Compass Minerals Reports Strong First-Quarter 2021 Results
Today, Compass Minerals reported strong results for the first quarter of 2021, including consolidated revenue of $426 million and adjusted EBITDA of $97.3 million, both from continuing operations.*
“On the heels of a challenging year, we are pleased to have come out of the gate in 2021 with a very productive first quarter, while concurrently making meaningful progress executing on our strategic priorities,” said Kevin S. Crutchfield, president and CEO. “Our relentless focus on optimization has translated into improved per-unit operating costs within our Salt segment. In addition, continued solid demand for our Protassium+® product underpins our position as the North American SOP market leader. We also continue to focus on strengthening our balance sheet, which is expected to be aided by the proceeds from the sale agreement for our South America specialty plant nutrition business and the completed sale of certain North America micronutrient assets. Our intent moving forward is to concentrate on our advantaged core assets and selectively pursue strategic opportunities for growth.”
Other first-quarter 2021 highlights reported by the company include:
- Realized Salt segment operating earnings of $80.1 million for the first quarter of 2021, up 41% versus the prior-year period
- Strengthened pricing for the company’s Protassium+ sulfate of potash (SOP) product to approximately $573 per ton, an improvement of 5% versus fourth-quarter 2020 pricing
- Announced approximately $478 million year-to-date in sale agreements for our South America specialty plant nutrition business and for a component of our North America micronutrient business, the latter of which closed on May 4, 2021, together expected to reduce leverage and allow the company to focus on its core operations
You can find additional details in the press release and the First-Quarter 2021 Business Update presentation posted in the Investor Relations section.
*In March 2021, the company’s board of directors approved the divestiture of the company’s South America businesses and its North America micronutrient business as part of the company’s broader asset optimization strategy. Collectively, the results of these businesses are reported as discontinued operations for all periods presented. The continuing operations of the company are reported on the consolidated level and in two segments: Salt and Plant Nutrition (which was previously known as Plant Nutrition North America). The reported results reflect the continuing operations of the company unless otherwise noted.