Compass Minerals on Monday reported a 38 percent increase in fourth-quarter profits, boosted by a 10 percent gain in salt sales used for highway de-icing.
The Overland Park-based company earned $80.5 million in the final three months of 2014, up from $58.4 million in the same quarter in 2013. Revenue climbed 12 percent during the quarter to $433.4 million.
“Early snow and robust pre-season demand overcame mild December weather to produce strong fourth-quarter results for our salt business,” chief executive and president Fran Malecha said in the earnings statement. Compass also reported a 23 percent increase in revenue from the sale of plant nutrition products.
For the year, Compass earned $217.9 million, compared to $130.8 million in 2013.
Compass also said its board approved a 10 percent increase in the company’s quarterly dividend to 66 cents per share, payable March 13 to shareholders of record on Feb. 27.