Earnings out.....nice!
UPDATE 1-Innophos Q1 beats Street view; shares rise
Mon May 4, 2009 4:50pm EDT Email | Print | Share| Reprints | Single Page[-] Text [+]
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More Business & Investing News... * Q1 EPS $1.39 vs est. of $1.27
* Q1 revenue $190.8 million vs est. of $179.8 mln
* Shares up 5 pct
May 4 (Reuters) - Specialty phosphates maker Innophos Holdings Inc (IPHS.O) posted a more-than threefold rise in first-quarter profit that beat analyst estimates, helped by higher revenue from a rise in selling prices.
For the latest quarter, the company posted a net income of $30.2 million, or $1.39 share, compared with earnings of $9.3 million or 43 cents a share, a year earlier.
Higher selling prices for purified phosphoric acid and specialty salts and acids, helped Innophos, which offers a broad product line used in a wide variety of food and beverage, consumer products, pharmaceutical and industrial applications.
Analysts, on average, expected the company to earn $1.27 a share, before items, on revenue of $179.8 million, according to Reuters Estimates.
Net sales rose 17 percent for the quarter. Sales in the U.S. rose 31.6 percent, while sales in Canada increased 30.8 percent.
Shares of the Cranbury, New Jersey-based company closed at $17.12 Monday on Nasdaq. They rose to $18 in trading after the bell. (Reporting by Antonita Madonna Devotta in Bangalore; Editing by Jarshad Kakkrakandy)
