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Innophos Holdings, Inc. Reports First Quarter 2013 Results
Date:4/29/2013

CRANBURY, N.J., April 29, 2013 /PRNewswire/ -- Innophos Holdings, Inc. (NASDAQ:  IPHS), a leading international producer of performance-critical and nutritional specialty ingredients, with applications in food, beverage, dietary supplements, pharmaceutical, oral care and industrial end markets, today announced its financial results for the first quarter 2013.

First Quarter Results

  • Net sales for the first quarter 2013 at $214 million were $14 million below first quarter 2012 primarily on lower GTSP & Other sales. 
  • US/Canada Specialty Phosphates sales were up 7% on growth related to acquisitions. Excluding acquisition benefits, sales were level compared to last year. Strong export sales supporting geographic growth and improved market demand in some areas were offset by significant temporary weakness in several higher margin market segments.
  • Mexico Specialty Phosphates sales declined 24% compared to the year ago period, primarily due to the business experiencing continued variation in manufacturing equipment performance which significantly reduced on-stream time and efficiencies during the quarter. Meaningful progress was made by quarter end in addressing several areas to improve the reliability of the Coatzacoalcos facility.
  • GTSP & Other sales at $24 million for the 2013 first quarter were $11 million below the year ago level primarily on lower volumes.
  • Diluted EPS for the first quarter 2013 was $0.55 compared to $1.22 for the first quarter 2012. GTSP & Other recorded a gain in the current quarter for the finalization of amounts owed on 2005-2008 Mexican water duties below the existing provision, with a benefit of $0.24 per share. This was more than offset by $0.29 per share of elevated costs incurred in cost of goods sold during the current quarter as follows:
  • $0.12 per share from lower efficiencies and unplanned maintenance costs resulting from Mexico production
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  • SOURCE Innophos Holdings, Inc.
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