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罗盘矿物报告2024财年第三季度最终财报
堪萨斯州奥弗兰公园（2024年10月29日）- 罗盘矿物（纽交所: cmp设备），一家领先的全球必需矿物提供商，今天报告了最终的2024财年第三季度业绩。
除非另有说明，否则应该假定下文提及的时间段是以财政年为基准。
报告更新
2024年10月29日，罗盘矿物提交了一份表格10-K/A和一份表格10-Q/A，更正了涵盖的基本报表（i）未经审计的基本报表，包括2023年6月30日季度报告中包括的基本报表，（ii）截至2023年9月30日报告的审计基本报表，（iii）2023年12月31日季度报告中包含的未经审计的基本报表，以及（iv）2024年3月31日季度报告中包含的未经审计的基本报表。随着这些重述的完成，该公司已经提交了截至2024年6月30日季度报告表格10-Q。
2024年第三季度的最终结果在所有重大方面与2024年9月17日披露的初步结果一致。以下是截至2024年6月30日季度的完整一套新闻发布财务亮点，包括季度比较和年初至今金额。
公司目前正在整理2024年的财务结果，并完成2025年的预算。由于时间安排，管理层认为无法就投资社区最感兴趣的大部分事项发表评论，因此公司将放弃就2024年第三季度的业绩进行电话会议讨论。公司预计将在报告2024年第四季度业绩时恢复按季度举行的常规盈利电话会议。
罗盘矿物报道第三季度收益
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关于罗盘矿物
罗盘矿物（纽交所: cmp设备）是一家领先的全球货币供应商，专注于安全地在客户和社区需要时提供关键货币，以帮助解决自然界的挑战。该公司的盐类产品有助于在冬季天气条件下保持道路安全，并用于许多其他消费、工业、化工和农业领域。其植物营养产品有助于提高作物的质量和产量，同时支持可持续农业。此外，它正在努力发展长期的防火业务。罗盘矿物在美国、加拿大和英国设有12家生产和包装设施，拥有近2,000名员工。访问 compassminerals.com 获取有关该公司及其产品的更多信息。
| 投资者联系方式 | 媒体联系人 | ||||
| Brent Collins | Rick Axthelm | ||||
| 副总裁，财务主管及投资者关系 | 首席公共事务和可持续发展官 | ||||
| +1.913.344.9111 | +1.913.344.9198 | ||||
| InvestorRelations@compassminerals.com | MediaRelations@compassminerals.com | ||||
前瞻性声明和其他免责声明
本新闻稿可能包含前瞻性陈述，包括但不限于关于未来财报电话会议时间的陈述。 前瞻性陈述是那些预测或描述未来事件或趋势的陈述，这些陈述不仅仅与历史问题有关。该公司使用诸如 “可能”、“将”、“可以”、“sho” 之类的词语uld”、“将”、“可能”、“预期”、“预测”、“相信”、“打算”、“计划”、“预测”、“展望”、“项目”、“估计” 以及暗示未来结果或事件的类似表达，以识别前瞻性陈述或前瞻性信息。这些陈述基于公司当前的预期，涉及风险和不确定性，可能导致公司的实际业绩出现重大差异。差异可能是由多种因素造成的，包括但不限于：（i）天气状况，（ii）通货膨胀，公司产品分销的运输成本和可用性以及外汇汇率，（iii）价格压力和竞争产品的影响，（iv）公司无法成功实施其战略优先事项或节省成本或企业优化计划，以及（v）公司可能无法实现预期财务或财务状况的风险其所有权带来的其他好处北美堡垒。有关这些以及其他可能影响公司业务的风险和不确定性的更多信息，请参阅公司截至2023年9月30日的10-K/A表修订年度报告、截至2023年12月31日和2024年3月31日的季度经修订的10-Q/A表季度报告以及10-Q/A表季度报告的 “风险因素” 和 “管理层对财务状况和经营业绩的讨论和分析” 部分向美国证券交易委员会提交的截至2024年6月30日的季度季度以及该公司向美国证券交易委员会提交的其他文件。除非法律要求，否则公司没有义务更新本新闻稿中的任何前瞻性陈述以反映未来的事件或发展。由于无法预测或确定所有这些因素，因此不能将此清单视为包含所有潜在风险或不确定性的完整集合。
罗盘矿物报道第三季度收益
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非GAAP措施
除了使用美国通用会计准则（“GAAP”）财务指标外，管理层还使用各种非GAAP财务指标来评估公司及其各经营部门的绩效。尽管合并财务报表可以了解公司的整体经营结果、财务状况和现金流量，但管理层分析基本报表的各个元件，以识别特定的趋势和评估特定的业绩领域。
管理层使用EBITDA，调整后的EBITDA（根据管理层认为不代表公司持续经营业绩的项目调整后的EBITDA）、EBITDA利润率等指标评估公司核心业务运营的经营绩效，因为在公司层面管理资源配置、融资方式和资本成本以及所得税位置，与经营板块的活动独立，经营设施位于不同的课税司法管辖区，这可能导致净收益出现相当大的波动。管理层还使用调整后的营业利润、调整后的营业利润率、调整后的净收益和调整后的摊薄每股收益，排除了某些管理层不认为代表基础经营绩效的项目的影响。这些指标的呈现不应被解释为未来的结果不会受到异常或非经常性项目的影响。管理层认为这些非GAAP财务指标在评估基础绩效时为管理层和投资者提供了有用的额外信息。EBITDA和调整后的EBITDA不包括利息支出、所得税和折旧、减值及摊销费用，这些都是公司成本结构的重要组成部分，无法被排除。此外，调整后的EBITDA和调整后的EBITDA利润率不包括特定的现金和非现金项目，包括股票补偿、减值损失和某些重组费用。因此，任何排除这些元素的指标都具有重要限制。管理层使用的非GAAP财务指标不应孤立地考虑，也不能代替根据GAAP制定的净收益、营业利润、现金流或其他财务数据，也不能作为整体盈利能力或流动性的衡量标准。由于计算方法可能存在潜在的差异，这些指标不一定能与其他公司的同类指标相比较。管理层使用的非GAAP财务指标的计算方法已列于以下表格中。所有利润率数字定义为相关指标除以销售额。公司未提供前瞻性非GAAP财务指标与按照GAAP计算和报告的最直接可比财务指标的调和，因为公司无法估计重大的非经常性、非经常性项目和/或独特非核心举措，如果不付出不合理努力。这些项目的金额和时间尚不确定，可能对公司的结果产生重大影响。
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.
Compass Minerals Reports Third Quarter Earnings
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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 June 30, 2024 (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 | $ | 1.5 | $ | — | $ | 1.5 | $ | 0.04 | ||||||||||||||||||||||||||||
| Total | $ | 1.5 | $ | — | $ | 1.5 | $ | 0.04 | ||||||||||||||||||||||||||||||
Special Items Impacting the Nine Months Ended June 30, 2024 (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 | $ | 16.2 | $ | — | $ | 16.2 | $ | 0.39 | ||||||||||||||||||||||||||||
Restructuring charges(2) | Salt | COGS and Other operating expense | 0.4 | — | 0.4 | 0.01 | ||||||||||||||||||||||||||||||||
Restructuring charges(2) | Plant Nutrition | COGS and Other operating expense | 0.6 | — | 0.6 | 0.01 | ||||||||||||||||||||||||||||||||
| Impairments | Corporate and Other | COGS and Loss on impairments | 124.8 | — | 124.8 | 3.02 | ||||||||||||||||||||||||||||||||
| Goodwill impairment | Plant Nutrition | Loss on impairments | 51.0 | — | 51.0 | 1.23 | ||||||||||||||||||||||||||||||||
| Total | $ | 193.0 | $ | — | $ | 193.0 | $ | 4.66 | ||||||||||||||||||||||||||||||
(1) There were no substantial income tax benefits related to these items given the U.S. valuation allowances on deferred tax assets.
(2) Restructuring charges do not include certain reductions in stock-based compensation associated with forfeitures stemming from the restructuring activities.
Compass Minerals Reports Third Quarter Earnings
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Reconciliation for Adjusted Operating Earnings (unaudited, in millions) | |||||||||||||||||||||||
| Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| Operating earnings (loss) | $ | 5.9 | $ | (0.6) | $ | (87.0) | $ | 75.2 | |||||||||||||||
Restructuring charges(1) | 1.5 | 2.2 | 17.2 | 5.5 | |||||||||||||||||||
Loss on impairments(2) | — | — | 175.8 | — | |||||||||||||||||||
Accrued loss and legal costs related to SEC investigation(3) | — | — | — | (0.1) | |||||||||||||||||||
| Adjusted operating earnings | $ | 7.4 | $ | 1.6 | $ | 106.0 | $ | 80.6 | |||||||||||||||
| Sales | 202.9 | 207.6 | 908.6 | 971.1 | |||||||||||||||||||
| Operating margin | 2.9 | % | (0.3) | % | (9.6) | % | 7.7 | % | |||||||||||||||
| Adjusted operating margin | 3.6 | % | 0.8 | % | 11.7 | % | 8.3 | % | |||||||||||||||
(1) The company incurred severance and related charges for reductions in workforce and changes to executive leadership and additional restructuring costs related to the termination of the Company’s lithium development project.
(2) The company recognized impairments of goodwill, long-lived assets and inventory related to Fortress; and goodwill related to Plant Nutrition for the nine months ended June 30, 2024. The company also recognized the impairment of long-lived assets related to the termination of the lithium development project for the nine months ended June 30, 2024. Impairments of long-lived assets and goodwill are included in loss on impairments, while the impairment of inventory is included in product cost, both on the Consolidated Statements of Operations.
(3) The company recognized reimbursements related to the settled SEC investigation.
Reconciliation for Adjusted Net (Loss) Earnings (unaudited, in millions) | |||||||||||||||||||||||
| Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| Net (loss) earnings | $ | (43.6) | $ | 36.4 | $ | (157.8) | $ | 14.5 | |||||||||||||||
Restructuring charges(1) | 1.5 | 2.1 | 17.2 | 5.4 | |||||||||||||||||||
Loss on impairments(2) | — | — | 175.8 | — | |||||||||||||||||||
Accrued loss and legal costs related to SEC investigation(3) | — | — | — | (0.1) | |||||||||||||||||||
| Adjusted net (loss) earnings | $ | (42.1) | $ | 38.5 | $ | 35.2 | $ | 19.8 | |||||||||||||||
| Net (loss) earnings per diluted share | $ | (1.05) | $ | 0.88 | $ | (3.83) | $ | 0.35 | |||||||||||||||
| Adjusted net (loss) earnings per diluted share | $ | (1.01) | $ | 0.93 | $ | 0.83 | $ | 0.48 | |||||||||||||||
| Weighted-average common shares outstanding (in thousands): | |||||||||||||||||||||||
| Diluted | 41,342 | 41,142 | 41,284 | 40,663 | |||||||||||||||||||
(1) The company incurred severance and related charges for reductions in workforce and changes to executive leadership and additional restructuring costs related to the termination of the Company’s lithium development project. Charges for the three and nine months ended June 30, 2024 were $1.5 million and $17.2 million, respectively. Charges for the three and nine months ended June 30, 2023 were $2.2 million and $5.5 million ($2.1 million and $5.4 million net of tax), respectively.
(2) The company recognized impairments of goodwill, long-lived assets and inventory related to Fortress; and goodwill related to Plant Nutrition for the three and nine months ended June 30, 2024. The company also recognized the impairment of long-lived assets related to the termination of the lithium development project for the nine months ended June 30, 2024.
(3) The company recognized reimbursements related to the settled SEC investigation.
Compass Minerals Reports Third Quarter Earnings
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Reconciliation for EBITDA and Adjusted EBITDA (unaudited, in millions) | |||||||||||||||||||||||
| Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| Net (loss) earnings | $ | (43.6) | $ | 36.4 | $ | (157.8) | $ | 14.5 | |||||||||||||||
| Interest expense | 17.2 | 14.3 | 50.4 | 42.4 | |||||||||||||||||||
| Income tax expense (benefit) | 32.7 | (42.8) | 20.4 | 24.2 | |||||||||||||||||||
| Depreciation, depletion and amortization | 26.1 | 24.3 | 78.4 | 72.7 | |||||||||||||||||||
| EBITDA | 32.4 | 32.2 | (8.6) | 153.8 | |||||||||||||||||||
| Adjustments to EBITDA: | |||||||||||||||||||||||
Stock-based compensation - non-cash | (0.7) | 3.5 | 6.3 | 17.2 | |||||||||||||||||||
| Interest income | (0.2) | (1.7) | (0.8) | (4.7) | |||||||||||||||||||
| (Gain) loss on foreign exchange | (0.5) | 2.3 | (1.1) | 4.6 | |||||||||||||||||||
| Gain from remeasurement of equity method investment | — | (12.6) | — | (12.6) | |||||||||||||||||||
Restructuring charges(1) | 1.5 | 2.2 | 17.2 | 5.9 | |||||||||||||||||||
Loss on impairments(2) | — | — | 175.8 | — | |||||||||||||||||||
Accrued loss and legal costs related to SEC investigation(3) | — | — | — | (0.1) | |||||||||||||||||||
| Other expense, net | 0.3 | 2.7 | 1.9 | 3.7 | |||||||||||||||||||
| Adjusted EBITDA | $ | 32.8 | $ | 28.6 | $ | 190.7 | $ | 167.8 | |||||||||||||||
(1) The company incurred severance and related charges for reductions in workforce and changes to executive leadership and additional restructuring costs related to the termination of the Company’s lithium development project.
(2) The company recognized impairments of goodwill, long-lived assets and inventory related to Fortress; and goodwill related to Plant Nutrition for the three and nine months ended June 30, 2024. The company also recognized the impairment of long-lived assets related to the termination of the lithium development project for the nine months ended June 30, 2024.
(3) The company recognized reimbursements related to the settled SEC investigation.
Compass Minerals Reports Third Quarter Earnings
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Salt Segment Performance (unaudited, in millions, except for sales volumes and prices per short ton) | |||||||||||||||||||||||
| Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| Sales | $ | 160.6 | $ | 155.5 | $ | 745.3 | $ | 824.1 | |||||||||||||||
| Operating earnings | $ | 25.9 | $ | 21.7 | $ | 142.6 | $ | 141.9 | |||||||||||||||
| Operating margin | 16.1 | % | 14.0 | % | 19.1 | % | 17.2 | % | |||||||||||||||
Adjusted operating earnings(1) | $ | 25.9 | $ | 22.2 | $ | 143.0 | $ | 143.4 | |||||||||||||||
Adjusted operating margin(1) | 16.1 | % | 14.3 | % | 19.2 | % | 17.4 | % | |||||||||||||||
EBITDA(1) | $ | 41.6 | $ | 35.9 | $ | 189.7 | $ | 184.8 | |||||||||||||||
EBITDA(1) margin | 25.9 | % | 23.1 | % | 25.5 | % | 22.4 | % | |||||||||||||||
Adjusted EBITDA(1) | $ | 41.6 | $ | 36.4 | $ | 190.1 | $ | 186.3 | |||||||||||||||
Adjusted EBITDA(1) margin | 25.9 | % | 23.4 | % | 25.5 | % | 22.6 | % | |||||||||||||||
| Sales volumes (in thousands of tons): | |||||||||||||||||||||||
| Highway deicing | 1,090 | 1,070 | 6,401 | 7,886 | |||||||||||||||||||
| Consumer and industrial | 393 | 421 | 1,403 | 1,529 | |||||||||||||||||||
| Total Salt | 1,483 | 1,491 | 7,804 | 9,415 | |||||||||||||||||||
| Average prices (per ton): | |||||||||||||||||||||||
| Highway deicing | $ | 77.20 | $ | 73.86 | $ | 73.60 | $ | 68.86 | |||||||||||||||
| Consumer and industrial | $ | 194.35 | $ | 181.66 | $ | 195.37 | $ | 183.81 | |||||||||||||||
| Total Salt | $ | 108.27 | $ | 104.28 | $ | 95.50 | $ | 87.53 | |||||||||||||||
(1) Non-GAAP financial measure. Reconciliations follow in these tables.
Reconciliation for Salt Segment Adjusted Operating Earnings (unaudited, in millions) | |||||||||||||||||||||||
| Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| Reported GAAP segment operating earnings | $ | 25.9 | $ | 21.7 | $ | 142.6 | $ | 141.9 | |||||||||||||||
Restructuring charges(1) | — | 0.5 | 0.4 | 1.5 | |||||||||||||||||||
| Segment adjusted operating earnings | $ | 25.9 | $ | 22.2 | $ | 143.0 | $ | 143.4 | |||||||||||||||
| Segment sales | 160.6 | 155.5 | 745.3 | 824.1 | |||||||||||||||||||
| Segment operating margin | 16.1 | % | 14.0 | % | 19.1 | % | 17.2 | % | |||||||||||||||
| Segment adjusted operating margin | 16.1 | % | 14.3 | % | 19.2 | % | 17.4 | % | |||||||||||||||
(1) The company incurred severance and related charges related to a reduction of its workforce.
Compass Minerals Reports Third Quarter Earnings
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Reconciliation for Salt Segment EBITDA and Adjusted EBITDA (unaudited, in millions) | |||||||||||||||||||||||
| Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| Reported GAAP segment operating earnings | $ | 25.9 | $ | 21.7 | $ | 142.6 | $ | 141.9 | |||||||||||||||
| Depreciation, depletion and amortization | 15.7 | 14.2 | 47.1 | 42.9 | |||||||||||||||||||
| Segment EBITDA | $ | 41.6 | $ | 35.9 | $ | 189.7 | $ | 184.8 | |||||||||||||||
Restructuring charges(1) | — | 0.5 | 0.4 | 1.5 | |||||||||||||||||||
| Segment adjusted EBITDA | $ | 41.6 | $ | 36.4 | $ | 190.1 | $ | 186.3 | |||||||||||||||
| Segment sales | 160.6 | 155.5 | 745.3 | 824.1 | |||||||||||||||||||
| Segment EBITDA margin | 25.9 | % | 23.1 | % | 25.5 | % | 22.4 | % | |||||||||||||||
| Segment adjusted EBITDA margin | 25.9 | % | 23.4 | % | 25.5 | % | 22.6 | % | |||||||||||||||
(1) The company incurred severance and related charges related to a reduction of its workforce.
Plant Nutrition Segment Performance (unaudited, dollars in millions, except for sales volumes and prices per short ton) | |||||||||||||||||||||||
| Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| Sales | $ | 38.8 | $ | 47.5 | $ | 138.6 | $ | 136.8 | |||||||||||||||
| Operating (loss) earnings | $ | (1.4) | $ | 2.5 | $ | (56.7) | $ | 12.8 | |||||||||||||||
| Operating margin | (3.6) | % | 5.3 | % | (40.9) | % | 9.4 | % | |||||||||||||||
Adjusted operating (loss) earnings(1) | $ | (1.4) | $ | 3.5 | $ | (5.1) | $ | 14.2 | |||||||||||||||
Adjusted operating margin(1) | (3.6) | % | 7.4 | % | (3.7) | % | 10.4 | % | |||||||||||||||
EBITDA(1) | $ | 7.2 | $ | 10.7 | $ | (31.0) | $ | 37.4 | |||||||||||||||
EBITDA(1) margin | 18.6 | % | 22.5 | % | (22.4) | % | 27.3 | % | |||||||||||||||
Adjusted EBITDA(1) | $ | 7.2 | $ | 11.7 | $ | 20.6 | $ | 38.8 | |||||||||||||||
Adjusted EBITDA(1) margin | 18.6 | % | 24.6 | % | 14.9 | % | 28.4 | % | |||||||||||||||
| Sales volumes (in thousands of tons) | 56 | 63 | 205 | 168 | |||||||||||||||||||
| Average price (per ton) | $ | 691.27 | $ | 751.58 | $ | 676.11 | $ | 813.56 | |||||||||||||||
(1) Non-GAAP financial measure. Reconciliations follow in these tables.
Compass Minerals Reports Third Quarter Earnings
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Reconciliation for Plant Nutrition Segment Adjusted Operating (Loss) Earnings (unaudited, in millions) | |||||||||||||||||||||||
| Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| Reported GAAP segment operating (loss) earnings | $ | (1.4) | $ | 2.5 | $ | (56.7) | $ | 12.8 | |||||||||||||||
Restructuring charges(1) | — | 1.0 | 0.6 | 1.4 | |||||||||||||||||||
Loss on goodwill impairment(2) | — | — | 51.0 | — | |||||||||||||||||||
| Segment adjusted operating (loss) earnings | $ | (1.4) | $ | 3.5 | $ | (5.1) | $ | 14.2 | |||||||||||||||
| Segment sales | 38.8 | 47.5 | 138.6 | 136.8 | |||||||||||||||||||
| Segment operating margin | (3.6) | % | 5.3 | % | (40.9) | % | 9.4 | % | |||||||||||||||
| Segment adjusted operating margin | (3.6) | % | 7.4 | % | (3.7) | % | 10.4 | % | |||||||||||||||
(1) The company incurred severance and related charges related to a reduction of its workforce.
(2) The company recognized a goodwill impairment during the nine months ended June 30, 2024.
Reconciliation for Plant Nutrition Segment EBITDA and Adjusted EBITDA (unaudited, in millions) | |||||||||||||||||||||||
| Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| Reported GAAP segment operating (loss) earnings | $ | (1.4) | $ | 2.5 | $ | (56.7) | $ | 12.8 | |||||||||||||||
| Depreciation, depletion and amortization | 8.6 | 8.2 | 25.7 | 24.6 | |||||||||||||||||||
| Segment EBITDA | $ | 7.2 | $ | 10.7 | $ | (31.0) | $ | 37.4 | |||||||||||||||
Restructuring charges(1) | — | 1.0 | 0.6 | 1.4 | |||||||||||||||||||
Loss on goodwill impairment(2) | — | — | 51.0 | — | |||||||||||||||||||
| Segment adjusted EBITDA | $ | 7.2 | $ | 11.7 | $ | 20.6 | $ | 38.8 | |||||||||||||||
| Segment sales | 38.8 | 47.5 | 138.6 | 136.8 | |||||||||||||||||||
| Segment EBITDA margin | 18.6 | % | 22.5 | % | (22.4) | % | 27.3 | % | |||||||||||||||
| Segment adjusted EBITDA margin | 18.6 | % | 24.6 | % | 14.9 | % | 28.4 | % | |||||||||||||||
(1) The company incurred severance and related charges related to a reduction of its workforce.
(2) The company recognized a goodwill impairment during the nine months ended June 30, 2024.
Compass Minerals Reports Third Quarter Earnings
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COMPASS MINERALS INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in millions, except share and per-share data)
| Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| Sales | $ | 202.9 | $ | 207.6 | $ | 908.6 | $ | 971.1 | |||||||||||||||
| Shipping and handling cost | 53.2 | 53.8 | 255.1 | 291.3 | |||||||||||||||||||
| Product cost | 117.1 | 119.2 | 478.0 | 490.0 | |||||||||||||||||||
| Gross profit | 32.6 | 34.6 | 175.5 | 189.8 | |||||||||||||||||||
| Selling, general and administrative expenses | 27.5 | 33.0 | 106.5 | 109.2 | |||||||||||||||||||
| Loss on impairments | — | — | 173.4 | — | |||||||||||||||||||
| Other operating (income) expense | (0.8) | 2.2 | (17.4) | 5.4 | |||||||||||||||||||
| Operating earnings (loss) | 5.9 | (0.6) | (87.0) | 75.2 | |||||||||||||||||||
| Other (income) expense: | |||||||||||||||||||||||
| Interest income | (0.2) | (1.7) | (0.8) | (4.7) | |||||||||||||||||||
| Interest expense | 17.2 | 14.3 | 50.4 | 42.4 | |||||||||||||||||||
| (Gain) loss on foreign exchange | (0.5) | 2.3 | (1.1) | 4.6 | |||||||||||||||||||
| Net loss in equity investee | — | 0.8 | — | 3.1 | |||||||||||||||||||
| Gain from remeasurement of equity method investment | — | (12.6) | — | (12.6) | |||||||||||||||||||
| Other expense, net | 0.3 | 2.7 | 1.9 | 3.7 | |||||||||||||||||||
| (Loss) earnings before income taxes | (10.9) | (6.4) | (137.4) | 38.7 | |||||||||||||||||||
| Income tax expense (benefit) | 32.7 | (42.8) | 20.4 | 24.2 | |||||||||||||||||||
| Net (loss) earnings | $ | (43.6) | $ | 36.4 | $ | (157.8) | $ | 14.5 | |||||||||||||||
| Basic net (loss) earnings per common share | $ | (1.05) | $ | 0.88 | $ | (3.83) | $ | 0.35 | |||||||||||||||
| Diluted net (loss) earnings per common share | $ | (1.05) | $ | 0.88 | $ | (3.83) | $ | 0.35 | |||||||||||||||
Weighted-average common shares outstanding (in thousands):(1) | |||||||||||||||||||||||
| Basic | 41,342 | 41,142 | 41,284 | 40,663 | |||||||||||||||||||
| Diluted | 41,342 | 41,142 | 41,284 | 40,663 | |||||||||||||||||||
(1)Weighted participating securities include RSUs and PSUs that receive non-forfeitable dividends and consist of 632,000 and 698,000 weighted participating securities for the three and nine months ended June 30, 2024, respectively, and 453,000 and 469,000 weighted participating securities for the three and nine months ended June 30, 2023, respectively.
Compass Minerals Reports Third Quarter Earnings
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COMPASS MINERALS INTERNATIONAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited, in millions)
| June 30, | Sept. 30, | ||||||||||
| 2024 | 2023 | ||||||||||
| ASSETS | |||||||||||
| Cash and cash equivalents | $ | 12.8 | $ | 38.7 | |||||||
| Receivables, net | 92.3 | 129.3 | |||||||||
| Inventories | 407.5 | 399.5 | |||||||||
| Other current assets | 34.4 | 33.4 | |||||||||
| Property, plant and equipment, net | 787.9 | 852.5 | |||||||||
| Intangible and other noncurrent assets | 260.3 | 363.5 | |||||||||
| Total assets | $ | 1,595.2 | $ | 1,816.9 | |||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
| Current portion of long-term debt | $ | 6.3 | $ | 5.0 | |||||||
| Other current liabilities | 182.1 | 269.6 | |||||||||
| Long-term debt, net of current portion | 868.8 | 800.3 | |||||||||
| Deferred income taxes and other noncurrent liabilities | 185.9 | 221.0 | |||||||||
| Total stockholders' equity | 352.1 | 521.0 | |||||||||
| Total liabilities and stockholders' equity | $ | 1,595.2 | $ | 1,816.9 | |||||||
Compass Minerals Reports Third Quarter Earnings
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| COMPASS MINERALS INTERNATIONAL, INC. | |||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
| (unaudited, in millions) | |||||||||||
| Nine Months Ended June 30, | |||||||||||
| 2024 | 2023 | ||||||||||
Net cash provided by operating activities | $ | 27.1 | $ | 126.9 | |||||||
| Cash flows from investing activities: | |||||||||||
| Capital expenditures | (93.3) | (84.5) | |||||||||
| Acquisition of business, net of cash acquired | — | (18.9) | |||||||||
| Other, net | (1.7) | (2.5) | |||||||||
| Net cash used in investing activities | (95.0) | (105.9) | |||||||||
| Cash flows from financing activities: | |||||||||||
| Proceeds from revolving credit facility borrowings | 359.6 | 66.7 | |||||||||
| Principal payments on revolving credit facility borrowings | (289.2) | (218.2) | |||||||||
| Proceeds from issuance of long-term debt | 69.4 | 237.5 | |||||||||
| Principal payments on long-term debt | (70.3) | (311.7) | |||||||||
| Payments for contingent consideration | (9.1) | — | |||||||||
| Net proceeds from private placement of common stock | — | 240.7 | |||||||||
| Dividends paid | (12.7) | (18.7) | |||||||||
| Deferred financing costs | (2.1) | (3.9) | |||||||||
| Shares withheld to satisfy employee tax obligations | (2.0) | (1.6) | |||||||||
| Other, net | (1.4) | (0.9) | |||||||||
| Net cash provided by (used in) financing activities | 42.2 | (10.1) | |||||||||
| Effect of exchange rate changes on cash and cash equivalents | (0.2) | 1.0 | |||||||||
| Net change in cash and cash equivalents | (25.9) | 11.9 | |||||||||
| Cash and cash equivalents, beginning of the year | 38.7 | 46.1 | |||||||||
| Cash and cash equivalents, end of period | $ | 12.8 | $ | 58.0 | |||||||
Compass Minerals Reports Third Quarter Earnings
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COMPASS MINERALS INTERNATIONAL, INC.
SEGMENT INFORMATION
(unaudited, in millions)
| Three Months Ended June 30, 2024 | Salt | Plant Nutrition | Corporate & Other(1) | Total | ||||||||||||||||||||||
| Sales to external customers | $ | 160.6 | $ | 38.8 | $ | 3.5 | $ | 202.9 | ||||||||||||||||||
| Intersegment sales | — | 2.8 | (2.8) | — | ||||||||||||||||||||||
| Shipping and handling cost | 48.2 | 5.0 | — | 53.2 | ||||||||||||||||||||||
Operating earnings (loss)(2)(3) | 25.9 | (1.4) | (18.6) | 5.9 | ||||||||||||||||||||||
| Depreciation, depletion and amortization | 15.7 | 8.6 | 1.8 | 26.1 | ||||||||||||||||||||||
| Total assets (as of end of period) | 1,013.3 | 408.1 | 173.8 | 1,595.2 | ||||||||||||||||||||||
| Three Months Ended June 30, 2023 | Salt | Plant Nutrition | Corporate & Other(1) | Total | ||||||||||||||||||||||
| Sales to external customers | $ | 155.5 | $ | 47.5 | $ | 4.6 | $ | 207.6 | ||||||||||||||||||
| Intersegment sales | — | 2.8 | (2.8) | — | ||||||||||||||||||||||
| Shipping and handling cost | 48.2 | 5.6 | — | 53.8 | ||||||||||||||||||||||
Operating earnings (loss)(3) | 21.7 | 2.5 | (24.8) | (0.6) | ||||||||||||||||||||||
| Depreciation, depletion and amortization | 14.2 | 8.2 | 1.9 | 24.3 | ||||||||||||||||||||||
| Total assets (as of end of period) | 970.1 | 477.1 | 286.3 | 1,733.5 | ||||||||||||||||||||||
| Nine Months Ended June 30, 2024 | Salt | Plant Nutrition | Corporate & Other(1) | Total | ||||||||||||||||||||||
| Sales to external customers | $ | 745.3 | $ | 138.6 | $ | 24.7 | $ | 908.6 | ||||||||||||||||||
| Intersegment sales | — | 6.6 | (6.6) | — | ||||||||||||||||||||||
| Shipping and handling cost | 235.9 | 18.6 | 0.6 | 255.1 | ||||||||||||||||||||||
Operating earnings (loss)(2)(3)(4) | 142.6 | (56.7) | (172.9) | (87.0) | ||||||||||||||||||||||
| Depreciation, depletion and amortization | 47.1 | 25.7 | 5.6 | 78.4 | ||||||||||||||||||||||
Compass Minerals Reports Third Quarter Earnings
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| Nine Months Ended June 30, 2023 | Salt | Plant Nutrition | Corporate & Other(1) | Total | ||||||||||||||||||||||
| Sales to external customers | $ | 824.1 | $ | 136.8 | $ | 10.2 | $ | 971.1 | ||||||||||||||||||
| Intersegment sales | — | 7.1 | (7.1) | — | ||||||||||||||||||||||
| Shipping and handling cost | 274.9 | 16.4 | — | 291.3 | ||||||||||||||||||||||
Operating earnings (loss)(2)(3) | 141.9 | 12.8 | (79.5) | 75.2 | ||||||||||||||||||||||
| Depreciation, depletion and amortization | 42.9 | 24.6 | 5.2 | 72.7 | ||||||||||||||||||||||
(1) Corporate and other includes corporate entities, records management operations, the Fortress fire retardant business, equity method investments, lithium costs 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, lithium-related expenditures, as well as costs for the human resources, information technology, legal and finance functions.
(2) Corporate operating results were impacted by net gains of $0.9 million and $23.1 million related to the decline in the valuation of the Fortress contingent consideration for the three and nine months ended June 30, 2024, respectively. Corporate operating results also include net reimbursements related to the settled SEC investigation of $0.1 million for the nine months ended June 30, 2023.
(3) The company continued to take steps to align its cost structure to its current business needs. These initiatives impacted Corporate operating results and resulted in net severance and related charges for reductions in workforce and changes to executive leadership and additional restructuring costs related to the termination of the Company’s lithium development project of $1.5 million and $17.2 million for the three and nine months ended June 30, 2024, respectively, and $2.2 million and $5.5 million for the three and nine months ended June 30, 2023, respectively.
(4) The company recognized impairments of goodwill, long-lived assets and inventory related to Fortress; and goodwill related to Plant Nutrition of $175.8 million during the nine months ended June 30, 2024, which impacted operating results. The company also recognized the impairment of long-lived assets related to the termination of the lithium development project for the nine months ended June 30, 2024.