Compass Minerals reported its fiscal 2023 fourth-quarter and full-year financial results today, which included improved profitability in the Salt business and improved adjusted EBITDA compared to fiscal 2022.

Additionally, the company announced consolidated revenue was 3% lower year over year at $1,204.7 million.

“Compass Minerals realized a number of positive strategic accomplishments in fiscal 2023, including the restoration of Salt profitability and the achievement of several key milestones by Fortress in its first commercial fire season,” said Kevin S. Crutchfield, president and CEO. “While recent external challenges impacting our lithium project have arisen, we have made progress across much of our platform this year. In the year ahead we will focus on strong execution within our core Salt and Plant Nutrition businesses and growing the emerging Fire Retardant business, while also pursuing a satisfactory path forward with the State of Utah for lithium development. Compass Minerals operates several unique, high-quality assets that are irreplaceable in their served markets and have tremendous intrinsic value. Continuing our efforts to maximize the value of these assets for our shareholders remains a core priority for our board and leadership team.”

Other highlights reported by the company include:

• Generated net income of $15.5 million for fiscal 2023 versus net loss of $37.3 million in prior year
• Total company adjusted EBITDA up 7% year over year despite lower sales volumes in both Salt and Plant Nutrition businesses
• Restored full-year fiscal 2023 profitability to adjusted EBITDA per ton in excess of $20 for Salt business
• Acquired remaining 55% ownership of Fortress North America (Fortress) and realized first commercial sales during the 2023 fire season
• Closed strategic equity partnership with Koch Minerals & Trading LLC (KM&T)
• Extended debt maturity profile via refinancing of outstanding $250 million 4.875% Senior Notes due July 2024 with $75 million expansion of revolver to $375 million and a $200 million Term Loan A issuance
• Continued excellence in safety performance with total recordable injury rate and lost time injury rate down 8% and 9%, respectively, building on strong performance year in fiscal 2022

View the full release and Fiscal 2023 Fourth-Quarter and Full-Year Business Update here.