Compass Minerals Reports Strong First-Quarter 2021 Results

Rhea-AI Summary

Compass Minerals (NYSE: CMP) reported strong first-quarter 2021 results, showcasing substantial year-over-year growth in operating earnings and adjusted EBITDA*, primarily due to lower operating costs and high sales volumes of deicing products within its Salt segment.

The company also announced the divestiture of its South America and North America micronutrient businesses, aligning with an asset optimization strategy, with these results categorized as discontinued operations. Key figures include revenue of $426 million, operating earnings of $63.6 million, adjusted EBITDA of $97.3 million, and net earnings of $32.9 million, translating to a net earnings per diluted share of $0.95.

Positive

• Revenue increased to $426 million, showcasing growth.
• Operating earnings rose to $63.6 million, reflecting improved performance.
• Adjusted EBITDA reached $97.3 million, indicating strong operational efficiency.
• Successful divestiture of South America and North America micronutrient businesses supports asset optimization.

Negative

• None.

Compass Minerals (NYSE: CMP), a leading global provider of essential minerals, today reported significant year-over-year increase in operating earnings and adjusted EBITDA* from continuing operations during first-quarter 2021, primarily driven by improved per-unit operating cost performance and strong sales volumes of highway deicing products within the company's Salt segment.

PRESENTATION OF RESULTS

In March 2021, the company’s board of directors approved the divestiture of the company’s South America businesses and its North America micronutrient business as part of the company’s broader asset optimization strategy. Collectively, the results of these businesses have been reported as discontinued operations for all periods presented.

The continuing operations of the company are reported on the consolidated level and in two segments: Salt and Plant Nutrition (which was previously known as Plant Nutrition North America). The results in this release reflect the continuing operations of the company unless otherwise noted.

(From continuing operations, in millions, except per share data)		Three Months Ended March 31, 2021
Revenue		$	426.0
Operating Earnings		63.6
Adjusted EBITDA*		97.3
Net Earnings		32.9
Net Earnings per diluted share		0.95

*Non-GAAP financial measure. Reconciliations to the most directly comparable GAAP financial measure are provided in tables at the end of this press release.

HIGHLIGHTS

FAQ

What were the Q1 2021 earnings for CMP?

Compass Minerals reported Q1 2021 revenue of $426 million and operating earnings of $63.6 million.

How did CMP perform in adjusted EBITDA for Q1 2021?

The adjusted EBITDA for Compass Minerals in Q1 2021 was $97.3 million.

What was the net earnings per share for CMP in Q1 2021?

The net earnings per diluted share for Compass Minerals in Q1 2021 was $0.95.

What strategic business decision was made by CMP recently?

Compass Minerals announced the divestiture of its South America and North America micronutrient businesses as part of its asset optimization strategy.