Innophos Holdings, Inc. Reports Q4 EPS of $.89 vs. $.80

Innophos Holdings, Inc. IPHS today announced its financial results for the fourth quarter and full year 2010. Net sales for the fourth quarter 2010 were $192 million, a 31% increase over fourth quarter 2009 on 32% volume growth with Specialty Phosphates and GTSP & Other both contributing strongly. Net income for the fourth quarter 2010 was $19.3 million which included an additional charge of $0.8 million ($0.03 per share) to update, as required, the third quarter 2010 charge for expected future claims regarding Mexican water duties. Excluding this charge, net income would have been $20.1 million for the fourth quarter 2010. Net income for the fourth quarter 2009 was $0.2 million and included $5.0 million ($0.22 per share) of settlement charges on the resolution of a supplier dispute. Excluding these charges, net income would have been $5.2 million for the fourth quarter 2009. Diluted EPS for the fourth quarter 2010 was $0.86, compared to $0.01 for the fourth quarter 2009. Excluding the charges mentioned above, fourth quarter 2010 EPS would have been $0.89 compared to $0.23 in the year ago period.