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Compass Minerals International, Inc. (NYSE: CMP) is a leading provider of essential minerals that address nature's challenges and improve quality of life. The company is headquartered in the Kansas City metropolitan area and operates mineral production facilities across the U.S., Canada, and the U.K.
Core Business: Compass Minerals specializes in two primary products: salt and specialty plant nutrition minerals. The company's salt products are essential for winter roadway safety, industrial processes, and consumer needs. Their specialty plant nutrition products, derived from sulfate of potash and magnesium chloride, are crucial for enhancing crop quality and yield.
Product Portfolio: The company offers a diverse range of products including:
- Bulk treated and untreated highway deicing salt for North America and the U.K.
- Consumer deicing and water conditioning products.
- Commercial and consumer culinary salt.
- Mineral-based agricultural solutions and industrial applications.
Major Operations: Compass Minerals' key assets are strategically located. They include rock salt mines in Ontario, Canada, Louisiana in the U.S., and the U.K. In Utah, the company's brine operation at the Great Salt Lake produces sulfate of potash, catering to high-value crop growers sensitive to standard potash.
Recent Achievements and Projects: Compass Minerals has recently focused on enhancing its production capabilities and expanding its market reach. The company continually invests in technology to improve efficiency and sustainability in its operations. Additionally, partnerships with industry leaders are enhancing their offerings and market footprint.
Financial Condition: Compass Minerals maintains a strong financial position, supported by consistent demand for its products in both consumer and industrial sectors. The company's strategic initiatives aim to further solidify its market position and drive long-term growth.
For more information, visit Compass Minerals.
Compass Minerals (NYSE: CMP) reported fiscal Q4 and full-year 2024 results, marking a challenging transitional year. The company faced significant headwinds including one of the mildest winters in 25 years, resulting in a net loss of $206.1 million for fiscal 2024, largely due to $191.0 million in non-cash impairments across Lithium, Fire Retardant, and Plant Nutrition businesses.
Key financial metrics include: Total adjusted EBITDA increased 4% year-over-year to $206.3 million; Salt business improved annual adjusted EBITDA per ton by 20% to $24.50 despite 18% lower sales volumes; Plant Nutrition sales volumes increased 25% to 273,000 tons. For fiscal 2025, the company expects Salt sales volumes to increase approximately 9%, while North American highway deicing prices are projected to decrease by 2% with committed volumes down 9%.
Compass Minerals (NYSE: CMP) has scheduled the release of its fourth-quarter and fiscal 2024 financial results for Monday, December 16, 2024, after market close. The company will host a conference call on Tuesday, December 17, 2024, at 10:00 a.m. ET, where CEO Edward C. Dowling Jr. and CFO Jeffrey Cathey will discuss the results. Investors can access the call via webcast at investors.compassminerals.com or by phone using the conference ID 7896827. An audio replay will be available on the company's website.
Intrepid Potash (NYSE: IPI) has appointed Kevin S. Crutchfield as Chief Executive Officer and Board director, effective immediately. Crutchfield brings over 30 years of global mining experience and 20+ years of leadership in public companies. He previously served as President and CEO of Compass Minerals, where he gained experience in minerals mining, brine operations, and specialty fertilizer products. Prior roles include CEO positions at Alpha Natural Resources and Contura Energy. Matt Preston will continue as Chief Financial Officer after serving as acting principal executive officer during the search process.
Compass Minerals (NYSE: CMP) has released its final fiscal 2024 third-quarter results. The company filed amended financial statements (Form 10-K/A and Form 10-Q/A) on October 29, 2024, correcting previous reports from June 2023 through March 2024. The final Q3 2024 results align with preliminary results disclosed on September 17, 2024. Due to ongoing work on 2024 financial results and 2025 budget preparation, the company has canceled its Q3 2024 earnings call but plans to resume regular quarterly calls starting with Q4 2024 results.
Compass Minerals (NYSE: CMP) reported preliminary fiscal 2024 third-quarter results, with revenue of $202.9 million and adjusted EBITDA of $32.8 million. The company is currently finalizing its results due to ongoing financial restatements. Key highlights include:
- Strong Salt segment performance with adjusted EBITDA per ton of $28.05
- Salt segment guidance increased by $15 million for 2024
- Plant Nutrition segment saw increased average sales price for sulfate of potash to $691.27 per ton
- The company ended the quarter with $220.8 million in liquidity
- Updated 2024 outlook provided for Salt and Plant Nutrition segments
The company is working on resolving accounting issues and expects to file its Form 10-Q for Q3 2024 once restatements are completed.
Compass Minerals (NYSE: CMP) has finalized a Voluntary Agreement with Utah's Division of Forestry, Fire and State Lands for Great Salt Lake conservation. Key points include:
- Donation of 201,000 acre-feet of annual non-production water rights to Utah for lake preservation
- Return of 65,000 acres of leasehold to the State for conservation
- Implementation of brine withdrawal caps based on lake elevation
- Agreement aligns with House Bill 453, providing severance tax relief and protection against eminent domain
- Compass Minerals' Ogden facility employs nearly 400 local workers
The agreement aims to balance lake conservation with sustainable mineral production, demonstrating a collaborative effort between public and private sectors to protect the Great Salt Lake ecosystem.
Compass Minerals (NYSE: CMP) has received a notice of filing delinquency from the New York Stock Exchange (NYSE) on August 15, 2024. The company has not yet filed its Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, resulting in non-compliance with NYSE listing requirements. This delinquency has no immediate effect on the listing of Compass Minerals' securities. The company plans to follow NYSE procedures to regain compliance and is working to file the report as soon as possible.
The delay is due to pending restatements of financial statements for multiple periods, including the quarterly report for June 30, 2023, annual report for September 30, 2023, and quarterly reports for December 31, 2023, and March 31, 2024. Compass Minerals cited the need for unreasonable effort or expense to file the report within the prescribed time period.
Compass Minerals (NYSE: CMP) has announced Jeffrey Cathey as their new Chief Financial Officer (CFO). Cathey will manage accounting, reporting, tax, internal audit, treasury, financial planning, analysis, and investor relations. Cathey, who joined Compass Minerals in December 2023 as Chief Accounting Officer, brings over 15 years of financial leadership experience, previously serving at Crestwood Equity Partners LP, Shamrock Trading , and Ernst & Young LLP. He replaces Lorin Crenshaw, who served as CFO since December 2021 and has left to pursue other opportunities.
Compass Minerals (NYSE: CMP) announced that its president and CEO, Edward C. Dowling Jr., and CFO Lorin Crenshaw will participate in one-on-one meetings at two upcoming investor events. These events include the Stifel 2024 Cross Sector Insight Conference on June 5, 2024, in Boston, and Deutsche Bank’s 15th Annual Global Industrials, Materials & Building Products Conference on June 6, 2024, in New York City. Updated presentation materials will be available on the Compass Minerals website.
Compass Minerals (NYSE: CMP) reported fiscal 2024 second-quarter results impacted by mild winter and fire-retardant business challenges. The company is taking actions to enhance cash flow, including suspending dividends and reducing workforce. Quarterly financial results showed a decrease in revenue and operating earnings, with a net loss. Adjusted EBITDA increased 13% year over year. The Salt segment experienced a decline in sales volumes, while Plant Nutrition saw increased sales volumes. The company recognized impairments in the Plant Nutrition and Fortress segments. Cash flow from operating activities decreased, with higher capital expenditures. The company has amended its credit facility for flexibility. The updated 2024 outlook shows reduced guidance in the Salt and Plant Nutrition segments.
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