Compass Minerals Reports Fiscal 2023 Second-Quarter Results
Compass Minerals reported consolidated operating earnings of $47.9 million today, up 140% over the same period last year.
“As I reflect on where the company stands halfway through the year, I’m pleased with the strides we have made to date while we remain acutely focused on the important work left to do,” said Kevin S. Crutchfield, president and CEO. “We will continue to work diligently on the parts of our business that we can control in order to maximize our value creation for all stakeholders.”
Other second-quarter and recent highlights reported by the company include:
- Net loss narrowing to $21.6 million versus $29.0 million over the corresponding period
- Adjusted EBITDA from continuing operations increased to $77.4 million from $64.8 million last year
- Recaptured historic levels of Salt segment profitability per ton during the second quarter
- Acquisition of remaining 55% of Fortress North America (Fortress), a next-generation fire-retardant company, expected to be immediately accretive in fiscal 2023 with prospects for considerable upside thereafter; transaction further advances strategy to accelerate growth and reduce weather dependency by expanding into adjacent markets
- Took initial steps to align the company’s cost structure to current business needs through the elimination of approximately 49 full-time positions and other consulting and overhead costs
- Extending 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
- Deepened the board’s financial, extractive industry and corporate governance expertise with the appointment of Jill V. Gardiner to the company’s board of directors
View the full release and Fiscal 2023 Second-Quarter Business Update here.