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Compass Minerals Q2 earnings, sales decline; FY'16 EPS guidance reduced

CompassMinerals International Inc.'s consolidated operating earnings inthe second quarter declined to US$15.5 million from US$24.0 million year overyear, while sales dropped 8% to US$169.5 million from US$183.7 million, thecompany said July 25.

Net income also declined to US$6.3 million, or 18 cents perdiluted share, in the second quarter compared to US$13.2 million, or 39 centsper diluted share, in the corresponding period last year.

Salt segment operating earnings, meanwhile, increased 10% toUS$23.3 million year over year, tallying the company's highest second-quarterearnings from the division since its 2003 IPO. Revenue from the segment alsoincreased 2% from the 2015 second quarter, with EBITDA also up 8% to US$34.6million year over year.

The company's plant nutrition operating earnings plunged 72%year over year to US$4.7 million due to continued market weakness throughoutthe agriculture market, with revenue declining 25% to US$47.8 million fromUS$64.1 million.

Plant nutrition EBITDA also dropped 45% to US$13.1 millionfor the quarter compared to the prior-year period's results.

Compass Minerals also said it is reducing its full-year EPSguidance to a range of US$2.60 to US$2.90 per diluted share due to weak marketconditions for the highway deicing and sulfate potash markets.