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

els. The first quarter 2012 had a net benefit of $6 million ($8 million benefit in U.S. and $2 million expense in Mexico) from a delay in the realization of raw material inflation in cost of goods sold that only became fully realized beginning in the second quarter 2012. Operating Income in the first quarter 2013 included $8 million of elevated cost of goods sold of which $3 million related to Mexico manufacturing issues, $2 million was for an out of period adjustment related to a long term supply agreement, $1 million related to a revision of inventory accounting estimates, $1 million was for demurrage on raw material purchases and $1 million was for acquisition accounting expenses.  Operating income margin for first quarter 2013 was 6%, down 1,140 basis points from 2012 levels.  Adjusted for the noted elevated costs, operating income margin would have been 10%.

US/CanadaUS/Canada Specialty Phosphates sales increased 7% for the first quarter 2013 compared to the year ago period on growth from acquisitions.  Excluding acquisitions, sales were flat with the year ago period, with sales mix skewed towards lower margin products and customers, thus affecting overall margin performance.  

For the first quarter 2013, operating income of $11 million was $16 million below the year ago quarter.  Excluding the effects noted above for the $8 million advantaged cost of goods sold in the prior period and the $5 million of elevated costs in the U.S. for the current quarter, the decline was $3 million, arising primarily from the lower margin sales mix. Operating income margin was 7% for the first quarter 2013, down 1,210 basis points from the year ago period. Adjusting for the noted elevated costs, operating income margin would have been 11%.

MexicoFirst quarter 2013 sales were down 24% against the first quarter 2012 due to equipment reliability issues suffered in the quarter which limited production and, therefore, sales.
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SOURCE Innophos Holdings, Inc.
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