six months ended|
|June 30,||June 30,|
|Sales less shipping and handling (product sales)||133.5||135.6||401.9||357.4|
|Net earnings, excluding special items*||10.6||10.3||57.0||59.8|
|Diluted earnings per share||0.32||0.28||1.69||1.47|
|Diluted per-share earnings, excluding special items*||0.32||0.31||1.69||1.78|
|*These are non-GAAP financial measures. Reconciliations to GAAP measures of performance are provided in tables at the end of this release.|