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Compass Minerals -7% after Q2 earnings miss

  • Compass Minerals (NYSE:CMP -6.7%) reported higher net loss of $11.8M in Q2, compared to loss of $7.6M last year, as a result of increased non-operating costs, primarily related to foreign exchange losses and interest expense; while operating earnings increased to $4.1M.
  • The results were also negatively impacted by $2.8M of increased Salt business logistics costs related to flooding along the Mississippi River.
  • Salt segment revenue were down 7% Y/Y to $112.6M on 19% lower volumes as result of highway deicing commitment volumes in North America, Mississippi Riverflooding as well as lower restocking demand for deicing products in the UK, partially offset by 14% higher average selling prices.
  • Plant Nutrition North America sales of $48.1M declined 7% due to lower sales volumes of both sulfate of potash and micronutrient products.
  • Adjusted EBITDA increased ~6.2% to $40.9M
  • The company says it expects strong earnings growth from 's Salt business in 2H driven by favorable pricing outlook for North America highway deicing products and an improved rock salt supply position.
  • Forecasts 2019 EBITDA between $310M - $350M; for Salt segment expects sales of ~$475M - $500M on volume of 10.8M - 11.2M tons.
  • Plant Nutrition North America Segment sales is expected to be ~$135M - $155M and volume of ~340,000 to 360,000 tons and Plant Nutrition South America sales of ~$275M - $300M with volume of 800,000 to 900,000 tons
  • Previously: Compass Minerals EPS misses by $0.15, misses on revenue (Aug. 6)

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Compass Minerals International, Inc.