Innophos Q4 Profit Rises - Quick Facts

(RTTNews) - Innophos Holdings, Inc. (IPHS) reported that its fourth-quarter net income increased to $14.60 million or $0.65 per share, from $13.39 million or $0.60 per share, last year.

On average, five analysts polled by Thomson Reuters expected the company to report profit per share of $0.60 for the quarter. Analysts' estimates typically exclude special items. Net sales declined 6% to $197 million, or $12 million below fourth quarter 2012 levels, due to GTSP & Other which declined by $14 million. Analysts expected revenue of $209.00 million for the quarter. Although sales declined year-over-year, the company recorded higher gross profit and operating profit for the period.

Randy Gress, CEO of Innophos, said, "We are pleased with our performance for the fourth quarter as we generated our strongest net income of the year driven by our highest levels of operating income and margin for Specialty Phosphates in six quarters. Importantly, our actions to improve the future reliability and capability for our facility in Mexico have significantly improved its operating performance. In fact, we achieved the best yield quarter of the year at Coatzacoalcos, up 490 basis points from our first quarter 2013 low, and set new monthly and annual production records on our Specialty Ingredients unit."

The company confirmed its previously announced 2014 outlook of 3-5% volume growth for Specialty Phosphates. This is based on the improved operations at the company's Coatzacoalcos facility, low double-digit growth expectations for nutrition business and expected asphalt market demand recovery which detracted 90 basis points from 2013 volume growth rates.