Compass Minerals Reports Third-Quarter 2020 Results
Today, the company reported that consolidated revenue of $282.4 million was down 17% year-over-year and consolidated operating earnings of $17.4 million was down $12.7 million year-over-year, but year-to-date 2020 cash flow from operations remained strong at $188.5 million, up $90.6 million from the prior-year period.
Other third-quarter highlights reported include:
- Adjusted EBITDA of $55.4 million down 18% year-over-year
- Net loss of $0.07 per diluted share compared to net earnings of $0.31 per diluted share in the third quarter of 2019
- Continue to successfully manage COVID-19 risks and impacts as an essential business
- Full-year 2020 adjusted EBITDA outlook of $330 million to $345 million, compared to prior outlook of $330 million to $370 million
“Despite some temporary headwinds in the third quarter, our improved operational discipline and execution ability allowed us to navigate these challenges and remain positioned for a strong end to the year,” said Kevin S. Crutchfield, president and CEO. “Through the focus and dedication of our employees, we have managed through multiple hurricanes striking our Louisiana operation, delays in sales due to wildfires and drought in our key North American agriculture market and continuing impacts related to the ongoing COVID-19 pandemic. As a result of their efforts, we stand ready to serve our customers’ needs for deicing salt during the upcoming winter, as well as address the challenges of meeting growers’ plant nutrition needs during a compressed application season.”