OVERLAND PARK, Kan. (AP) — Compass Minerals International Inc. said Monday its third-quarter net income tumbled 73 percent, hurt by a steep drop in demand for deicing products at its salt business.
The Overland Park, Kan.-based company, which also sells fertilizer, earned $9.4 million, or 28 cents per share, in the July-September period, down from $34.6 million, or $1.03 per share, in the same quarter last year.
The recent quarter's results included one-time charges related to a tornado that struck one of the company's salt operations. Excluding those costs stemming from the tornado's impact, Compass said it posted an adjusted profit of 31 cents per share for the recent quarter.
Revenue fell 21 percent to $181 million from $229.1 million, as sales in the company's salt division dropped 30 percent. Because of the mild weather last winter, customers didn't need to build up their stockpiles of de-icing salt as much for the upcoming winter.
Analysts, on average, expected a profit of 31 cents per share on $178.6 million in revenue, according to a FactSet poll.
The company also has a smaller fertilizer division, and those sales rose 7 percent.