Compass Minerals reported its fiscal 2024 fourth-quarter and full-year financial results today.

“There is no doubt that 2024 was a transitional year for our company. We made the important strategic decision to get ‘back to basics’ by refocusing on our core Salt and Plant Nutrition businesses. We made leadership and organizational changes throughout the year to support this effort. Our company also had to confront the challenges resulting from one of the mildest winters in the last quarter century, as well as headwinds from the termination of our lithium project and setbacks in the Fortress business. Against this backdrop, we undertook significant heavy lifting throughout the year to reorient the company on a path toward improved performance,” said Edward C. Dowling Jr., president and CEO. “We still have work ahead of us, but we have a clear vision of what we need to do to optimize our unique and advantaged assets. We strongly believe that our focus on improving the cash generation capability across our platform and reducing our absolute levels of indebtedness will enable the creation of meaningful, long-term shareholder value.”

Fiscal fourth-quarter and full-year 2024 summary:

• Net loss for the fourth quarter of 2024 of $48.3 million, inclusive of a $17.6 million write down of certain intangible water rights in Utah
• Total company adjusted EBITDA for the fourth quarter of 2024 of $15.6 million, down from $31.3 million in the prior year
• Reported net loss of $206.1 million for fiscal 2024 driven by significant non-cash impairments totaling $191.0 million in Lithium, Fire Retardant and Plant Nutrition businesses
• Total company adjusted EBITDA up 4% year over year to $206.3 million
• Improved annual adjusted EBITDA per ton for Salt business by 20% to approximately $24.50 despite 18% decline in Salt sales volumes
• Annual Plant Nutrition sales volumes increased 25% in 2024 to 273 thousand tons

View the full release and Fiscal 2024 Fourth-Quarter and Full-Year Business Update here.