Compass Minerals Reports Fiscal 2025 First-Quarter Results
Compass Minerals (NYSE: CMP) reported fiscal 2025 first-quarter results, showing revenue of $307.2 million, down from $341.7 million in the prior year. The company posted a net loss of $23.6 million, or $0.57 per diluted share, improving from a loss of $75.3 million in the previous year.
The Salt segment saw revenue decline 12% to $242.2 million, with sales volumes down 13% due to mild winter weather and lower pre-fill activity. North American highway deicing inventory volumes decreased 10% year-over-year. The Plant Nutrition segment revenue increased 24% to $61.4 million, driven by a 36% improvement in sales volumes, despite a 9% decrease in average sales price.
The company updated its fiscal 2025 guidance, projecting Salt segment revenue of $900-$1,000 million and Plant Nutrition revenue of $180-$200 million. Total adjusted EBITDA is expected to range between $152-$193 million. Capital expenditures were reduced to $75-$85 million from the original $100-$110 million range.
Compass Minerals (NYSE: CMP) ha riportato i risultati del primo trimestre per l'anno fiscale 2025, mostrando un fatturato di 307,2 milioni di dollari, in diminuzione rispetto ai 341,7 milioni dell'anno precedente. L'azienda ha registrato una perdita netta di 23,6 milioni di dollari, ovvero 0,57 dollari per azione diluita, migliorando rispetto a una perdita di 75,3 milioni di dollari nell'anno precedente.
Il segmento Sale ha visto un calo del fatturato del 12% a 242,2 milioni di dollari, con i volumi di vendita in diminuzione del 13% a causa del clima invernale mite e di una minore attività di pre-riempimento. I volumi di inventario per la dissalazione delle strade in Nord America sono diminuiti del 10% su base annua. Il fatturato del segmento Nutrizione delle Piante è aumentato del 24% raggiungendo i 61,4 milioni di dollari, grazie a un miglioramento del 36% nei volumi di vendita, nonostante una riduzione del 9% nel prezzo medio di vendita.
L'azienda ha aggiornato le sue previsioni per l'anno fiscale 2025, prevedendo un fatturato del segmento Sale tra 900 e 1.000 milioni di dollari e un fatturato del segmento Nutrizione delle Piante tra 180 e 200 milioni di dollari. L'EBITDA totale rettificato è atteso tra 152 e 193 milioni di dollari. Gli investimenti in capitale sono stati ridotti a una fascia di 75-85 milioni di dollari rispetto all'intervallo iniziale di 100-110 milioni di dollari.
Compass Minerals (NYSE: CMP) informó los resultados del primer trimestre del año fiscal 2025, mostrando ingresos de 307,2 millones de dólares, una disminución respecto a los 341,7 millones del año anterior. La compañía registró una pérdida neta de 23,6 millones de dólares, o 0,57 dólares por acción diluida, mejorando respecto a una pérdida de 75,3 millones de dólares en el año anterior.
El segmento de Sal vio una disminución de ingresos del 12% a 242,2 millones de dólares, con volúmenes de ventas cayendo un 13% debido al clima invernal suave y una menor actividad de prellenado. Los volúmenes de inventario de descongelación de carreteras en América del Norte disminuyeron un 10% año tras año. Los ingresos del segmento de Nutrición de Plantas aumentaron un 24% a 61,4 millones de dólares, impulsados por una mejora del 36% en los volúmenes de ventas, a pesar de una disminución del 9% en el precio medio de venta.
La compañía actualizó su guía fiscal 2025, proyectando ingresos del segmento de Sal de 900 a 1,000 millones de dólares y ingresos del segmento de Nutrición de Plantas de 180 a 200 millones de dólares. Se espera que el EBITDA ajustado total esté en un rango de 152 a 193 millones de dólares. Los gastos de capital se redujeron a un rango de 75 a 85 millones de dólares desde el rango original de 100 a 110 millones de dólares.
컴퍼스 미네랄스 (NYSE: CMP)는 2025 회계연도 첫 분기 실적을 발표하며, 수익이 3억 7,200만 달러로 전년의 3억 4,170만 달러에서 감소했다고 보고했습니다. 이 회사는 2,360만 달러의 순손실을 기록했으며, 이는 희석 주당 0.57 달러로, 전년의 7,530만 달러 손실에서 개선된 수치입니다.
소금 부문은 12% 감소한 2억 4,220만 달러의 수익을 보였으며, 부드러운 겨울 날씨와 낮은 사전 채움 활동으로 인해 판매량이 13% 감소했습니다. 북미 도로 제빙 재고량은 전년 대비 10% 줄었습니다. 식물 영양 부문은 판매량이 36% 증가하여 6,140만 달러로 24% 증가했습니다. 평균 판매 가격은 9% 감소했지만 매출은 증가했습니다.
회사는 2025 회계연도 가이던스를 업데이트하여 소금 부문 수익이 9억~10억 달러, 식물 영양 수익이 1억 8천만~2억 달러로 예상하고 있습니다. 조정된 총 EBITDA는 1억 5,200만~1억 9,300만 달러로 예상됩니다. 자본 지출은 원래 1억~1억 1천만 달러 범위에서 7천 5백만~8천 5백만 달러 범위로 줄였습니다.
Compass Minerals (NYSE: CMP) a reporté les résultats du premier trimestre de l'exercice 2025, montrant un chiffre d'affaires de 307,2 millions de dollars, en baisse par rapport à 341,7 millions de dollars l'année précédente. L'entreprise a affiché une perte nette de 23,6 millions de dollars, soit 0,57 dollar par action diluée, s'améliorant par rapport à une perte de 75,3 millions de dollars l'année précédente.
Le segment Sel a enregistré une baisse de 12 % de son chiffre d'affaires, à 242,2 millions de dollars, avec des volumes de ventes en baisse de 13 % en raison d'un hiver doux et d'une activité de pré-remplissage plus faible. Les volumes d'inventaire pour le déneigement des routes en Amérique du Nord ont diminué de 10 % par rapport à l'année précédente. Le chiffre d'affaires du segment Nutrition des Plantes a augmenté de 24 % pour atteindre 61,4 millions de dollars, grâce à une amélioration de 36 % des volumes de vente, malgré une baisse de 9 % du prix de vente moyen.
L'entreprise a mis à jour ses prévisions pour l'exercice 2025, prévoyant un chiffre d'affaires du segment Sel de 900 à 1 000 millions de dollars et un chiffre d'affaires du segment Nutrition des Plantes de 180 à 200 millions de dollars. L'EBITDA total ajusté devrait se situer entre 152 et 193 millions de dollars. Les dépenses en capital ont été réduites à une plage de 75 à 85 millions de dollars, par rapport à la fourchette initiale de 100 à 110 millions de dollars.
Compass Minerals (NYSE: CMP) veröffentlichte die Ergebnisse des ersten Quartals für das Geschäftsjahr 2025 und berichtete von einem Umsatz von 307,2 Millionen Dollar, was einem Rückgang gegenüber 341,7 Millionen Dollar im Vorjahr entspricht. Das Unternehmen verzeichnete einen Nettoverlust von 23,6 Millionen Dollar, oder 0,57 Dollar pro verwässerter Aktie, was eine Verbesserung gegenüber einem Verlust von 75,3 Millionen Dollar im Vorjahr darstellt.
Das Salzsegment erlebte einen Umsatzrückgang von 12% auf 242,2 Millionen Dollar, wobei die Verkaufsvolumina um 13% sanken, was auf milde Winterwetterbedingungen und eine geringere Vorbefüllungsaktivität zurückzuführen ist. Die Inventarvolumina für das Auftauen von Straßen in Nordamerika sanken im Jahresvergleich um 10%. Der Umsatz des Pflanzenernährungssegments stieg um 24% auf 61,4 Millionen Dollar, unterstützt durch eine Verbesserung der Verkaufsvolumen um 36%, obwohl der durchschnittliche Verkaufspreis um 9% sank.
Das Unternehmen aktualisierte seine Prognose für das Geschäftsjahr 2025 und erwartet einen Umsatz des Salzsegments von 900 bis 1.000 Millionen Dollar und einen Umsatz des Pflanzenernährungssegments von 180 bis 200 Millionen Dollar. Das gesamte, bereinigte EBITDA wird zwischen 152 und 193 Millionen Dollar erwartet. Die Investitionsausgaben wurden von ursprünglich 100 bis 110 Millionen Dollar auf 75 bis 85 Millionen Dollar gesenkt.
- Plant Nutrition segment revenue increased 24% YoY with 36% higher sales volumes
- North American highway deicing inventory volumes reduced by 10% YoY
- Net loss improved to $23.6M from $75.3M in prior year
- Capital expenditure guidance reduced by $25M
- Total revenue declined 10% YoY to $307.2M
- Salt segment revenue decreased 12% YoY
- Operating earnings dropped to $0.5M from $24.8M YoY
- Adjusted EBITDA decreased to $32.1M from $62.2M YoY
- Average Plant Nutrition segment sales price declined 9% YoY
Insights
The Q1 FY2025 results highlight Compass Minerals' complex transition period, marked by strategic initiatives that are showing early promise despite challenging market conditions. The back-to-basics strategy has achieved a
Three critical developments warrant investor attention:
- The Salt segment's strategic production curtailment at Goderich mine, while causing higher per-unit costs, represents a necessary step to rebalance supply and potentially strengthen pricing power in future seasons
- Plant Nutrition's improved operational efficiency, leading to a
10% decrease in all-in product costs per ton, demonstrates successful cost management despite lower pricing - Capital expenditure reduction to
$75-85 million from$100-110 million indicates stronger fiscal discipline
The company's liquidity position of
The revised guidance suggests management's confidence in operational improvements, particularly in Plant Nutrition, where EBITDA guidance was raised despite market pressures. However, investors should note that the
Unless otherwise noted, it should be assumed that time periods referenced below are on a fiscal-year basis.
MANAGEMENT COMMENTARY
"This quarter we began to see results from our back-to-basics strategy and initiatives to reduce inventory volumes, improve our cost structure, and enhance profitability. Our efforts are expected to further strengthen our future financial performance, leveraging our exceptional set of unique assets that are virtually irreplaceable, enjoy durable competitive advantages and have strong leadership positions in their respective marketplaces," said Edward C. Dowling Jr., president and CEO.
"We made good progress on our goals of reducing our North American salt inventory volumes and improving the cost structure in our Plant Nutrition business. Despite a slow start to the winter deicing season, we saw salt inventory volumes decline
"We have a number of cost reduction initiatives underway to continue to drive down operating, capital, and general and administrative costs. Through operational and financial discipline and a commitment to continuous improvement, I'm confident we will improve the cash generation capability and unlock the intrinsic value embedded in our business."
QUARTERLY FINANCIAL RESULTS |
||||||||
(in millions, except per share data) |
|
Three Months Ended
|
|
Three Months Ended
|
||||
Revenue |
|
$ |
307.2 |
|
|
$ |
341.7 |
|
Operating earnings (loss) |
|
|
0.5 |
|
|
|
(53.6 |
) |
Adjusted operating earnings* |
|
|
1.4 |
|
|
|
24.8 |
|
Adjusted EBITDA* |
|
|
32.1 |
|
|
|
62.2 |
|
Net loss |
|
|
(23.6 |
) |
|
|
(75.3 |
) |
Net loss per diluted share |
|
|
(0.57 |
) |
|
|
(1.83 |
) |
Adjusted net (loss) earnings* |
|
|
(22.9 |
) |
|
|
3.1 |
|
Adjusted net (loss) earnings* per diluted share |
|
|
(0.55 |
) |
|
|
0.07 |
|
*Non-GAAP financial measure. Reconciliations to the most directly comparable GAAP financial measure are provided in tables at the end of this press release. |
||||||||
SALT BUSINESS COMMENTARY
Reducing North American highway deicing salt inventory volumes has been a focus for Compass Minerals, which led to the company's decision to curtail production at Goderich mine and to a lesser extent Cote Blanche mine in 2024. The company is gaining traction on this initiative with North American highway deicing inventory volumes down
Winter weather was late in arriving in the first quarter, with minimal snow event activity occurring in the company's served markets in October and November. With customer inventories full following last year's exceptionally mild deicing season, the slow start to winter weather resulted in lower sales volumes during the first quarter of fiscal 2025 compared to prior year.
The factors above contributed to operating earnings declining
Salt revenue totaled
Distribution costs per ton decreased
PLANT NUTRITION BUSINESS COMMENTARY
In Plant Nutrition, the company has been working predominantly on improving the cost structure of the segment. In particular, the ongoing restoration of the pond complex at
Plant Nutrition revenue for the quarter totaled
Operating loss per ton in the Plant Nutrition business improved by
FORTRESS
Compass Minerals continues to evaluate various alternatives regarding the path forward for Fortress North America (Fortress). Discussions are ongoing with the
CASH FLOW AND FINANCIAL POSITION
Net cash used in operating activities amounted to
Net cash used in investing activities was
Net cash provided by financing activities was
The company ended the quarter with
UPDATED FISCAL 2025 OUTLOOK
Given the quickly evolving dynamics surrounding potential tariffs on products imported to
Salt Segment |
|
|
2025 Range1 |
Highway deicing sales volumes (thousands of tons) |
7,600 - 8,500 |
Consumer and industrial sales volumes (thousands of tons) |
1,800 - 1,950 |
Total salt sales volumes (thousands of tons) |
9,400 - 10,450 |
|
|
Revenue (in millions) |
|
Adj. EBITDA (in millions) |
|
(1) |
Range for fiscal 2025 reflects the company's committed book of business for the period and assumes an average historical sales-to-commitment outcomes. |
As described above, mild winter weather for the first two months of the quarter contributed to a softer quarter than had been assumed in the company's original forecast. January saw strong winter weather across portions of the company's served markets and preliminary results for the month suggest the company may be able to partially offset the weather-driven shortfall from the first quarter.
Plant Nutrition Segment |
|
|
2025 Range |
Sales volumes (thousands of tons) |
295 - 315 |
Revenue (in millions) |
|
Adj. EBITDA (in millions) |
|
Plant Nutrition guidance is being increased to reflect revised market and operational conditions and assumptions that could impact the business, with expected pressure in global potash pricing being more than offset by higher sales expectations and lower forecasted production costs for the year.
Corporate |
|
|
2025 Range |
|
Total1 |
Adj. EBITDA (in millions) |
( |
(1) |
Includes |
Projected Corporate segment results in the table above, which are unchanged from the company's initial guidance provided in December of 2024, include corporate expenses in support of the company's core businesses, Fortress financial results, and the results of DeepStore, the company's records and management services business in the
Total Compass Minerals |
||||
|
2025 Adjusted EBITDA |
|||
|
Salt |
Plant Nutrition |
Corporate1 |
Total |
Adj. EBITDA (in millions) |
|
|
( |
|
|
|
|
|
|
|
2025 Capital Expenditures |
|||
|
|
|
|
Total |
Capital expenditures (in millions) |
|
|
|
|
(1) |
Includes financial contribution from DeepStore and Fortress. |
Total planned capital expenditures for the company in fiscal 2025 have been reduced and are now expected to be within a range of
Other Assumptions |
|
($ in millions) |
2025 Range |
Depreciation, depletion and amortization |
|
Interest expense, net |
|
Effective income tax rate (excl. valuation allowance) |
|
Guidance for the 2025 effective income tax rate reflects the income mix by country with income recognized in foreign jurisdictions offset by losses recognized in the
CONFERENCE CALL
Compass Minerals will discuss its results on a conference call tomorrow morning, Tuesday, Feb. 11, at 9:30 a.m. ET (8:30 a.m. CT). To access the conference call, please visit the company’s website at investors.compassminerals.com or dial 800-715-9871. Callers must provide the conference ID number 7896827. Outside of the
A supporting corporate presentation with 2025 first-quarter results is available at investors.compassminerals.com.
About Compass Minerals
Compass Minerals (NYSE: CMP) is a leading global provider of essential minerals focused on safely delivering where and when it matters to help solve nature’s challenges for customers and communities. The company’s salt products help keep roadways safe during winter weather and are used in numerous other consumer, industrial, chemical and agricultural applications. Its plant nutrition products help improve the quality and yield of crops, while supporting sustainable agriculture. Additionally, it is working to develop a long-term fire-retardant business. Compass Minerals operates 12 production and packaging facilities with nearly 1,900 employees throughout the
Forward-Looking Statements and Other Disclaimers
This press release may contain forward-looking statements, including, without limitation, statements about reduction of salt inventory volumes, improvement in Plant Nutrition costs, cash generation capability, the future of Fortress, including ongoing discussions with the USFS, the company's ability to meet or exceed its plan for January or the remainder of fiscal 2025, SOP prices, and the company's outlook for 2025, including its expectations regarding sales volumes, revenue, Adjusted EBITDA, depreciation, depletion, and amortization, interest expense, tax rates, and capital expenditures. Forward-looking statements are those that predict or describe future events or trends and that do not relate solely to historical matters. The company uses words such as “may,” “would,” “could,” “should,” “will,” “likely,” “expect,” “anticipate,” “believe,” “intend,” “plan,” “forecast,” “outlook,” “project,” “estimate” and similar expressions suggesting future outcomes or events to identify forward-looking statements or forward-looking information. These statements are based on the company’s current expectations and involve risks and uncertainties that could cause the company’s actual results to differ materially. The differences could be caused by a number of factors, including without limitation (i) weather conditions, (ii) inflation, the cost and availability of transportation for the distribution of the company’s products and foreign exchange rates, (iii) pressure on prices and impact from competitive products, (iv) any inability by the company to successfully implement its strategic priorities or its cost-saving or enterprise optimization initiatives, and (v) the risk that the company may not realize the expected financial or other benefits from its ownership of Fortress North America. For further information on these and other risks and uncertainties that may affect the company’s business, see the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the company’s Amended Annual Report on Form 10-K for the period ended Sept. 30, 2024, and its Quarterly Report on Form 10-Q for the quarter ended Dec. 31, 2024, filed or to be filed with the SEC, as well as the company's other SEC filings. The company undertakes no obligation to update any forward-looking statements made in this press release to reflect future events or developments, except as required by law. Because it is not possible to predict or identify all such factors, this list cannot be considered a complete set of all potential risks or uncertainties.
Non-GAAP Measures
In addition to using
Management uses EBITDA, EBITDA adjusted for items which management believes are not indicative of the company’s ongoing operating performance (“Adjusted EBITDA”) and EBITDA margin to evaluate the operating performance of the company’s core business operations because its resource allocation, financing methods and cost of capital, and income tax positions are managed at a corporate level, apart from the activities of the operating segments, and the operating facilities are located in different taxing jurisdictions, which can cause considerable variation in net earnings. Management also uses adjusted operating earnings, adjusted operating margin, adjusted net earnings, and adjusted net earnings per diluted share, which eliminate the impact of certain items that management does not consider indicative of underlying operating performance. The presentation of these measures should not be construed as an inference that future results will be unaffected by unusual or non-recurring items. Management believes these non-GAAP financial measures provide management and investors with additional information that is helpful when evaluating underlying performance. EBITDA and Adjusted EBITDA exclude interest expense, income taxes and depreciation, depletion and amortization, each of which are an essential element of the company’s cost structure and cannot be eliminated. In addition, Adjusted EBITDA and Adjusted EBITDA margin exclude certain cash and non-cash items, including stock-based compensation, impairment charges and certain restructuring charges. Consequently, any measure that excludes these elements has material limitations. The non-GAAP financial measures used by management should not be considered in isolation or as a substitute for net earnings, operating earnings, cash flows or other financial data prepared in accordance with GAAP or as a measure of overall profitability or liquidity. These measures are not necessarily comparable to similarly titled measures of other companies due to potential inconsistencies in the method of calculation. The calculation of non-GAAP financial measures as used by management is set forth in the following tables. All margin numbers are defined as the relevant measure divided by sales. The company does not provide a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP, as the company is unable to estimate significant non-recurring, unusual items and/or distinct non-core initiatives without unreasonable effort. The amounts and timing of these items are uncertain and could be material to the company’s results.
Adjusted operating earnings, adjusted operating earnings margin, adjusted net earnings (loss), and adjusted net earnings (loss) per diluted share are presented as supplemental measures of the company’s performance. Management believes these measures provide management and investors with additional information that is helpful when evaluating underlying performance and comparing results on a year-over-year normalized basis. These measures eliminate the impact of certain items that management does not consider indicative of underlying operating performance. These adjustments are itemized below. Adjusted net earnings (loss) per diluted share is adjusted net earnings (loss) divided by weighted average diluted shares outstanding. You are encouraged to evaluate the adjustments itemized above and the reasons management considers them appropriate for supplemental analysis. In evaluating these measures you should be aware that in the future the company may incur expenses that are the same as or similar to some of the adjustments presented below.
Special Items Impacting the Three Months Ended Dec. 31, 2024 (unaudited, in millions, except per share data) |
|||||||||||||||||
Item Description |
|
Segment |
|
Line Item |
|
Amount |
|
Tax Effect(1) |
|
After Tax |
|
EPS Impact |
|||||
Product recall costs |
|
Salt |
|
Product cost and Other operating expense |
|
$ |
0.9 |
|
$ |
(0.2 |
) |
|
$ |
0.7 |
|
$ |
0.02 |
Total |
|
|
|
|
|
$ |
0.9 |
|
$ |
(0.2 |
) |
|
$ |
0.7 |
|
$ |
0.02 |
Special Items Impacting the Three Months Ended Dec. 31, 2023 (unaudited, in millions, except per share data) |
||||||||||||||||
Item Description |
|
Segment |
|
Line Item |
|
Amount |
|
Tax Effect(1) |
|
After Tax |
|
EPS Impact |
||||
Restructuring charges(2) |
|
Corporate and Other |
|
Other operating expense |
|
$ |
2.5 |
|
$ |
— |
|
$ |
2.5 |
|
$ |
0.06 |
Restructuring charges(2) |
|
Plant Nutrition |
|
Other operating expense |
|
|
1.1 |
|
|
— |
|
|
1.1 |
|
|
0.02 |
Impairments |
|
Corporate and Other |
|
Loss on impairments |
|
|
74.8 |
|
|
— |
|
|
74.8 |
|
|
1.82 |
Total |
|
|
|
|
|
$ |
78.4 |
|
$ |
— |
|
$ |
78.4 |
|
$ |
1.90 |
(1) |
There were no substantial income tax benefits related to these items given the |
|
(2) |
Restructuring charges do not include certain reductions in stock-based compensation associated with forfeitures stemming from the restructuring activities. |
Reconciliation for Adjusted Operating Earnings (unaudited, in millions) |
|||||||
|
Three Months Ended
|
||||||
|
2024 |
|
2023 |
||||
Operating earnings (loss) |
$ |
0.5 |
|
|
$ |
(53.6 |
) |
Product recall costs(1) |
|
0.9 |
|
|
|
— |
|
Restructuring charges(2) |
|
— |
|
|
|
3.6 |
|
Loss on impairments(2) |
|
— |
|
|
|
74.8 |
|
Adjusted operating earnings |
$ |
1.4 |
|
|
$ |
24.8 |
|
Sales |
|
307.2 |
|
|
|
341.7 |
|
Operating margin |
|
0.2 |
% |
|
|
(15.7 |
)% |
Adjusted operating margin |
|
0.5 |
% |
|
|
7.3 |
% |
(1) |
The company recognized costs related to a recall related to food-grade salt produced at its Goderich Plant. |
|
(2) |
In connection with the termination of the company's lithium development project, the company incurred severance and related charges for a reduction in workforce and a loss on impairment of long-lived assets, which were determined to be no longer probable of recovery. |
Reconciliation for Adjusted Net (Loss) Earnings (unaudited, in millions) |
|||||||
|
Three Months Ended
|
||||||
|
2024 |
|
2023 |
||||
Net loss |
$ |
(23.6 |
) |
|
$ |
(75.3 |
) |
Product recall costs(1) |
|
0.9 |
|
|
|
— |
|
Restructuring charges(2) |
|
— |
|
|
|
3.6 |
|
Loss on impairments(2) |
|
— |
|
|
|
74.8 |
|
Income tax effect |
|
(0.2 |
) |
|
|
— |
|
Adjusted net (loss) earnings |
$ |
(22.9 |
) |
|
$ |
3.1 |
|
|
|
|
|
||||
Net loss per diluted share |
$ |
(0.57 |
) |
|
$ |
(1.83 |
) |
Adjusted net (loss) earnings per diluted share |
$ |
(0.55 |
) |
|
$ |
0.07 |
|
Weighted-average common shares outstanding (in thousands): |
|
|
|
||||
Diluted |
|
41,441 |
|
|
|
41,205 |
|
(1) |
The company recognized costs related to a recall related to food-grade salt produced at its Goderich Plant. Charges for the three months ended Dec. 31, 2024 were |
|
(2) |
In connection with the termination of the company's lithium development project, the company incurred severance and related charges for a reduction in workforce and a loss on impairment of long-lived assets, which were determined to be no longer probable of recovery. |
Reconciliation for EBITDA and Adjusted EBITDA (unaudited, in millions) |
|||||||
|
Three Months Ended Dec. 31, |
||||||
|
|
2024 |
|
|
|
2023 |
|
Net loss |
$ |
(23.6 |
) |
|
$ |
(75.3 |
) |
Interest expense |
|
16.9 |
|
|
|
15.9 |
|
Income tax expense |
|
9.7 |
|
|
|
3.6 |
|
Depreciation, depletion and amortization |
|
26.8 |
|
|
|
25.5 |
|
EBITDA |
|
29.8 |
|
|
|
(30.3 |
) |
Adjustments to EBITDA: |
|
|
|
||||
Stock-based compensation - non-cash |
|
3.9 |
|
|
|
11.9 |
|
Interest income |
|
(0.4 |
) |
|
|
(0.4 |
) |
(Gain) loss on foreign exchange |
|
(5.2 |
) |
|
|
1.9 |
|
Product recall costs(1) |
|
0.9 |
|
|
|
— |
|
Restructuring charges(2) |
|
— |
|
|
|
3.6 |
|
Loss on impairments(2) |
|
— |
|
|
|
74.8 |
|
Other expense, net |
|
3.1 |
|
|
|
0.7 |
|
Adjusted EBITDA |
$ |
32.1 |
|
|
$ |
62.2 |
|
(1) |
The company recognized costs related to a recall related to food-grade salt produced at its Goderich Plant. |
|
(2) |
In connection with the termination of the company's lithium development project, the company incurred severance and related charges for a reduction in workforce and a loss on impairment of long-lived assets, which were determined to be no longer probable of recovery. |
Salt Segment Performance (unaudited, in millions, except for sales volumes and prices per short ton) |
|||||||
|
Three Months Ended
|
||||||
|
2024 |
|
2023 |
||||
Sales |
$ |
242.2 |
|
|
$ |
274.3 |
|
Operating earnings |
$ |
29.4 |
|
|
$ |
50.9 |
|
Operating margin |
|
12.1 |
% |
|
|
18.6 |
% |
Adjusted operating earnings(1) |
$ |
30.3 |
|
|
$ |
50.9 |
|
Adjusted operating margin(1) |
|
12.5 |
% |
|
|
18.6 |
% |
EBITDA(1) |
$ |
46.9 |
|
|
$ |
66.1 |
|
EBITDA(1) margin |
|
19.4 |
% |
|
|
24.1 |
% |
Adjusted EBITDA(1) |
$ |
47.8 |
|
|
$ |
66.1 |
|
Adjusted EBITDA(1) margin |
|
19.7 |
% |
|
|
24.1 |
% |
Sales volumes (in thousands of tons): |
|
|
|
||||
Highway deicing |
|
1,987 |
|
|
|
2,266 |
|
Consumer and industrial |
|
506 |
|
|
|
589 |
|
Total Salt. |
|
2,493 |
|
|
|
2,855 |
|
Average prices (per ton): |
|
|
|
||||
Highway deicing |
$ |
69.50 |
|
|
$ |
70.36 |
|
Consumer and industrial |
$ |
205.74 |
|
|
$ |
194.94 |
|
Total Salt. |
$ |
97.16 |
|
|
$ |
96.08 |
|
(1) |
Non-GAAP financial measure. Reconciliations follow in these tables. |
Reconciliation for Salt Segment Adjusted Operating Earnings (unaudited, in millions) |
|||||||
|
Three Months Ended
|
||||||
|
2024 |
|
2023 |
||||
Reported GAAP segment operating earnings |
$ |
29.4 |
|
|
$ |
50.9 |
|
Product recall costs(1) |
|
0.9 |
|
|
|
— |
|
Segment adjusted operating earnings |
$ |
30.3 |
|
|
$ |
50.9 |
|
Segment sales |
|
242.2 |
|
|
|
274.3 |
|
Segment operating margin |
|
12.1 |
% |
|
|
18.6 |
% |
Segment adjusted operating margin |
|
12.5 |
% |
|
|
18.6 |
% |
(1) The company incurred costs related to a product recall. |
Reconciliation for Salt Segment EBITDA and Adjusted EBITDA (unaudited, in millions) |
|||||||
|
Three Months Ended
|
||||||
|
2024 |
|
2023 |
||||
Reported GAAP segment operating earnings |
$ |
29.4 |
|
|
$ |
50.9 |
|
Depreciation, depletion and amortization |
|
17.5 |
|
|
|
15.2 |
|
Segment EBITDA |
$ |
46.9 |
|
|
$ |
66.1 |
|
Product recall costs(1) |
|
0.9 |
|
|
|
— |
|
Segment adjusted EBITDA |
$ |
47.8 |
|
|
$ |
66.1 |
|
Segment sales |
|
242.2 |
|
|
|
274.3 |
|
Segment EBITDA margin |
|
19.4 |
% |
|
|
24.1 |
% |
Segment adjusted EBITDA margin |
|
19.7 |
% |
|
|
24.1 |
% |
(1) |
The company incurred costs related to a product recall. |
Plant Nutrition Segment Performance (unaudited, dollars in millions, except for sales volumes and prices per short ton) |
|||||||
|
Three Months Ended
|
||||||
|
2024 |
|
2023 |
||||
Sales |
$ |
61.4 |
|
|
$ |
49.7 |
|
Operating loss |
$ |
(3.1 |
) |
|
$ |
(2.3 |
) |
Operating margin |
|
(5.0 |
)% |
|
|
(4.6 |
)% |
Adjusted operating loss(1) |
$ |
(3.1 |
) |
|
$ |
(1.2 |
) |
Adjusted operating margin(1) |
|
(5.0 |
)% |
|
|
(2.4 |
)% |
EBITDA(1) |
$ |
4.4 |
|
|
$ |
6.1 |
|
EBITDA(1) margin |
|
7.2 |
% |
|
|
12.3 |
% |
Adjusted EBITDA(1) |
$ |
4.4 |
|
|
$ |
7.2 |
|
Adjusted EBITDA(1) margin |
|
7.2 |
% |
|
|
14.5 |
% |
Sales volumes (in thousands of tons) |
|
102 |
|
|
|
75 |
|
Average price (per ton) |
$ |
602.86 |
|
|
$ |
660.41 |
|
(1) |
Non-GAAP financial measure. Reconciliations follow in these tables. |
Reconciliation for Plant Nutrition Segment Adjusted Operating Loss (unaudited, in millions) |
|||||||
|
Three Months Ended
|
||||||
|
2024 |
|
2023 |
||||
Reported GAAP segment operating loss |
$ |
(3.1 |
) |
|
$ |
(2.3 |
) |
Restructuring charges(1) |
|
— |
|
|
|
1.1 |
|
Segment adjusted operating loss |
$ |
(3.1 |
) |
|
$ |
(1.2 |
) |
Segment sales |
|
61.4 |
|
|
|
49.7 |
|
Segment operating margin |
|
(5.0 |
)% |
|
|
(4.6 |
)% |
Segment adjusted operating margin |
|
(5.0 |
)% |
|
|
(2.4 |
)% |
(1) |
The company incurred severance and related charges related to a reduction of its workforce. |
Reconciliation for Plant Nutrition Segment EBITDA and Adjusted EBITDA (unaudited, in millions) |
|||||||
|
Three Months Ended
|
||||||
|
2024 |
|
2023 |
||||
Reported GAAP segment operating loss |
$ |
(3.1 |
) |
|
$ |
(2.3 |
) |
Depreciation, depletion and amortization |
|
7.5 |
|
|
|
8.4 |
|
Segment EBITDA |
$ |
4.4 |
|
|
$ |
6.1 |
|
Restructuring charges(1) |
|
— |
|
|
|
1.1 |
|
Segment adjusted EBITDA |
$ |
4.4 |
|
|
$ |
7.2 |
|
Segment sales |
|
61.4 |
|
|
|
49.7 |
|
Segment EBITDA margin |
|
7.2 |
% |
|
|
12.3 |
% |
Segment adjusted EBITDA margin |
|
7.2 |
% |
|
|
14.5 |
% |
(1) |
The company incurred severance and related charges related to a reduction of its workforce. |
COMPASS MINERALS INTERNATIONAL, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited, in millions, except share and per-share data) |
|||||||
|
Three Months Ended
|
||||||
|
2024 |
|
2023 |
||||
Sales |
$ |
307.2 |
|
|
$ |
341.7 |
|
Shipping and handling cost |
|
80.6 |
|
|
|
91.3 |
|
Product cost |
|
192.3 |
|
|
|
179.3 |
|
Gross profit. |
|
34.3 |
|
|
|
71.1 |
|
Selling, general and administrative expenses |
|
33.3 |
|
|
|
45.7 |
|
Loss on impairments |
|
— |
|
|
|
74.8 |
|
Other operating expense |
|
0.5 |
|
|
|
4.2 |
|
Operating earnings (loss) |
|
0.5 |
|
|
|
(53.6 |
) |
Other (income) expense: |
|
|
|
||||
Interest income |
|
(0.4 |
) |
|
|
(0.4 |
) |
Interest expense |
|
16.9 |
|
|
|
15.9 |
|
(Gain) loss on foreign exchange |
|
(5.2 |
) |
|
|
1.9 |
|
Other expense, net |
|
3.1 |
|
|
|
0.7 |
|
Loss before income taxes |
|
(13.9 |
) |
|
|
(71.7 |
) |
Income tax expense |
|
9.7 |
|
|
|
3.6 |
|
Net loss |
$ |
(23.6 |
) |
|
$ |
(75.3 |
) |
|
|
|
|
||||
Basic net loss per common share |
$ |
(0.57 |
) |
|
$ |
(1.83 |
) |
Diluted net loss per common share |
$ |
(0.57 |
) |
|
$ |
(1.83 |
) |
Weighted-average common shares outstanding (in thousands):(1) |
|
|
|
||||
Basic |
|
41,441 |
|
|
|
41,205 |
|
Diluted |
|
41,441 |
|
|
|
41,205 |
|
(1) |
Weighted participating securities include RSUs and PSUs that receive non-forfeitable dividends and consist of 1,116,000 weighted participating securities for the three months ended Dec. 31, 2024, and 777,000 weighted participating securities for the three months ended Dec. 31, 2023. |
COMPASS MINERALS INTERNATIONAL, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited, in millions) |
|||||
|
Dec. 31, |
|
Sept. 30, |
||
|
2024 |
|
2024 |
||
ASSETS |
|||||
Cash and cash equivalents |
$ |
45.8 |
|
$ |
20.2 |
Receivables, net |
|
261.7 |
|
|
126.1 |
Inventories, net |
|
367.1 |
|
|
414.1 |
Other current assets |
|
23.0 |
|
|
26.9 |
Property, plant and equipment, net |
|
778.6 |
|
|
806.5 |
Intangible and other noncurrent assets |
|
244.7 |
|
|
246.3 |
Total assets |
$ |
1,720.9 |
|
$ |
1,640.1 |
|
|
|
|
||
LIABILITIES AND STOCKHOLDERS' EQUITY |
|||||
Current portion of long-term debt |
$ |
8.7 |
|
$ |
7.5 |
Other current liabilities |
|
286.1 |
|
|
209.5 |
Long-term debt, net of current portion |
|
965.7 |
|
|
910.0 |
Deferred income taxes and other noncurrent liabilities |
|
197.4 |
|
|
196.5 |
Total stockholders' equity |
|
263.0 |
|
|
316.6 |
Total liabilities and stockholders' equity |
$ |
1,720.9 |
|
$ |
1,640.1 |
COMPASS MINERALS INTERNATIONAL, INC. |
|||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||
(unaudited, in millions) |
|||||||
|
Three Months Ended Dec. 31, |
||||||
|
2024 |
|
2023 |
||||
Net cash used in operating activities |
$ |
(4.1 |
) |
|
$ |
(52.3 |
) |
|
|
|
|
||||
Cash flows from investing activities: |
|
|
|
||||
Capital expenditures |
|
(21.8 |
) |
|
|
(48.6 |
) |
Other, net |
|
(0.4 |
) |
|
|
(0.7 |
) |
|
|
|
|
||||
Net cash used in investing activities |
|
(22.2 |
) |
|
|
(49.3 |
) |
|
|
|
|
||||
Cash flows from financing activities: |
|
|
|
||||
Proceeds from revolving credit facility borrowings |
|
140.3 |
|
|
|
102.4 |
|
Principal payments on revolving credit facility borrowings |
|
(100.8 |
) |
|
|
(31.5 |
) |
Proceeds from issuance of long-term debt |
|
19.6 |
|
|
|
38.4 |
|
Principal payments on long-term debt |
|
(1.6 |
) |
|
|
(1.2 |
) |
Dividends paid |
|
— |
|
|
|
(6.4 |
) |
Deferred financing costs |
|
(2.4 |
) |
|
|
— |
|
Shares withheld to satisfy employee tax obligations |
|
(0.4 |
) |
|
|
(0.8 |
) |
Other, net |
|
(1.6 |
) |
|
|
— |
|
|
|
|
|
||||
Net cash provided by financing activities |
|
53.1 |
|
|
|
100.9 |
|
Effect of exchange rate changes on cash and cash equivalents |
|
(1.2 |
) |
|
|
0.3 |
|
Net change in cash and cash equivalents |
|
25.6 |
|
|
|
(0.4 |
) |
Cash and cash equivalents, beginning of the year |
|
20.2 |
|
|
|
38.7 |
|
|
|
|
|
||||
Cash and cash equivalents, end of period |
$ |
45.8 |
|
|
$ |
38.3 |
|
COMPASS MINERALS INTERNATIONAL, INC. SEGMENT INFORMATION (unaudited, in millions) |
|||||||||||||||
Three Months Ended Dec. 31, 2024 |
|
Salt |
|
Plant Nutrition |
|
Corporate
|
|
Total |
|||||||
Sales to external customers |
|
$ |
242.2 |
|
$ |
61.4 |
|
|
$ |
3.6 |
|
|
$ |
307.2 |
|
Intersegment sales |
|
|
— |
|
|
3.2 |
|
|
|
(3.2 |
) |
|
|
— |
|
Shipping and handling cost |
|
|
71.3 |
|
|
9.3 |
|
|
|
— |
|
|
|
80.6 |
|
Operating earnings (loss)(2) |
|
|
29.4 |
|
|
(3.1 |
) |
|
|
(25.8 |
) |
|
|
0.5 |
|
Depreciation, depletion and amortization |
|
|
17.5 |
|
|
7.5 |
|
|
|
1.8 |
|
|
|
26.8 |
|
Total assets (as of end of period) |
|
|
1,092.4 |
|
|
388.1 |
|
|
|
240.4 |
|
|
|
1,720.9 |
|
Three Months Ended Dec. 31, 2023 |
|
Salt |
|
Plant Nutrition |
|
Corporate
|
|
Total |
|||||||
Sales to external customers |
|
$ |
274.3 |
|
$ |
49.7 |
|
|
$ |
17.7 |
|
|
$ |
341.7 |
|
Intersegment sales |
|
|
— |
|
|
3.1 |
|
|
|
(3.1 |
) |
|
|
— |
|
Shipping and handling cost |
|
|
83.7 |
|
|
7.0 |
|
|
|
0.6 |
|
|
|
91.3 |
|
Operating earnings (loss)(2)(3) |
|
|
50.9 |
|
|
(2.3 |
) |
|
|
(102.2 |
) |
|
|
(53.6 |
) |
Depreciation, depletion and amortization |
|
|
15.2 |
|
|
8.4 |
|
|
|
1.9 |
|
|
|
25.5 |
|
Total assets (as of end of period) |
|
|
1,056.6 |
|
|
469.7 |
|
|
|
278.9 |
|
|
|
1,805.2 |
|
(1) |
Corporate and other includes corporate entities, records management operations, the Fortress fire retardant business, equity method investments and other incidental operations and eliminations. Operating earnings (loss) for corporate and other includes indirect corporate overhead, including costs for general corporate governance and oversight, as well as costs for the human resources, information technology, legal and finance functions. |
|
(2) |
Corporate operating results include costs related to a product recall of |
|
(3) |
As a result of the company’s decision to cease the pursuit of the lithium development, the company recognized an impairment of long-lived assets of |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250210528573/en/
Investor Contact
Brent Collins
Vice President, Treasurer & Investor Relations
+1.913.344.9111
InvestorRelations@compassminerals.com
Media Contact
Rick Axthelm
Chief Public Affairs and Sustainability Officer
+1.913.344.9198
MediaRelations@compassminerals.com
Source: Compass Minerals
FAQ
What were Compass Minerals (CMP) Q1 2025 financial results?
How did CMP's Salt segment perform in Q1 2025?
What is CMP's updated guidance for fiscal 2025?
How much did CMP reduce its capital expenditure guidance for 2025?
What was the performance of CMP's Plant Nutrition segment in Q1 2025?
