 | 第99.1展示文本 | ||||
立即發佈
羅盤礦物報告2024財年第三季度最終業績
堪薩斯州奧弗蘭公園（2024年10月29日）- 羅盤礦物（紐交所: cmp設備），一家領先的全球必需礦物提供商，今天報告了最終的2024財年第三季度業績。
除非另有說明，否則應該假定下文提及的時間段是以財政年爲基準。
報告更新
2024年10月29日，羅盤礦物提交了一份表格10-K/A和一份表格10-Q/A，更正了涵蓋的基本報表（i）未經審計的基本報表，包括2023年6月30日季度報告中包括的基本報表，（ii）截至2023年9月30日報告的審計基本報表，（iii）2023年12月31日季度報告中包含的未經審計的基本報表，以及（iv）2024年3月31日季度報告中包含的未經審計的基本報表。隨着這些重述的完成，該公司已經提交了截至2024年6月30日季度報告表格10-Q。
2024年第三季度的最終結果在所有重大方面與2024年9月17日披露的初步結果一致。以下是截至2024年6月30日季度的完整一套新聞發佈財務亮點，包括季度比較和年初至今金額。
公司目前正在整理2024年的財務結果，並完成2025年的預算。由於時間安排，管理層認爲無法就投資社區最感興趣的大部分事項發表評論，因此公司將放棄就2024年第三季度的業績進行電話會議討論。公司預計將在報告2024年第四季度業績時恢復按季度舉行的常規盈利電話會議。
羅盤礦物報道第三季度收益
第14頁，共14頁
關於羅盤礦物
羅盤礦物（紐交所: cmp設備）是一家領先的全球貨幣供應商，專注於安全地在客戶和社區需要時提供關鍵貨幣，以幫助解決自然界的挑戰。該公司的鹽類產品有助於在冬季天氣條件下保持道路安全，並用於許多其他消費、工業、化工和農業領域。其植物營養產品有助於提高作物的質量和產量，同時支持可持續農業。此外，它正在努力發展長期的防火業務。羅盤礦物在美國、加拿大和英國設有12家生產和包裝設施，擁有近2,000名員工。訪問 compassminerals.com 獲取有關該公司及其產品的更多信息。
| 投資者聯繫方式 | 媒體聯繫人 | ||||
| Brent Collins | Rick Axthelm | ||||
| 副總裁，財務主管及投資者關係 | 首席公共事務和可持續發展官 | ||||
| +1.913.344.9111 | +1.913.344.9198 | ||||
| InvestorRelations@compassminerals.com | MediaRelations@compassminerals.com | ||||
前瞻性聲明和其他免責聲明
本新聞稿可能包含前瞻性陳述，包括但不限於關於未來業績電話會議時間的陳述。 前瞻性陳述是那些預測或描述未來事件或趨勢的陳述，這些陳述不僅僅與歷史問題有關。該公司使用諸如 「可能」、「將」、「可以」、「sho」 之類的詞語uld”、「將」、「可能」、「預期」、「預測」、「相信」、「打算」、「計劃」、「預測」、「展望」、「項目」、「估計」 以及暗示未來結果或事件的類似表達，以識別前瞻性陳述或前瞻性信息。這些陳述基於公司當前的預期，涉及風險和不確定性，可能導致公司的實際業績出現重大差異。差異可能是由多種因素造成的，包括但不限於：（i）天氣狀況，（ii）通貨膨脹，公司產品分銷的運輸成本和可用性以及外匯匯率，（iii）價格壓力和競爭產品的影響，（iv）公司無法成功實施其戰略優先事項或節省成本或企業優化計劃，以及（v）公司可能無法實現預期財務或財務狀況的風險其所有權帶來的其他好處北美堡壘。有關這些以及其他可能影響公司業務的風險和不確定性的更多信息，請參閱公司截至2023年9月30日的10-K/A表修訂年度報告、截至2023年12月31日和2024年3月31日的季度經修訂的10-Q/A表季度報告以及10-Q/A表季度報告的 「風險因素」 和 「管理層對財務狀況和經營業績的討論和分析」 部分向美國證券交易委員會提交的截至2024年6月30日的季度季度以及該公司向美國證券交易委員會提交的其他文件。除非法律要求，否則公司沒有義務更新本新聞稿中的任何前瞻性陳述以反映未來的事件或發展。由於無法預測或確定所有這些因素，因此不能將此清單視爲包含所有潛在風險或不確定性的完整集合。
羅盤礦物報道第三季度收益
第14頁（共14頁）
非GAAP措施
除了使用美國通用會計準則（「GAAP」）財務指標外，管理層還使用各種非GAAP財務指標來評估公司及其各經營部門的績效。儘管合併財務報表可以了解公司的整體經營結果、財務狀況和現金流量，但管理層分析基本報表的各個元件，以識別特定的趨勢和評估特定的業績領域。
管理層使用EBITDA，調整後的EBITDA（根據管理層認爲不代表公司持續經營業績的項目調整後的EBITDA）、EBITDA利潤率等指標評估公司核心業務運營的經營績效，因爲在公司層面管理資源配置、融資方式和資本成本以及所得稅位置，與經營板塊的活動獨立，經營設施位於不同的課稅司法管轄區，這可能導致淨收益出現相當大的波動。管理層還使用調整後的營業利潤、調整後的營業利潤率、調整後的淨收益和調整後的攤薄每股收益，排除了某些管理層不認爲代表基礎經營績效的項目的影響。這些指標的呈現不應被解釋爲未來的結果不會受到異常或非經常性項目的影響。管理層認爲這些非GAAP財務指標在評估基礎績效時爲管理層和投資者提供了有用的額外信息。EBITDA和調整後的EBITDA不包括利息支出、所得稅和折舊、減值及攤銷費用，這些都是公司成本結構的重要組成部分，無法被排除。此外，調整後的EBITDA和調整後的EBITDA利潤率不包括特定的現金和非現金項目，包括股票補償、減值損失和某些重組費用。因此，任何排除這些元素的指標都具有重要限制。管理層使用的非GAAP財務指標不應孤立地考慮，也不能代替根據GAAP制定的淨收益、營業利潤、現金流或其他財務數據，也不能作爲整體盈利能力或流動性的衡量標準。由於計算方法可能存在潛在的差異，這些指標不一定能與其他公司的同類指標相比較。管理層使用的非GAAP財務指標的計算方法已列於以下表格中。所有利潤率數字定義爲相關指標除以銷售額。公司未提供前瞻性非GAAP財務指標與按照GAAP計算和報告的最直接可比財務指標的調和，因爲公司無法估計重大的非經常性、非經常性項目和/或獨特非核心舉措，如果不付出不合理努力。這些項目的金額和時間尚不確定，可能對公司的結果產生重大影響。
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
Page 4 of 14
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
Page 5 of 14
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
Page 6 of 14
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
Page 7 of 14
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
Page 8 of 14
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
Page 9 of 14
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
Page 10 of 14
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
Page 11 of 14
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
Page 12 of 14
| 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
Page 13 of 14
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
Page 14 of 14
| 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.