Compass Minerals Reports Fiscal 2023 First-Quarter Results
Today, Compass Minerals reported 6% year-over-year growth in consolidated revenue driven by higher prices in both Salt and Plant Nutrition businesses and stronger Salt segment sales volumes, partially offset by weaker sales volumes in the Plant Nutrition segment.
Consolidated operating earnings of $27.9 million were up 37% from $20.4 million in the corresponding quarter in fiscal 2022, with operating margins improving to 7.9% from 6.2%.
“Compass Minerals is off to a mixed start in fiscal year 2023. While we saw improved results within our Salt business and made progress on our strategic priorities, weak demand in our Plant Nutrition segment and cost pressures are tempering our financial performance and outlook,” said Kevin S. Crutchfield, president and CEO.
Other first-quarter highlights reported by the company include:
- Continued on path to fully restoring Salt segment profitability to historic levels with first-quarter operating earnings and EBITDA increasing 17% and 7%, respectively, year over year on a per-ton basis
- Closed the gross $252 million strategic equity investment by Koch Minerals & Trading LLC with $200 million in proceeds expected to fund the first two years of phase-one lithium development; remaining net proceeds used to pay down debt during the quarter
- Progressed Fortress North America, a next-generation fire-retardant company of which Compass Minerals owns 45%, toward full commercialization through the qualification of two aerial long-term fire retardants on the U.S. Forest Service’s Qualified Product List
View the full release and Fiscal 2023 First-Quarter Business Update here.