Specialty salts and fertilizer maker, Compass Minerals International Inc (CMP.N: Quote) posted quarterly results that missed market estimates, hurt by a decline in sales in its de-icing salt and fertilizer segments.
The company, which depends on the severity of winter for the sale of its de-icing salt that clears snow, said its salt sales fell reflecting a milder-than-normal winter weather in the Midwest.
In the first quarter, the company earned $61.6 million, or $1.85 a share, compared with $49.1 million, or $1.48 a share, in the year ago period.
Revenue fell about 19 percent to $309.1 million, with sales at the de-icing salt segment fell about 18 percent to $268.8 million.
Sales at its fertilizer segment fell about 20 percent because of weak demand, which persists throughout the global potash industry, the company said.
Shares of the company closed at $51.54 Monday on the New York Stock Exchange. (Reporting by Sakthi Prasad in Bangalore; Editing by Pradeep Kurup) ((email@example.com; within U.S. +1 646 223 8780 ; outside U.S. +91 80 4135 5800 ; Reuters Messaging: firstname.lastname@example.org))
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