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Compass Minerals Reports Third-Quarter and Fiscal 2021 Results

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Firm Achieves Significant Comparable Interval Income Development As a result of Increased Gross sales Volumes and Improved Pricing Throughout All Segments

OVERLAND PARK, Kan. — Compass Minerals (NYSE: CMP), a number one world supplier of important minerals, at the moment reported third-quarter and monetary 2021 outcomes.

HIGHLIGHTS

  • Consolidated income for fiscal 2021 up 20% versus the comparable year-over-year interval on robust gross sales volumes throughout each Salt and Plant Diet segments
  • Tapered manufacturing to handle stock ranges in addition to misplaced volumes associated to Hurricane Ida negatively impacted Salt phase working earnings within the third quarter of 2021
  • Decrease sulfate of potash (SOP) manufacturing volumes tied to short-term pond feedstock inconsistencies drove decrease third-quarter 2021 working earnings within the Plant Diet phase
  • Fiscal 2022 consolidated steerage consists of an adjusted EBITDA vary of $220 million to $250 million
  • The corporate not too long ago introduced profitable third-party conversion testing to battery-grade lithium hydroxide of its sustainable lithium brine useful resource at its photo voltaic evaporation facility on the Nice Salt Lake and expects industrial market entry by 2025
  • Strategic fairness funding not too long ago introduced in Fortress North America (Fortress), a next-generation hearth retardant firm devoted to creating and producing a portfolio of extra environmentally pleasant and carbon impartial hearth retardants to fight the devastating results of wildfires; Fortress’ magnesium chloride-based retardant formulations have been developed primarily utilizing important minerals equipped from Compass Minerals’ Ogden facility

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PRESENTATION OF RESULTS

The corporate’s fiscal 2021 outcomes and monetary 2022 outlook on this earnings launch mirror the change within the fiscal year-end from Dec. 31 to Sept. 30. The fiscal 2021 outcomes are reported for the nine-month interval from Jan. 1, 2021 to Sept. 30, 2021, and the corporate has offered comparable outcomes for the Jan. 1, 2020 to Sept. 30, 2020 interval.

As beforehand disclosed, in March 2021, Compass Minerals’ board of administrators authorized the divestiture of the corporate’s South America companies and its North America micronutrients enterprise as a part of a broader asset optimization technique. Collectively, the outcomes of those companies are reported as discontinued operations for all durations offered. The outcomes on this earnings launch mirror solely the persevering with operations of the corporate until in any other case famous.

RESULTS

For the Three
Months Ended

For Fiscal
Yr Ended

(From persevering with operations; in tens of millions, besides per share information)

Sept. 30, 2021

Income

$

211.7

$

836.6

Working earnings

2.1

79.0

Adjusted EBITDA*

32.7

175.4

Internet earnings

(4.6

)

20.9

Internet earnings per diluted share

(0.14

)

0.58

*Non-GAAP monetary measure. Reconciliations to probably the most immediately comparable GAAP monetary measure are offered in tables on the finish of this press launch.

“I’m happy with the robust work of our staff to efficiently navigate a lot of headwinds within the third quarter to complete fiscal 2021 inside our prior introduced steerage vary. I’m equally happy with the continued progress we’ve made as an organization to soundly ship on our commitments, leverage our advantaged property and obtain significant milestones in our longer-term progress technique,” mentioned Kevin S. Crutchfield, president and CEO. “Trying ahead, I consider the strategic investments we’re making to increase our important minerals portfolio and leverage anticipated future demand within the lithium and hearth retardant markets might be transformational for Compass Minerals. Constructing upon our secure and market-leading salt and plant diet companies, I’m more and more assured that we’re properly positioned to develop our margins and enhance shareholder returns over the long-term.”

Fiscal 2021 income and working earnings have been greater yr over yr pushed primarily by elevated Salt gross sales volumes. Robust February winter climate exercise and better year-over-year bid season commitments drove improved working earnings within the Salt phase, whereas decrease SOP manufacturing volumes resulted in decrease year-over-year working revenue within the Plant Diet phase. The corporate continues to work by way of its short-term feedstock inconsistency and expects to see measurable enhancements in the course of the second half of fiscal 2022.

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SALT BUSINESS SUMMARY

Salt phase third-quarter 2021 income totaled $159.5 million, up 13% from third-quarter 2020 outcomes, pushed by a ten% enhance in gross sales volumes and a 3% enhance in common promoting worth. Third-quarter gross sales quantity elevated for each freeway deicing and shopper and industrial (C&I) salt companies in comparison with third-quarter 2020, primarily as a result of greater bid season commitments and a return to pre-pandemic gross sales ranges, respectively. Elevated pricing in chemical and magnesium chloride product strains drove a 5% enchancment in common freeway deicing gross sales costs, whereas C&I non-deicing common promoting costs skilled a 2% year-over-year enhance.

Fiscal 2021 Salt phase income elevated 22% to $671.1 million from $550.9 million within the comparable 2020 interval, primarily as a result of elevated bid season commitments and powerful February winter climate exercise, whereas common promoting worth was down 5% in comparison with the prior-year interval.

Third-quarter 2021 Salt phase working earnings decreased 15% from the prior-year interval, to $22.4 million, whereas EBITDA declined 8% to $40.1 million. Each third-quarter working earnings and EBITDA have been negatively impacted by tapered manufacturing to handle stock ranges, in addition to misplaced manufacturing and gross sales volumes associated to Hurricane Ida.

For fiscal 2021, the Salt phase generated $133.2 million in working earnings and EBITDA of $186.5 million, will increase of 14% and 13%, respectively, from comparable 2020 interval outcomes. Fiscal 2021 working margins have been down 130 foundation factors and EBITDA margins have been down 230 foundation factors in comparison with prior-period outcomes, pushed primarily by decrease common salt costs.

BID SEASON SUMMARY

The corporate’s North American freeway deicing bidding course of for the 2021-2022 winter season has been accomplished. The corporate expects its common contract worth for the upcoming winter season to be comparatively flat to prior-season outcomes. The corporate additionally estimates that its complete dedicated bid volumes elevated by roughly 17% in comparison with prior-year bid season outcomes.

PLANT NUTRITION BUSINESS SUMMARY

Plant Diet phase income in third-quarter 2021 totaled $49.3 million, up 60% from the prior-year quarter. The end result was as a result of a 46% enhance in gross sales volumes coupled with a 9% enhance in common promoting costs. For fiscal 2021, the phase generated $156.8 million in income, 14% above prior-period outcomes, due primarily to elevated gross sales volumes. Gross sales for each the third quarter of 2020 and monetary 2020 comparable interval have been negatively impacted by a weaker software season as a result of wildfires in sure of the corporate’s gross sales territories and a few delayed software within the firm’s key markets.

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Third-quarter 2021 working earnings for the Plant Diet phase decreased $1.3 million from prior yr, to a lack of $0.2 million, and EBITDA decreased $1.7 million to $8.7 million. Fiscal 2021 working earnings declined $6.2 million or 52%, to $5.8 million, whereas EBITDA of $32.6 million was $8.1 million or 20% beneath comparable 2020 interval outcomes, as greater gross sales volumes and common gross sales pricing have been greater than offset by greater per-unit prices associated to the beforehand disclosed short-term feedstock inconsistencies on the firm’s Ogden facility.

OTHER FINANCIAL HIGHLIGHTS

Money movement from operations for fiscal 2021 decreased 14% from the comparable prior-year interval to $162.7 million.

The corporate recorded a third-quarter 2021 achieve on international trade of $3.8 million in comparison with a loss on international trade of $2.8 million within the prior-year quarter. For fiscal 2021, the achieve of international trade was $0.6 million versus $10.8 million for the comparable 2020 interval.

Capital spending from persevering with operations for fiscal 2021 totaled $65.7 million in comparison with $57.0 million within the prior interval.

Tax expense for fiscal 2021 was $14.2 million versus $10.3 million within the comparable 2020 interval. This enhance displays the change in fiscal year-end, which compressed the tax provision calculation interval and briefly elevated the corporate’s efficient tax fee to roughly 41%.

The corporate ended the fiscal yr with $219.2 million of liquidity, which is comprised of $21.0 million in money and money equivalents (together with $2.9 million in money from discontinued operations) and $198.2 million of availability on its $300 million revolving credit score facility.

OUTLOOK

Fiscal 2022 adjusted EBITDA is predicted to be within the vary of $220 million to $250 million.

Assuming common winter climate exercise, the corporate expects robust Salt phase income progress for the primary half of fiscal 2022 in comparison with the prior interval, primarily as a result of elevated bid season commitments. Nonetheless, flat pricing and elevated delivery and dealing with prices are anticipated to end in decrease year-over-year first-half fiscal 2022 Salt phase EBITDA.

Within the Plant Diet phase, the corporate expects decrease gross sales volumes for fiscal 2022 because the SOP feedstock inconsistencies have constrained manufacturing within the quick time period. Product pricing power within the first half of the yr is predicted to greater than offset greater manufacturing prices and decrease gross sales volumes, leading to improved margins and profitability in fiscal 2022.

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As Compass Minerals continues to put money into the event of its sustainable lithium useful resource on the Nice Salt Lake, the corporate expects to spend roughly $10 million in fiscal 2022 constructing inner capabilities and scaling up its pilot plant operations. These lithium-related working bills are included throughout the Company and Different expense within the firm’s fiscal 2022 outlook.

Capital expenditures are anticipated to be elevated in fiscal 2022 as a result of an improve to the corporate’s Cote Blanche barge dock to enhance security, logistics and effectivity at a value of roughly $15 million, in addition to roughly $15 million in capital spending for lithium extraction property.

The desk beneath summarizes the varied elements of Compass Minerals’ first half and monetary 2022 expectations.

FISCAL 2022 OUTLOOK (for persevering with operations):

FISCAL 2022 ADJUSTED EBITDA: $220 to $250 million

1H FY22

FY22

Salt Section

Quantity

12.5 million to 13.2 million tons

Income

$675 million to $725 million

EBITDA

$145 million to $170 million

Plant Diet Section

Quantity

280,000 to 320,000 tons

Income

$85 million to $110 million

EBITDA

$25 million to $35 million

Company

Company and different expense*

$65 million to $70 million

Curiosity expense

$55 million to $60 million

Depreciation, depletion and amortization

$115 million to $120 million

Capital expenditures

$125 million to $135 million

Efficient tax fee

~27%

*Excludes depreciation, amortization and stock-based compensation.

CONFERENCE CALL

Compass Minerals will focus on its outcomes on a convention name tomorrow morning, Tuesday, Nov. 16, at 8:30 a.m. ET. To entry the convention name, please go to the corporate’s web site at traders.compassminerals.com or dial 888-550-5768. Callers should present the convention ID quantity 3632674. Exterior of the U.S. and Canada, callers might dial 646-960-0469. Replays of the decision will probably be out there on the corporate’s web site.

A company presentation with fiscal 2021 outcomes is accessible on the Investor Relations part of the corporate’s web site at traders.compassminerals.com.

About Compass Minerals

Compass Minerals (NYSE: CMP) is a number one world supplier of important minerals centered on safely delivering the place and when it issues to assist clear up nature’s challenges for purchasers and communities. The corporate’s salt merchandise assist hold roadways protected throughout winter climate and are utilized in quite a few different shopper, industrial and agricultural functions. Its plant diet enterprise manufactures merchandise that enhance the standard and yield of crops, whereas supporting sustainable agriculture. And its specialty chemical enterprise serves the water remedy trade and different industrial processes. Moreover, the corporate is pursuing improvement of a sustainable lithium brine useful resource to help the North American battery market and is a minority proprietor of Fortress North America, a next-generation hearth retardant firm. Compass Minerals operates 15 manufacturing and packaging services with greater than 2,000 staff all through the U.S., Canada, the U.Ok. and Brazil. Go to compassminerals.com for extra details about the corporate and its merchandise.

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Ahead-Trying Statements and Different Disclaimers

This press launch might include forward-looking statements throughout the which means of the Personal Securities Litigation Reform Act of 1995, together with, with out limitation, statements concerning the firm’s lithium useful resource, together with market entry; the corporate’s capability to increase its portfolio, leverage demand, remodel the corporate, develop margins, enhance shareholder returns and enhance feedstock inconsistency; bid season outcomes, together with worth and quantity; climate; pricing; prices; margins; profitability; lithium-related working bills and capital spending; Cote Blanche barge dock improve; and the corporate’s outlook for the primary half of fiscal 2022 and monetary 2022, together with its expectations concerning adjusted EBITDA, quantity, income, EBITDA, company and different expense, curiosity expense, depreciation, depletion and amortization, capital expenditures and tax charges. Ahead-looking statements are those who predict or describe future occasions or traits and that don’t relate solely to historic issues. We use phrases equivalent to “might,” “would,” “might,” “ought to,” “will,” “possible,” “anticipate,” “anticipate,” “consider,” “intend,” “plan,” “forecast,” “outlook,” “venture,” “estimate” and related expressions suggesting future outcomes or occasions to determine forward-looking statements or forward-looking data. These statements are primarily based on the corporate’s present expectations and contain dangers and uncertainties that would trigger the corporate’s precise outcomes to vary materially. The variations might be attributable to a lot of components, together with with out limitation (i) climate situations, (ii) international trade charges and the associated fee and availability of transportation for the distribution of the corporate’s merchandise, (iii) stress on costs and affect from aggressive merchandise, (iv) any lack of ability by the corporate to efficiently implement its strategic priorities or its cost-saving or enterprise optimization initiatives, (v) the chance that the corporate might not understand the anticipated monetary or different advantages from the proposed improvement of its lithium mineral useful resource or its funding in Fortress North America, (vi) the timing and the result of the sale course of for the corporate’s South America chemical substances enterprise, and (vii) impacts of the COVID-19 pandemic. For additional data on these and different dangers and uncertainties that will have an effect on the corporate’s enterprise, see the “Threat Components” and “Administration’s Dialogue and Evaluation of Monetary Situation and Outcomes of Operations” sections of the corporate’s Transition Report on Type 10-KT for the transition interval ended Sept. 30, 2021 and the corporate’s Quarterly Reviews on Type 10-Q for the quarters ended March 31, 2021 and June 30, 2021 (together with any amendments) filed or to be filed with the SEC, in addition to the corporate’s different SEC filings. The corporate undertakes no obligation to replace any forward-looking statements made on this press launch to mirror future occasions or developments, besides as required by legislation. As a result of it’s not doable to foretell or determine all such components, this record can’t be thought of a whole set of all potential dangers or uncertainties .

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The corporate has accomplished an preliminary evaluation to outline the lithium useful resource at Compass Minerals’ present operations in accordance with relevant SEC rules, together with Subpart 1300. Pursuant to Subpart 1300, mineral sources usually are not mineral reserves and do not need demonstrated financial viability. The corporate’s mineral useful resource estimates, together with estimates of the lithium useful resource, are primarily based on many components, together with assumptions concerning extraction charges and period of mining operations, and the standard of in-place sources. For instance, the method expertise for industrial extraction of lithium from brines with low lithium and excessive impurity (primarily magnesium) remains to be creating. Accordingly, there isn’t a certainty that every one or any a part of the lithium mineral useful resource recognized by the corporate’s preliminary evaluation will probably be transformed into an economically extractable mineral reserve.

Non-GAAP Measures

Along with utilizing U.S. usually accepted accounting rules (“GAAP”) monetary measures, administration makes use of a wide range of non-GAAP monetary measures described beneath to guage the corporate’s and its working segments’ efficiency. Whereas the consolidated monetary statements present an understanding of the corporate’s total outcomes of operations, monetary situation and money flows, administration analyzes elements of the consolidated monetary statements to determine sure traits and consider particular efficiency areas.

Administration makes use of EBITDA, EBITDA adjusted for objects which administration believes usually are not indicative of the corporate’s ongoing working efficiency (“Adjusted EBITDA”), and EBITDA and Adjusted EBITDA margin to guage the working efficiency of the corporate’s core enterprise operations as a result of its useful resource allocation, financing strategies and value of capital, and revenue tax positions are managed at a company stage, aside from the actions of the working segments, and the working services are positioned in numerous taxing jurisdictions, which may trigger appreciable variation in internet earnings. The corporate additionally makes use of EBITDA and Adjusted EBITDA to evaluate its total and working phase working efficiency and return on capital towards different corporations, and to guage potential acquisitions or different capital initiatives. EBITDA and Adjusted EBITDA usually are not calculated underneath GAAP and shouldn’t be thought of in isolation or as an alternative choice to internet revenue, working earnings, money flows or different monetary information ready in accordance with GAAP or as a measure of total profitability or liquidity. EBITDA and Adjusted EBITDA exclude curiosity expense, revenue taxes and depreciation and amortization, every of that are an important factor of the corporate’s price construction and can’t be eradicated. As well as, Adjusted EBITDA and Adjusted EBITDA margin exclude stock-based compensation. Consequently, any measure that excludes these components has materials limitations. Whereas EBITDA and Adjusted EBITDA are incessantly used as measures of working efficiency, these phrases usually are not essentially akin to equally titled measures of different corporations because of the potential inconsistencies within the technique of calculation. The calculation of EBITDA, EBITDA Margin, Adjusted EBITDA, and Adjusted EBITDA Margin as utilized by administration is about forth within the following tables. All margin numbers are outlined because the related measure divided by gross sales.

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The next tables mirror monetary data for the three and 9 months ended Sept. 30, 2021 and 2020 and signify the fiscal interval ended 2021 and the comparable durations for 2020.

Reconciliation for EBITDA and Adjusted EBITDA

(unaudited, in tens of millions)

Three months ended
Sept. 30,

9 months ended
Sept. 30,

2021

2020

2021

2020

Internet (loss) earnings from persevering with operations

$

(4.6

)

$

(4.9

)

$

20.9

$

27.9

Curiosity expense

13.6

15.2

44.3

47.2

Earnings tax (profit) expense

(3.5

)

(2.4

)

14.2

10.3

Depreciation, depletion and amortization

29.9

30.5

89.8

87.7

EBITDA from persevering with operations

35.4

38.4

169.2

173.1

Changes to EBITDA:

Inventory-based compensation – non money

1.0

2.1

7.1

6.9

(Achieve) loss on international trade

(3.8

)

2.8

(0.6

)

(10.8

)

Different expense (revenue), internet

0.1

0.1

(0.3

)

0.2

Adjusted EBITDA from persevering with operations

32.7

43.4

175.4

169.4

Adjusted EBITDA from discontinued operations

7.0

20.5

26.2

38.5

Adjusted EBITDA

$

39.7

$

63.9

$

201.6

$

207.9

EBITDA margin from persevering with operations margin

16.7

%

22.0

%

20.2

%

24.9

%

Adjusted EBITDA margin from persevering with operations margin

15.4

%

24.9

%

21.0

%

24.3

%

Salt Section Efficiency
(in tens of millions, apart from gross sales volumes and costs per quick ton)

Three months ended
Sept. 30,

9 months ended
Sept. 30,

2021

2020

2021

2020

Gross sales

$

159.5

$

141.2

$

671.1

$

550.9

Working earnings

$

22.4

$

26.2

$

133.2

$

116.5

Working margin

14.0

%

18.6

%

19.8

%

21.1

%

EBITDA(1)

$

40.1

$

43.6

$

186.5

$

165.7

EBITDA(1) margin

25.1

%

30.9

%

27.8

%

30.1

%

Gross sales volumes (in 1000’s of tons):

Freeway deicing

1,329

1,205

7,091

5,330

Client and industrial

496

458

1,419

1,327

Complete Salt

1,825

1,663

8,510

6,657

Common gross sales costs (per ton):

Freeway deicing

$

57.92

$

55.28

$

62.08

$

64.41

Client and industrial

$

166.45

$

162.96

$

162.78

$

156.42

Complete Salt

$

87.42

$

84.94

$

78.87

$

82.75

(1) Non-GAAP monetary measure. Reconciliations observe in these tables.

Reconciliation for Salt Section EBITDA

(unaudited, in tens of millions)

Three months ended
Sept. 30,

9 months ended
Sept. 30,

2021

2020

2021

2020

Reported GAAP phase working earnings

$

22.4

$

26.2

$

133.2

$

116.5

Depreciation, depletion and amortization

17.7

17.4

53.3

49.2

Section EBITDA

$

40.1

$

43.6

$

186.5

$

165.7

Section gross sales

159.5

141.2

671.1

550.9

Section EBITDA margin

25.1

%

30.9

%

27.8

%

30.1

%

Plant Diet Section Efficiency

({dollars} in tens of millions, apart from costs per quick ton)

Three months ended
Sept. 30,

9 months ended
Sept. 30,

2021

2020

2021

2020

Gross sales

$

49.3

$

30.8

$

156.8

$

137.2

Working (loss) earnings

$

(0.2

)

$

1.1

$

5.8

$

12.0

Working margin

(0.4

)%

3.6

%

3.7

%

8.7

%

EBITDA(1)

$

8.7

$

10.4

$

32.6

$

40.7

EBITDA(1) margin

17.6

%

33.8

%

20.8

%

29.7

%

Gross sales volumes (in 1000’s of tons)

79

54

261

238

Common gross sales worth (per ton)

$

627

$

575

$

602

$

577

(1) Non-GAAP monetary measure. Reconciliations observe in these tables.

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Reconciliation for Plant Diet Section EBITDA

(unaudited, in tens of millions)

Three months ended
Sept. 30,

9 months ended
Sept. 30,

2021

2020

2021

2020

Reported GAAP phase working (loss) earnings

$

(0.2

)

$

1.1

$

5.8

$

12.0

Depreciation, depletion and amortization

8.9

9.3

26.8

28.7

Section EBITDA

$

8.7

$

10.4

$

32.6

$

40.7

Section gross sales

49.3

30.8

156.8

137.2

Section EBITDA margin

17.6

%

33.8

%

20.8

%

29.7

%

COMPASS MINERALS INTERNATIONAL, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited, in tens of millions, besides share and per-share information)

Three Months Ended

9 Months Ended

Sept. 30,

Sept. 30,

2021

2020

2021

2020

Gross sales

$

211.7

$

174.6

$

836.6

$

695.7

Delivery and dealing with price

45.4

39.2

220.1

174.6

Product price

133.2

$

97.8

444.8

359.8

Gross revenue

33.1

37.6

171.7

161.3

Promoting, basic and administrative bills

31.0

26.7

92.7

86.4

Working earnings

2.1

$

10.9

79.0

74.9

Different expense/(revenue):

Curiosity expense

13.6

$

15.2

44.3

47.2

(Achieve) loss on international trade

(3.8

)

2.8

(0.6

)

(10.8

)

Different expense, internet

0.4

0.2

0.2

0.3

Loss (earnings) earlier than revenue taxes

(8.1

)

(7.3

)

35.1

38.2

Earnings tax (profit) expense

(3.5

)

(2.4

)

14.2

10.3

Internet (loss) earnings from persevering with operations

(4.6

)

(4.9

)

20.9

27.9

Internet (loss) earnings from discontinued operations

(51.4

)

9.2

(234.2

)

7.1

Internet (loss) earnings

$

(56.0

)

$

4.3

$

(213.3

)

$

35.0

Primary internet (loss) earnings from persevering with operations per widespread share

$

(0.14

)

$

(0.15

)

$

0.59

$

0.80

Primary internet (loss) earnings from discontinued operations per widespread share

(1.51

)

0.27

(6.89

)

0.21

Primary internet (loss) earnings per widespread share

$

(1.65

)

$

0.12

$

(6.30

)

$

1.01

Diluted internet (loss) earnings from persevering with operations per widespread share

$

(0.14

)

$

(0.15

)

$

0.58

$

0.79

Diluted internet (loss) earnings from discontinued operations per widespread share

(1.51

)

0.27

(6.89

)

0.21

Diluted internet (loss) earnings per widespread share

$

(1.65

)

$

0.11

$

(6.30

)

$

1.00

Money dividends per share

$

0.72

$

0.72

$

2.16

$

2.16

Weighted-average widespread shares excellent (in 1000’s):(1)

Primary

34,043

33,947

34,013

33,918

Diluted

34,099

33,947

34,063

33,918

(1)

Excludes weighted collaborating securities equivalent to RSUs and PSUs that obtain non-forfeitable dividends, which include 402,000 and 426,000 weighted collaborating securities for the three months and yr ended Sept. 30, 2021, respectively, and 389,000 and 404,000 weighted collaborating securities for the three months and yr ended Sept. 30, 2020, respectively.

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COMPASS MINERALS INTERNATIONAL, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited, in tens of millions)

Sept. 30,

Dec. 31,

2021

2020

ASSETS

Money and money equivalents

$

18.1

$

10.6

Receivables, internet

132.8

185.1

Inventories

321.7

298.7

Present property held on the market

9.9

206.5

Different present property

48.9

55.4

Property, plant and gear, internet

830.5

851.7

Noncurrent property held on the market

404.1

Intangible and different noncurrent property

269.0

249.4

Complete property

$

1,630.9

$

2,261.5

LIABILITIES AND STOCKHOLDERS’ EQUITY

Present portion of long-term debt

$

$

10.0

Present liabilities held on the market

9.6

111.4

Different present liabilities

185.8

175.3

Lengthy-term debt, internet of present portion

935.4

1,299.1

Noncurrent liabilities held on the market

76.1

Deferred revenue taxes and different noncurrent liabilities

207.0

211.3

Complete stockholders’ fairness

293.1

378.3

Complete liabilities and stockholders’ fairness

$

1,630.9

$

2,261.5

COMPASS MINERALS INTERNATIONAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited, in tens of millions)

9 Months Ended

Sept. 30,

2021

2020

Internet money offered by working actions(1)

$

162.7

$

188.5

Money flows from investing actions:

Capital expenditures(2)

(71.8

)

(62.9

)

Proceeds from sale of companies

348.6

Different, internet

(0.6

)

(2.3

)

Internet money offered by (utilized in) investing actions

285.1

(65.2

)

Money flows from financing actions:

Proceeds from revolving credit score facility borrowings

349.4

144.3

Principal funds on revolving credit score facility borrowings

(391.3

)

(204.1

)

Proceeds from the issuance of long-term debt

70.9

66.1

Principal funds on long-term debt

(394.8

)

(46.7

)

Dividends paid

(73.1

)

(74.2

)

Deferred financing prices

(0.1

)

(1.1

)

Proceeds from inventory choice exercised

1.4

Shares withheld to fulfill worker tax obligations

(1.2

)

(1.2

)

Different, internet

(0.8

)

(1.4

)

Internet money utilized in financing actions

(439.6

)

(118.3

)

Impact of trade fee adjustments on money and money equivalents

0.7

(5.6

)

Internet change in money and money equivalents

(0.6

)

Money and money equivalents, starting of the yr

21.0

34.7

Money and money equivalents, finish of interval

21.0

34.1

Much less: money and money equivalents included in present property held on the market

(2.9

)

(25.3

)

Money and money equivalents of continuous operations, finish of interval

$

18.1

$

8.8

(1)

Contains money flows (utilized in) offered by discontinued operations of $(360.4) million and $20.9 million for the 9 months ended Sept. 30, 2021 and 2020, respectively.

(2)

Contains capital expenditures of $6.1 million and $5.9 million associated to discontinued operations for the 9 months ended Sept. 30, 2021 and 2020, respectively. Capital expenditures associated to persevering with operations have been $65.7 million and $57.0 million for the 9 months ended Sept. 30, 2021 and 2020, respectively.

Commercial

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Article content material

COMPASS MINERALS INTERNATIONAL, INC.

SEGMENT INFORMATION

(unaudited, in tens of millions)

Three Months Ended Sept. 30, 2021

Salt

Plant Diet

Company
and Different(1)

Complete

Gross sales to exterior prospects

$

159.5

$

49.3

$

2.9

$

211.7

Intersegment gross sales

1.5

(1.5

)

Delivery and dealing with price

39.1

6.3

45.4

Working earnings (loss)

22.4

(0.2

)

(20.1

)

2.1

Depreciation, depletion and amortization

17.7

8.9

3.3

29.9

Complete property

1,040.2

458.9

121.9

1,621.0

Three Months Ended Sept. 30, 2020

Salt

Plant Diet

Company
and Different(1)

Complete

Gross sales to exterior prospects

$

141.2

$

30.8

$

2.6

$

174.6

Intersegment gross sales

0.3

(0.3

)

Delivery and dealing with price

34.4

4.8

39.2

Working earnings (loss)

26.2

1.1

(16.4

)

10.9

Depreciation, depletion and amortization

17.4

9.3

3.8

30.5

Complete property

981.6

493.9

96.2

1,571.7

9 Months Ended Sept. 30, 2021

Salt

Plant Diet

Company
and Different(1)

Complete

Gross sales to exterior prospects

$

671.1

$

156.8

$

8.7

$

836.6

Intersegment gross sales

4.5

(4.5

)

Delivery and dealing with price

198.8

21.3

220.1

Working earnings (loss)

133.2

5.8

(60.0

)

79.0

Depreciation, depletion and amortization

53.3

26.8

9.7

89.8

9 Months Ended Sept. 30, 2020

Salt

Plant Diet

Company
and Different(1)

Complete

Gross sales to exterior prospects

$

550.9

$

137.2

$

7.6

$

695.7

Intersegment gross sales

3.0

(3.0

)

Delivery and dealing with price

153.9

20.7

174.6

Working earnings (loss)

116.5

12.0

(53.6

)

74.9

Depreciation, depletion and amortization

49.2

28.7

9.8

87.7

(1)

Company and different consists of company entities, information administration operations and different incidental operations and eliminations. Working earnings (loss) for company and different consists of oblique company overhead together with prices for basic company governance and oversight, in addition to prices for the human sources, data expertise, authorized and finance capabilities.

View supply model on businesswire.com: https://www.businesswire.com/news/home/20211115006317/en/

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Contacts

Investor Contact
Douglas Kris
Senior Director of Investor Relations
+1.917.797.4967
krisd@compassminerals.com

Media Contact
Rick Axthelm
Chief Public Affairs and Sustainability Officer
+1.913.344.9198
MediaRelations@compassminerals.com

Commercial

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