Compass Minerals Reports Third-Quarter 2018 Results
Compass Minerals reported third quarter 2018 net income of $12.8 million, or $0.37 per diluted share, compared to $32.0 million, or $0.94 per diluted share, in the prior-year period. The 2017 results included a net benefit of $0.29 per diluted share from a one-time tax benefit of $13.0 million partially offset by a $3.0 million after-tax restructuring charge. While third-quarter 2018 revenue across all the company’s segments increased year-over-year, increased costs, primarily at the Goderich salt mine, lowered net earnings.
“Our strong top-line performance continued in the third quarter driven primarily by robust plant nutrition demand in Brazil, attractive pricing for our plant nutrition products in North America and more typical pre-season demand for deicing products in our Salt business,” said Compass Minerals’ President and CEO Fran Malecha. “We are encouraged by the performance of our Plant Nutrition business where our strategic investments to expand and improve our operations are demonstrating their ability to drive top- and bottom-line growth. Our Salt segment, however, performed below our expectations primarily due to lower-than-expected production at our Goderich mine. While these results are disappointing, we have a plan in place for improvement and our Goderich employees are working diligently to reach our targeted production rates.”
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