Compass Minerals Reports Fourth-Quarter and Full-Year 2020 Results
Today, the company reported consolidated fourth quarter revenue of $421.1 million, down from the fourth quarter of the previous year. Full-year revenue for 2020 was nearly $1.4 billion, a decrease from $1.5 billion in 2019.
The combination of weaker winter weather, devaluation of the Brazilian real and COVID-19 impacts had a negative effect on full-year 2020 operating income of approximately $67 million.
Other fourth-quarter 2020 highlights reported by the company include:
- Full-year 2020 capital spending was $84.9 million, below the low end of the previously announced guidance range
- Goderich mine production demonstrated continued efficiency gains with a 23% increase in December and 17% increase for the full year, both versus 2019 respectively
- Our company has initiated a strategic separation of its Brazil assets into two businesses, chemicals and specialty plant nutrition, with the intention of enabling a targeted and efficient sales process to unlock maximum value for each set of assets; both processes are currently underway
“2020 was a difficult year for most companies, and we were no exception. However, I continue to be humbled by the performance of our employees, reassured by the resilience of our assets and confident in the structural improvements we are making through our internal optimization efforts,” said President and CEO Kevin S. Crutchfield. “In a very challenging year, we were able to improve safety performance, enhance our operating discipline, solidify our position as a market share leader for SOP in North America, and make important strides toward executing our long-term strategic priorities. In line with that, we have re-launched the sale process of our South American assets on two separate tracks with a focus on unlocking maximum value for both the specialty plant nutrition and chemical businesses. Should these transactions be completed, we expect to use the proceeds to reduce leverage, further enhance our liquidity and continue our focus on meeting customer demand for our essential products.”
You can find additional details in the press release and the Fourth Quarter 2020 Business Update here.