Compass Minerals Reports Second Quarter 2019 Earnings
Compass Minerals’ second-quarter results demonstrated ongoing improvement in its Salt business. The Plant Nutrition business delivered modest gains in operating earnings despite a global agriculture market that continues to be challenging.
The company reported a second quarter 2019 net loss of $11.8 million, or $0.36 per diluted share. This is compared to a net loss of $7.6 million, or $0.23 per diluted share, in the second quarter of 2018. While operating earnings increased $1.3 million to $4.1 million, a year-over-year increase in non-operating costs drove the higher net loss compared to last year. The increase in non-operating costs was primarily related to foreign exchange losses and interest expense. When adjusted for unusual logistics costs associated with Mississippi River flooding, adjusted net loss totaled $0.29 per share and adjusted EBITDA totaled $40.9 million.
“While there is much room for improvement, we made important strides this quarter to drive better operational performance which is beginning to be reflected in our results,” said Kevin Crutchfield, Compass Minerals president and CEO. “I’m excited for the opportunities ahead given our renewed focus on mining excellence, streamlining our organizational structure and encouraging North American highway deicing bid season results.” View the full release here.