Strong sales help Innophos Holdings swing to $9.3M 1Q profit

CRANBURY, N.J.—Innophos Holdings Inc., a phosphate provider, said Monday it swung to a first-quarter profit on a strong sales boost.

For the period ended March 31, Innophos posted income of $9.3 million, or 43 cents per share, compared with a loss of $2.1 million in the year-ago period.

Revenue rose 19 percent to $162.5 million from $136.7 million.

Analysts polled by Thomson Financial expected, on average, earnings of 23 cents per share on revenue of $161.4 million.

"In order to achieve these results we have continued to focus on providing excellent customer service, assuring product supply, and improving efficiency and the strength of our supply chain," Chief Executive Randy Gress said in a note to clients.

Operating expenses jumped 58 percent to $17.3 million between the periods.

Sales in the company's U.S. unit jumped 22 percent to $92.9 million, while sales in Mexico rose 17 percent to $61.9 million and sales in Canada rose 4 percent to $7.8 million.

Shares spiked $5.68, or 31.2 percent, to $23.90 in aftermarket trading.