Compass Minerals reports major drop in earnings

Compass Minerals reported a major drop in earnings for the third quarter 2012—down 73% from the year-ago quarter, to $9.4 million. The decrease is partially due to losses from a tornado that struck its salt operations at Goderich, ON, Canada in August 2011. Adjusted earnings of 28 cts/share were below analyst estimates of 30 cts/share, according to Thompson Reuters (New York). Sales fell 21%, to $181 million. The sales decline is due to a decline in its salt segment sales because of low preseason demand for deicing products after the mild 2011-2012...

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