Compass Minerals suspends dividend, posts Q2 net loss of $48M amid mild winter and Fortress headwinds

COMPASS MINERALS INTERNATIONAL INC

2024-Q2 EPS reported -$2.99 revenue$705,700,000

Q2 revenue $364M, down 11.5% YoY; net loss $48M ($1.16 diluted) vs loss $21.6M a year ago.
Board suspends dividends indefinitely, freeing ~$25M annually to prioritize debt reduction.
Salt segment volumes fell 21% YoY; adjusted EBITDA per ton improved 19% to $23.95.
Recorded $55.6M impairment on Fortress goodwill/intangibles due to magnesium chloride fire-retardant uncertainty.
FY2024 total adj. EBITDA guidance narrowed to $160-191M; Goderich mine curtails output, laying off ~22% of workforce.

item 2.02 item 9.01

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

COMPASS MINERALS INTERNATIONAL INC reported fiscal 2024 second quarter results: revenue $ 364.0, net income $(48.0), EPS $(1.16).

Period: fiscal 2024 second quarter
Revenue: $ 364.0
Net income: $(48.0)
EPS: $(1.16)
Result: reported results

Exact text from the filing

across all operating sites. QUARTERLY FINANCIAL RESULTS Three Months Ended March 31, Six Months Ended March 31, (in millions, except per share data) 2024 2023 2024 2023 Revenue $ 364.0 $ 411.1 $ 705.7 $ 763.5 Operating (loss) earnings (45.8) 47.9 (101.1) 75.8 Adjusted operating earnings * 65.4 50.8 87.4 79.0 Adjusted EBITDA * 87.3 77.4 146.7 139.2 Net loss

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Source: SEC EDGAR

accession 0001227654-24-000101

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