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

issues;
  • $0.07 per share for an out of period adjustment related to a long term supply agreement;
  • $0.04 per share for a revision of inventory accounting estimates;
  • $0.04 per share related to demurrage on raw material purchases;
  • $0.02 per share for acquisition accounting expenses.
  • The first quarter 2012 results included a $0.32 per share benefit for settlement with former parent, Rhodia, on various claims related to historical amounts owing on Mexican water duties. Giving effect to these adjustments, first quarter 2013 diluted EPS would have been $0.60 compared to $0.90 for the first quarter 2012.  

    Randy Gress, CEO of Innophos, commented on the results, "Our results this quarter, which were not in-line with our long-term objectives, reflected lower demand for some of our higher margin products and operational disruptions at our Mexico facility. Despite these challenges, I remain confident that we are achieving good progress against our strategic growth initiatives. We benefited from strong performance within our nutrition business where our recent acquisitions contributed 5% of overall growth. Our low sodium product line also continued to demonstrate success in the marketplace, doubling sales over the prior year period. In addition, we achieved record export sales from the U.S., including strong results in Asia Pacific, which is particularly encouraging given the investments we have made in China."Mr. Gress continued, "Although overall U.S. & Canada volumes were level with last year, we encountered soft demand in several higher margin market segments. In particular, our industrial asphalt business was affected by extended seasonally cold weather conditions which deferred many infrastructure projects into the second quarter. We also faced a significant decline in export sales to Venezuela as economic instability severely disrupted local supply chains. Sales mix, particularly for our U.S. &
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    SOURCE Innophos Holdings, Inc.
    Copyright©2012 PR Newswire.
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