[Overview and Management Commentary](index=1&type=section&id=Overview%20and%20Management%20Commentary) This section provides management's strategic commentary, highlighting progress on the 'back-to-basics' strategy, inventory reduction, and cost structure improvements [Management Commentary](index=1&type=section&id=MANAGEMENT%20COMMENTARY) Management highlighted progress on their 'back-to-basics' strategy, focusing on reducing salt inventory, improving Plant Nutrition's cost structure, and enhancing profitability - The company is implementing a **"back-to-basics" strategy** focused on reducing inventory, improving cost structures, and enhancing profitability to unlock intrinsic value[2](index=2&type=chunk)[3](index=3&type=chunk) - North American salt inventory volumes declined **10% year-over-year** through December, despite a slow start to the winter deicing season[3](index=3&type=chunk) - Cost management efforts in the Plant Nutrition segment are taking root, enabling an increase in the segment's **adjusted EBITDA guidance** despite expected price declines[3](index=3&type=chunk) [Financial Performance](index=2&type=section&id=Financial%20Performance) This section details the company's first-quarter financial results, including revenue, adjusted EBITDA, and net loss performance [First-Quarter Financial Results](index=2&type=section&id=QUARTERLY%20FINANCIAL%20RESULTS) Q1 FY2025 saw revenue decline to $307.2 million and adjusted EBITDA drop to $32.1 million, resulting in a net loss of $23.6 million Q1 Fiscal 2025 Financial Highlights (vs. Q1 Fiscal 2024) | Metric (in millions, except per share data) | Q1 FY2025 (ended Dec. 31, 2024) | Q1 FY2024 (ended Dec. 31, 2023) | | :--- | :--- | :--- | | **Revenue** | $307.2 | $341.7 | | **Operating earnings (loss)** | $0.5 | $(53.6) | | **Adjusted EBITDA** | $32.1 | $62.2 | | **Net loss** | $(23.6) | $(75.3) | | **Net loss per diluted share** | $(0.57) | $(1.83) | | **Adjusted net (loss) earnings** | $(22.9) | $3.1 | | **Adjusted net (loss) earnings per diluted share** | $(0.55) | $0.07 | [Segment Analysis](index=2&type=section&id=Segment%20Analysis) This section analyzes the performance of the Salt, Plant Nutrition, and Fortress North America segments, detailing revenue, volume, and strategic initiatives [Salt Business](index=2&type=section&id=SALT%20BUSINESS%20COMMENTARY) Salt segment revenue decreased 12% to $242.2 million due to lower sales volume and higher per-ton costs from curtailed production, despite stable pricing - The company is focused on **reducing North American highway deicing salt inventory**, which led to curtailed production at the Goderich and Cote Blanche mines[5](index=5&type=chunk) Salt Segment Q1 Performance | Metric | Q1 FY2025 | Q1 FY2024 | YoY Change | | :--- | :--- | :--- | :--- | | **Revenue** | $242.2M | $274.3M | -12% | | **Sales Volume** | 2,493k tons | 2,855k tons | -13% | | **Operating Earnings** | $29.4M | $50.9M | -42% | | **Adjusted EBITDA** | $47.8M | $66.1M | -28% | | **Avg. Highway Deicing Price** | $69.50/ton | $70.36/ton | -1% | | **Avg. C&I Price** | $205.74/ton | $194.94/ton | +6% | - All-in product costs per ton rose **16% year-over-year** due to lower fixed cost absorption from curtailed production[10](index=10&type=chunk) [Plant Nutrition Business](index=3&type=section&id=PLANT%20NUTRITION%20BUSINESS%20COMMENTARY) Plant Nutrition revenue grew 24% to $61.4 million driven by a 36% volume increase, despite a 9% price decline, with costs per ton decreasing 10% - The company is focused on **improving the segment's cost structure**, with ongoing restoration of the Ogden pond complex expected to enhance SOP raw material consistency and grade[11](index=11&type=chunk) Plant Nutrition Segment Q1 Performance | Metric | Q1 FY2025 | Q1 FY2024 | YoY Change | | :--- | :--- | :--- | :--- | | **Revenue** | $61.4M | $49.7M | +24% | | **Sales Volume** | 102k tons | 75k tons | +36% | | **Average Sales Price** | $603/ton | $660/ton | -9% | | **All-in Product Costs/ton** | N/A | N/A | -10% | | **Adjusted EBITDA** | $4.4M | $7.2M | -39% | [Fortress North America](index=3&type=section&id=FORTRESS%20NORTH%20AMERICA%20COMMENTARY) The company is exploring strategic alternatives for Fortress North America and is in discussions with the USFS regarding its Qela fire retardant product - The company is **evaluating various alternatives** for the future of Fortress North America[14](index=14&type=chunk) - Discussions are **ongoing with the U.S. Forest Service (USFS)** for the evaluation and testing of its fire retardant, Qela[14](index=14&type=chunk)[15](index=15&type=chunk) [Cash Flow and Financial Position](index=4&type=section&id=Cash%20Flow%20and%20Financial%20Position) This section outlines the company's cash flow activities and financial position, highlighting improvements in operating cash flow and current liquidity [Cash Flow and Liquidity](index=4&type=section&id=CASH%20FLOW%20AND%20FINANCIAL%20POSITION) Net cash used in operating activities improved to $4.1 million due to inventory reduction, with total liquidity at quarter-end reaching $126.3 million Q1 Cash Flow Summary (in millions) | Cash Flow Activity | Q1 FY2025 | Q1 FY2024 | | :--- | :--- | :--- | | **Net cash used in operating activities** | $(4.1) | $(52.3) | | **Net cash used in investing activities** | $(22.2) | $(49.3) | | **Net cash provided by financing activities** | $53.1 | $108.1 | - The company ended the quarter with **$126.3 million of liquidity**, comprising $45.8 million in cash and $80.5 million of availability under its revolving credit facility[18](index=18&type=chunk) [Fiscal 2025 Outlook](index=4&type=section&id=UPDATED%20FISCAL%202025%20OUTLOOK) This section presents the updated fiscal 2025 outlook, including segment-specific and total company adjusted EBITDA guidance and capital expenditure projections [Segment and Total Company Outlook](index=4&type=section&id=Segment%20and%20Total%20Company%20Outlook) Fiscal 2025 outlook projects total adjusted EBITDA between $152 million and $193 million, with Plant Nutrition guidance increased and capital expenditures reduced to $75-$85 million Fiscal 2025 Segment Guidance (in millions, except volumes) | Segment | Metric | 2025 Range | | :--- | :--- | :--- | | **Salt** | Total Sales Volumes (k tons) | 9,400 - 10,450 | | | Revenue | $900 - $1,000 | | | Adj. EBITDA | $205 - $230 | | **Plant Nutrition** | Sales Volumes (k tons) | 295 - 315 | | | Revenue | $180 - $200 | | | Adj. EBITDA | $17 - $24 | | **Corporate** | Adj. EBITDA | ($70) - ($61) | Fiscal 2025 Total Company Guidance (in millions) | Metric | 2025 Range | | :--- | :--- | | **Total Adj. EBITDA** | $152 - $193 | | **Capital Expenditures** | $75 - $85 | - Capital expenditure guidance was **lowered from a range of $100 million - $110 million to $75 million - $85 million**[26](index=26&type=chunk)[27](index=27&type=chunk) - Guidance **does not include any potential impacts from tariffs** on products imported from the company's Canadian operations[19](index=19&type=chunk) [Financial Statements and Reconciliations](index=7&type=section&id=Financial%20Statements%20and%20Reconciliations) This section provides detailed non-GAAP reconciliations, consolidated financial statements, and segment-specific financial information for the reporting period [Non-GAAP Reconciliations](index=7&type=section&id=Non-GAAP%20Reconciliations) This section details reconciliations of non-GAAP financial measures to GAAP, highlighting adjustments for product recall costs in Q1 FY2025 and impairment/restructuring charges in Q1 FY2024 - Q1 FY2025 results were adjusted for **$0.9 million in product recall costs**[38](index=38&type=chunk)[43](index=43&type=chunk) - Q1 FY2024 results included adjustments for **$74.8 million in impairments** and **$3.6 million in restructuring charges** related to the termination of the lithium development project[40](index=40&type=chunk)[44](index=44&type=chunk) Consolidated Reconciliation Summary (in millions) | Metric | GAAP | Adjustments | Non-GAAP (Adjusted) | | :--- | :--- | :--- | :--- | | **Q1 FY25 Operating Earnings** | $0.5 | $0.9 | $1.4 | | **Q1 FY24 Operating Earnings** | $(53.6) | $78.4 | $24.8 | | **Q1 FY25 Net Loss** | $(23.6) | $0.7 | $(22.9) | | **Q1 FY24 Net Loss** | $(75.3) | $78.4 | $3.1 | [Consolidated Financial Statements](index=15&type=section&id=Consolidated%20Financial%20Statements) Unaudited consolidated financial statements show a Q1 net loss of $23.6 million, total assets of $1.72 billion, and improved operating cash flow - The Consolidated Statement of Operations reported a gross profit of **$34.3 million** and a net loss of **$23.6 million** for the three months ended Dec. 31, 2024[60](index=60&type=chunk) - The Condensed Consolidated Balance Sheet shows total assets of **$1,720.9 million** and total liabilities of **$1,457.9 million** as of Dec. 31, 2024[62](index=62&type=chunk) - The Condensed Consolidated Statement of Cash Flows shows net cash used in operating activities of **$4.1 million**, a significant improvement from the **$52.3 million** used in the prior-year period[64](index=64&type=chunk) [Segment Information](index=18&type=section&id=SEGMENT%20INFORMATION) This section provides detailed segment financial data for Q1 FY2025, including sales, operating earnings, and assets for Salt, Plant Nutrition, and Corporate & Other Segment Information for Three Months Ended Dec. 31, 2024 (in millions) | Segment | Sales to External Customers | Operating Earnings (Loss) | Total Assets (as of end of period) | | :--- | :--- | :--- | :--- | | **Salt** | $242.2 | $29.4 | $1,092.4 | | **Plant Nutrition** | $61.4 | $(3.1) | $388.1 | | **Corporate & Other** | $3.6 | $(25.8) | $240.4 | | **Total** | **$307.2** | **$0.5** | **$1,720.9** |

Compass Minerals International, Inc. (NYSE:CMP) Q4 2024 Earnings Conference Call December 17, 2024 10:00 AM ET Company Participants Brent Collins - Vice President of Investor Relations Edward Dowling - President and Chief Executive Officer Jeffrey Cathey - Chief Financial Officer Ben Nichols - Chief Sales Officer Jenny Hood - Chief Supply Chain Officer Conference Call Participants Joel Jackson - BMO Capital Markets David Begleiter - Deutsche Bank David Silver - CL King & Associates Operator Hello, and thank ...

Sales and Market Position - Salt segment sales accounted for 40% of fiscal 2024 Salt segment sales, with consumer and industrial products being a significant contributor[20] - Approximately 75% of highway deicing customers in the U.K. have multi-year contracts, highlighting the company's strong market position[20] - Two-thirds of deicing product sales occur during the North American and European winter months (November through March) on average over the last three years[20] - The Plant Nutrition segment generated nearly all of its sales and earnings through SOP, with 92% of fiscal 2024 sales made to U.S. customers[23] - International sales accounted for 26% of total fiscal 2024 sales, with significant operations in Canada and the UK[81] - The company's fire retardant business relies heavily on one primary customer, the USFS, and any loss of this customer would adversely affect the business[77] - No single customer or group of affiliated customers accounted for more than 10% of the company's sales or receivables during fiscal years 2024, 2023, or 2022[365] Production and Operations - Global SOP capacity is estimated at 10.7 million tons, with 55% located in China, positioning the company as a leading SOP producer in North America[26] - The company's Protassium+ product line is sold in various grades, targeting crop input distributors and dealers, with a focus on agronomic benefits[24] - Approximately 70% of the company's salt production capacity comes from two North American salt mines, with any production interruption potentially affecting contract fulfillment and future contracts[58] - The company's plant nutrition product, SOP, is produced at only two locations, with potential disruptions at these facilities leading to reduced sales and revenue loss[58] - The Ogden facility's production of SOP, sodium chloride, and magnesium chloride is dependent on sufficient lake brine levels in the Great Salt Lake, with drought or lower lake levels potentially disrupting production[55] - The company has made significant capital expenditures, including a shaft relining project and barge dock upgrades, with future capital projects potentially requiring temporary production suspensions[59] - The company's operations depend on environmental and mineral extraction permits, with potential risks from permit revocations or modifications[83] Financial Performance and Debt - The company employed 1,894 employees as of September 30, 2024, with nearly 50% represented by collective bargaining agreements[32] - As of September 30, 2024, the company had $922.8 million of outstanding indebtedness, with significant interest payments and potential risks associated with additional debt or refinancing[65] - The company's ability to make payments on its indebtedness and fund capital expenditures depends on generating future cash flows, which is subject to various external factors beyond its control[67] - The company's total net leverage ratio as of September 30, 2024, was 4.89x, with a default threshold of 6.5x through September 30, 2025, stepping down to 4.5x by December 31, 2026[68] - The company ceased paying cash dividends in fiscal 2024 to prioritize cash flow generation and debt reduction, with future dividends dependent on financial conditions and board discretion[73] - The company's ability to pay dividends is restricted by debt agreements, and future dividends are contingent on earnings and subsidiary distributions[73] - Total assets decreased from $1,816.9 million in 2023 to $1,640.1 million in 2024, a decline of 9.7%[325] - Net loss for 2024 was $206.1 million, compared to a net earnings of $10.5 million in 2023[327] - Sales declined from $1,204.7 million in 2023 to $1,117.4 million in 2024, a decrease of 7.2%[327] - Long-term debt increased from $800.3 million in 2023 to $910.0 million in 2024, a rise of 13.7%[325] - Cash and cash equivalents decreased from $38.7 million in 2023 to $20.2 million in 2024, a drop of 47.8%[325] - Gross profit decreased from $232.0 million in 2023 to $195.0 million in 2024, a decline of 16.0%[327] - Retained earnings dropped significantly from $220.9 million in 2023 to $2.2 million in 2024[325] - Comprehensive loss for 2024 was $197.8 million, compared to a comprehensive income of $21.1 million in 2023[329] - Selling, general and administrative expenses decreased from $150.2 million in 2023 to $137.8 million in 2024, a reduction of 8.3%[327] - Interest expense increased from $55.5 million in 2023 to $69.5 million in 2024, a rise of 25.2%[327] - Comprehensive loss for fiscal year 2024 was $197.8 million, primarily driven by a net loss of $206.1 million and a $191.0 million loss on impairments[333] - Net cash provided by operating activities decreased significantly to $14.4 million in 2024, compared to $106.0 million in 2023 and $120.4 million in 2022[333] - Capital expenditures were $114.2 million in 2024, a decrease from $154.3 million in 2023 and $96.6 million in 2022[333] - The company raised $240.7 million through a private placement of common stock in 2023[331] - Total stockholders' equity decreased from $521.0 million in 2023 to $316.6 million in 2024, mainly due to the comprehensive loss[331] - Dividends paid decreased to $12.6 million in 2024 ($0.30 per share) from $24.9 million in 2023 ($0.60 per share)[331][333] - Depreciation, depletion and amortization expenses increased to $105.0 million in 2024 from $98.6 million in 2023[333] - The company's cash and cash equivalents decreased to $20.2 million at the end of 2024 from $38.7 million at the end of 2023[333] - Stock-based compensation expenses decreased to $8.1 million in 2024 from $20.6 million in 2023[333] Environmental and Regulatory Compliance - The total recordable injury rate (TRIR) for fiscal 2024 was 1.28, reflecting the company's focus on safety and health[33] - The company's environmental, social, and governance goals include safety, employee development, and diversity and inclusion, with specific targets set for fiscal 2025[32] - Environmental capital expenditures for fiscal 2024 were $3.8 million, with an expected $3.6 million for fiscal 2025[40] - Accruals for environmental liabilities as of September 30, 2024, totaled $1.8 million[40] - The company holds numerous environmental and mineral extraction permits, which are subject to renewals and reissuances[41] - The Cote Blanche mine is subject to regulation by the Mine Safety and Health Administration (MSHA) and is considered a "gaseous mine," posing heightened risks of explosion and fire[43] - The company has post-closure reclamation obligations, requiring financial surety bonds to fund reclamation and site cleanup[43] - A binding Voluntary Agreement with the Utah Division of Forestry, Fire and State Lands outlines brine withdrawal caps based on annual lake elevation[43] - The company has incurred and expects to continue to incur costs and liabilities related to environmental remediation activities under CERCLA and similar laws[44] - Compliance with EHS laws and regulations could lead to increased costs, fines, or operational modifications[86] - Environmental liabilities from past and present operations could result in significant remediation costs[87] - The company donated non-production-related water rights totaling approximately 201,000 acre feet annually, resulting in an impairment of approximately $17.6 million[341] - The company holds water rights valued at $0.2 million as of September 30, 2024, down from $17.8 million in 2023[393] Risks and Challenges - Material weaknesses in internal control over financial reporting were identified, potentially leading to financial misstatements and compliance issues[50] - The company's mining operations are subject to significant risks, including environmental hazards, industrial accidents, and natural disasters[51] - Geological conditions at salt mining operations could lead to mine shutdowns, increased costs, and production delays[53] - Weather conditions significantly impact sales, production, and operational results, with prolonged changes potentially leading to material impacts on operations[54] - Nearly 50% of the workforce in the U.S., Canada, and the U.K. is represented by collective bargaining agreements, with potential labor disruptions impacting operations and financial results[63] - Energy costs, primarily natural gas and electricity, represent a substantial part of production costs, with significant price increases or supply interruptions potentially adversely affecting the business[64] - The company faces financial assurance requirements, including performance bonds for tax disputes and site cleanup, which could materially affect its business if not satisfied[72] - Seasonal demand fluctuations for salt, plant nutrition, and fire retardant products can lead to excess inventory, increased storage costs, or inventory write-downs[75] - Anticipated changes in potash prices and customer application rates significantly impact demand and pricing for the company's plant nutrition products[76] - The company's transportation costs, particularly for salt products, are a significant component of total delivered product cost, with potential adverse effects from increased rates or reduced availability[80] - Inflation could result in higher costs for transportation, energy, materials, and labor, potentially decreasing profitability[79] - Exchange rate fluctuations, particularly with Canadian dollars and British pounds, significantly impact financial results due to translation into US dollars[81] - The agricultural sector's demand for products is influenced by crop prices, planted acreage, and crop yields, with SOP demand tied to high-value crops like almonds and citrus[82] - Over-supply of MOP or SOP could lead to price disparities, potentially reducing sales volume and operational results[82] - The company faces ongoing litigation, including a securities class action lawsuit, with potential financial impacts[84][85] - Compliance with anti-corruption laws like the FCPA and UK Bribery Act increases operational costs and risks[90] - Changes in trade laws, tariffs, or state-specific legislation could adversely affect salt sales and financial performance[91] - The company faces significant product liability risks, including potential recalls due to contamination or failure to meet specifications, which could result in substantial financial losses and reputational damage[92] - Intellectual property risks include potential misappropriation, infringement claims, and challenges to patent rights, which could weaken the company's competitive advantage and impact financial performance[93][94] - The company's success depends on the effective implementation of business strategies, including cost savings initiatives and the commercialization of new products like Fortress North America's fire retardants[95] - Labor shortages or the loss of key personnel could lead to higher costs, decreased productivity, and reputational harm, impacting the company's performance[96] - Disruptions or compromises in computer systems and IT infrastructure could adversely affect business operations, financial reporting, and customer relationships[98] - Climate change and related regulations could negatively impact product demand, production costs, and the ability to distribute products, particularly for deicing and plant nutrition products[99] - Acquisitions and investments may not perform as expected, leading to increased debt obligations, integration challenges, and potential loss of key employees[100][102] - Outbreaks of contagious diseases, such as COVID-19, could disrupt operations, supply chains, and customer demand, adversely affecting the company's financial condition[103] - The company is exposed to interest rate risk, with a 100 basis point increase potentially raising interest expenses by $3.8 million on $383.9 million of variable rate debt[284] - Foreign currency fluctuations could impact operating earnings, with a hypothetical 10% unfavorable change in exchange rates estimated to reduce earnings by $0.6 million[285] - The company has hedged 2.3 MMBtus of natural gas purchases, with 2.0 MMBtus expiring within one year, all designated as cash flow hedges[287] - A hypothetical 10% adverse change in natural gas prices would increase product costs by approximately $0.6 million for the fiscal year ended September 30, 2024[287] - The company recorded unrecognized tax benefits of $37.1 million as of September 30, 2024, with a portion related to provincial taxes in Canada[297] - Material weaknesses in internal control over financial reporting were identified as of September 30, 2024, affecting the design and operation of process-level controls[301] - The company may hedge up to approximately 90% of its expected natural gas usage to mitigate price fluctuations[287] - The company does not engage in hedging for speculative investment purposes[287] - The company's internal control over financial reporting was deemed ineffective as of September 30, 2024, due to material weaknesses[314] - The company's audit included increased sample selections and testing of underlying records due to material weaknesses in internal controls[303] - The company's financial statements for the fiscal year ended September 30, 2024, were audited and found to be in conformity with U.S. GAAP[292] - The company's financial reporting processes were affected by ineffective internal controls related to risk assessment and information communication[316] Impairments and Discontinued Operations - The company disposed of its South America chemicals and specialty plant nutrition businesses in fiscal 2021, which were reclassified as discontinued operations[336] - The company recorded an impairment charge of $74.8 million related to the termination of its lithium development project[339] - The company impaired all magnesium chloride-related assets, resulting in a long-lived asset impairment of $15.6 million and an inventory impairment of $2.4 million[341] - The company recognized goodwill impairment charges totaling $83.0 million, with $51.0 million related to the Plant Nutrition segment and $32.0 million related to the Fortress reporting unit[341] - The company donated non-production-related water rights totaling approximately 201,000 acre feet annually, resulting in an impairment of approximately $17.6 million[341] - Total impairments for the fiscal year ended September 30, 2024, amounted to $193.4 million[341] - The company recorded foreign exchange losses of $0.2 million for the fiscal year ended September 30, 2024[346] - The company's revenue arrangements generally consist of a single performance obligation to transfer promised goods or services[348] - The company maintains the majority of its cash in bank deposit accounts with several commercial banks with high credit ratings[349] - The company's inventories are stated at the lower of cost or net realizable value, with finished goods primarily comprised of salt, magnesium chloride, SOP products, and fire retardants[351] - The company's property, plant, and equipment includes mineral interests, with the weighted average amortization period for leased probable mineral reserves being 85 years[353] - The company's probable owned mineral reserves have a weighted average life of 33 years as of September 30, 2024, based on current production estimates[354] - Capitalized computer software costs were $3.0 million and $3.7 million as of September 30, 2024 and 2023, respectively, with amortization expenses of $1.6 million, $3.3 million, and $7.6 million for fiscal years 2024, 2023, and 2022[354] - The company recorded an impairment charge of $74.8 million related to its lithium development for the year ended September 30, 2024[354] - Other noncurrent assets include inventories of spare parts, net of reserve, of $42.2 million and $35.8 million at September 30, 2024 and 2023, respectively[357] - Investments in marketable securities totaled $3.1 million and $2.6 million as of September 30, 2024 and 2023, respectively[358] - The company acquired the remaining 55% interest in Fortress for an initial cash payment of $18.9 million and additional contingent consideration of up to $28 million[368] - The company ceased paying dividends in the second fiscal quarter of 2024[363] - The company's foreign subsidiaries file separate tax returns in their respective jurisdictions[359] - The company's environmental costs were not material at September 30, 2024 or 2023[361] - The company sold its South America specialty plant nutrition business for net cash of approximately $318.4 million, with an additional earnout payment of up to R$88 million Brazilian reais, of which $18.5 million was received on April 7, 2022[369] - The company completed the sale of its North America micronutrient business for approximately $56.7 million in cash proceeds and its investment in Fermavi for R$45 million Brazilian reais, with $2.9 million in cash proceeds and $4.8 million in deferred proceeds receivable[369] - The company sold its South America chemicals business for gross proceeds of approximately $51.5 million, including a post-closing adjustment of $6.4 million, and recognized an incremental loss of $23.1 million from the sale[369] - Discontinued operations for fiscal year 2022 generated sales of $53.6 million, gross profit of $22.4 million, and net earnings of $12.2 million[371] - Proceeds from the sale of businesses in discontinued operations amounted to $61.2 million for fiscal year 2022[371] - Deferred revenue as of September 30, 2024, was approximately $3.6 million, down from $8.5 million in 2023[382] - Operating lease assets as of September 30, 2024, were $50.0 million, down from $54.7 million in 2023[384] - Total lease liabilities as of September 30, 2024, were $68.3 million, up from $63.9 million in 2023[384] - Total lease cost for September 30, 2024 is $40.1 million, with operating lease cost at $20.9 million and finance lease cost at $2.8 million[386] - Total lease payments for the years ending September 30, 2025 to 2029 and after 2029 amount to $79.7 million, with operating leases at $59.1 million and finance leases at $20.6 million[386] - Weighted-average remaining lease term for operating leases is 5.1 years and for finance leases is 7.8 years as of September 30, 2024[386] - Total inventories as of September 30, 2024 are $414.1 million, with finished goods at $336.5 million and raw materials and supplies at $71.2 million[388] - Property, plant and

Exhibit 99.1 FOR IMMEDIATE RELEASE Compass Minerals Reports Final Fiscal 2024 Third-Quarter Results OVERLAND PARK, Kan. (Oct. 29, 2024) - Compass Minerals (NYSE: CMP), a leading global provider of essential minerals, today reported final fiscal 2024 third-quarter results. Unless otherwise noted, it should be assumed that time periods referenced below are on a fiscal-year basis. REPORTING UPDATE On Oct. 29, 2024, Compass Minerals filed a Form 10-K/A and a Form 10-Q/A correcting financial statements covering ...

BAODING, China, Nov. 15, 2024 /PRNewswire/ -- IT Tech Packaging Inc. (NYSE American: ITP) ("IT Tech Packaging" or the "Company"), a leading manufacturer and distributor of diversified paper products in North China, today announced its unaudited financial results for the nine and three months ended September 30, 2024.Third Quarter 2024 Unaudited Financial Results For the Three Months Ended September 30,  ($ millions) 2024 2023 % Change  Revenues 25.08 15.77 59.03 %  Regular Corrugating ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________________ to __________________________ Commission File Number 001-31921 Compass Minerals International, Inc. (Exact name of registrant as specified in its ...

Compass Minerals (CMP) came out with a quarterly loss of $1.01 per share versus the Zacks Consensus Estimate of a loss of $0.67. This compares to earnings of $1.01 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -50.75%. A quarter ago, it was expected that this minerals producer would post earnings of $0.23 per share when it actually produced earnings of $1.49, delivering a surprise of 547.83%. Over the last four quarters, th ...

[Preliminary Fiscal 2024 Third-Quarter Results Overview](index=1&type=section&id=Preliminary%20Fiscal%202024%20Third-Quarter%20Results%20Overview) [Management Commentary](index=1&type=section&id=Management%20Commentary) Management highlighted strong Q3 results in core segments, despite accounting delays, focusing on operational excellence and deleveraging - The core Salt and Plant Nutrition businesses produced **strong Q3 results**, with Salt showing robust earnings potential and Plant Nutrition improving prices and margins[3](index=3&type=chunk) - The company's strategic focus is on building a culture of **operational excellence**, improving cash generation, and deleveraging the balance sheet[3](index=3&type=chunk) - Financial results release was **delayed due to historical accounting issues**, which management finds disappointing[3](index=3&type=chunk) [Financial Restatement Update](index=2&type=section&id=Financial%20Restatement%20Update) Company is undergoing financial restatement for multiple periods due to misstatements, primarily from Fortress North America acquisition - The company identified **misstatements and material weaknesses** in financial statements for periods from June 30, 2023, to March 31, 2024[4](index=4&type=chunk) - Misstatements primarily relate to **contingent consideration from Fortress North America acquisition**, but do not materially impact adjusted EBITDA or core business fundamentals[4](index=4&type=chunk) - The restatement process requires **additional audit procedures for fiscal years 2021-2023**, prolonging the process and delaying the Q3 2024 Form 10-Q filing[5](index=5&type=chunk) [Preliminary Quarterly Financial Results](index=3&type=section&id=Preliminary%20Quarterly%20Financial%20Results) Q3 2024 preliminary results show revenue of **$202.9 million**, a net loss of **$43.6 million**, and adjusted EBITDA of **$32.8 million** Preliminary Q3 2024 Financial Results (Three Months Ended June 30, 2024) | Metric | Value (in millions, except per share data) | | :--- | :--- | | Revenue | $202.9 | | Operating earnings | $5.9 | | Adjusted operating earnings | $7.4 | | Adjusted EBITDA | $32.8 | | Net loss | $(43.6) | | Net loss per diluted share | $(1.05) | | Adjusted net loss | $(42.1) | | Adjusted net loss per diluted share | $(1.01) | - The Salt segment delivered **strong performance** with an adjusted EBITDA per ton of **$28.05**[8](index=8&type=chunk) - The average sales price for sulfate of potash increased for the **second consecutive quarter to $691.27 per ton**[8](index=8&type=chunk) [Business Segment Performance](index=3&type=section&id=Business%20Segment%20Performance) [Salt Business Summary](index=3&type=section&id=Salt%20Business%20Summary) The Salt segment generated preliminary Q3 2024 revenue of **$160.6 million** and adjusted EBITDA of **$41.6 million**, with strong **$28.05** adjusted EBITDA per ton Salt Segment Preliminary Q3 2024 Performance | Metric | Value (in millions, tons, or per ton) | | :--- | :--- | | Revenue | $160.6 million | | Operating Earnings | $25.9 million | | Adjusted EBITDA | $41.6 million | | Adjusted EBITDA per ton | $28.05 | | Highway Deicing Sales Volume | 1.09 million tons | | Highway Deicing Avg. Selling Price | $77.20 per ton | | C&I Sales Volume | 393 thousand tons | | C&I Avg. Selling Price | $194.35 per ton | [Plant Nutrition Business Summary](index=4&type=section&id=Plant%20Nutrition%20Business%20Summary) The Plant Nutrition segment reported a preliminary Q3 operating loss of **$1.4 million**, adjusted EBITDA of **$7.2 million**, and revenue of **$38.8 million** Plant Nutrition Segment Preliminary Q3 2024 Performance | Metric | Value (in millions, tons, or per ton) | | :--- | :--- | | Revenue | $38.8 million | | Operating Loss | $(1.4) million | | Adjusted EBITDA | $7.2 million | | Sales Volumes | 56 thousand tons | | Average Sales Price | $691.27 per ton | [Fortress North America Update](index=4&type=section&id=Fortress%20North%20America%20Update) Company is evaluating strategic alternatives for Fortress North America and remains in discussions with USFS regarding fire retardant testing - The company is actively evaluating various **strategic alternatives for Fortress North America**[11](index=11&type=chunk) - Discussions are ongoing with the **U.S. Forest Service (USFS)** concerning the testing of aerial fire retardants[11](index=11&type=chunk) [Financial Position and 2024 Outlook](index=4&type=section&id=Financial%20Position%20and%202024%20Outlook) [Financial Position and Liquidity](index=4&type=section&id=Financial%20Position%20and%20Liquidity) As of June 30, 2024, total liquidity was **$220.8 million**, with a net leverage ratio of **4.3 times**, and credit agreements were amended due to restatement Liquidity Position as of June 30, 2024 | Component | Value (in millions) | | :--- | :--- | | Cash and cash equivalents | $12.8 | | Revolving credit facility availability | $208.0 | | **Total Liquidity** | **$220.8** | - The preliminary consolidated total net leverage ratio was **4.3 times**, remaining within the **6.5 times** covenant[12](index=12&type=chunk) [Preliminary Updated 2024 Outlook](index=4&type=section&id=Preliminary%20Updated%202024%20Outlook) The company updated its 2024 outlook, raising Salt segment adjusted EBITDA to **$215-$225 million** and revising Plant Nutrition to **$21-$26 million** [Salt Segment Outlook](index=4&type=section&id=Salt%20Segment%20Outlook) The Salt segment's 2024 adjusted EBITDA guidance was raised to **$215-$225 million** due to lower Goderich mine curtailment costs 2024 Salt Segment Outlook | Metric | 2024 Range (k tons or millions) | | :--- | :--- | | Highway deicing sales volumes (k tons) | 7,400 - 7,500 | | C&I sales volumes (k tons) | 1,800 - 1,900 | | Total salt sales volumes (k tons) | 9,200 - 9,400 | | Revenue (in millions) | $900 - $910 | | Adj. EBITDA (in millions) | $215 - $225 | - The improved adjusted EBITDA outlook is due to **lower anticipated costs** in 2024 related to the curtailment of the Goderich mine[15](index=15&type=chunk) [2024/2025 North American Bid Season](index=5&type=section&id=2024%2F2025%20North%20American%20Bid%20Season) For 2024/2025, average contract selling price is expected to be **2% lower**, with market bid volumes down **7-10%** due to high inventory - Average contract selling price for the 2024/2025 winter season is expected to be approximately **2% lower** than fiscal 2024[16](index=16&type=chunk) - Market bid volumes are expected to be **down 7% to 10%** compared to fiscal 2024, consistent with high inventory levels[16](index=16&type=chunk) [Plant Nutrition Segment Outlook](index=5&type=section&id=Plant%20Nutrition%20Segment%20Outlook) Plant Nutrition segment's 2024 guidance revised to **$21-$26 million** adjusted EBITDA due to lower volumes and higher costs, partially offset by pricing 2024 Plant Nutrition Segment Outlook | Metric | 2024 Range (k tons or millions) | | :--- | :--- | | Sales volumes (k tons) | 265 - 275 | | Revenue (in millions) | $175 - $185 | | Adj. EBITDA (in millions) | $21 - $26 | [Consolidated Outlook and Capital Expenditures](index=6&type=section&id=Consolidated%20Outlook%20and%20Capital%20Expenditures) Total company 2024 adjusted EBITDA is projected at **$195-$216 million**, with capital expenditures unchanged at **$115-$130 million** Total Compass Minerals 2024 Outlook | Metric | 2024 Range (in millions) | | :--- | :--- | | **Adj. EBITDA** | **$195 - $216** | | **Capital Expenditures** | **$115 - $130** | 2024 Capital Expenditures Breakdown | Category | Amount (in millions) | | :--- | :--- | | Sustaining | $80 - $90 | | Lithium | ~$30 | | Fortress | $5 - $10 | | **Total** | **$115 - $130** | [Other Assumptions](index=6&type=section&id=Other%20Assumptions) The 2024 outlook includes assumptions for DDA of **$100-$110 million**, net interest expense of **$65-$70 million**, and an effective tax rate of **(25%)-(20%)** 2024 Other Financial Assumptions | Metric | 2024 Range (in millions or percentage) | | :--- | :--- | | Depreciation, depletion and amortization | $100 - $110 | | Interest expense, net | $65 - $70 | | Effective income tax rate (excl. items) | (25%) - (20%) | [Financial Statements and Reconciliations](index=8&type=section&id=Financial%20Statements%20and%20Reconciliations) [Non-GAAP Measures Explanation](index=8&type=section&id=Non-GAAP%20Measures%20Explanation) Company uses non-GAAP measures like Adjusted EBITDA to evaluate core operational performance by excluding non-indicative items, supplementing GAAP figures - Management uses non-GAAP measures like **Adjusted EBITDA** to evaluate core business operating performance, as financing and taxes are managed corporately[27](index=27&type=chunk) - Adjusted metrics eliminate the impact of items not indicative of underlying operating performance, aiding year-over-year normalized comparisons[29](index=29&type=chunk) [Reconciliations of Non-GAAP Measures](index=10&type=section&id=Reconciliations%20of%20Non-GAAP%20Measures) This section provides detailed GAAP to non-GAAP reconciliations for Q3 2024, including adjustments for restructuring charges, leading to adjusted operating earnings and EBITDA Reconciliation for Adjusted Operating Earnings (Q3 2024) | Item (in millions) | Amount | | :--- | :--- | | Operating earnings (GAAP) | $5.9 | | Restructuring charges | $1.5 | | **Adjusted operating earnings (Non-GAAP)** | **$7.4** | Reconciliation for Adjusted Net Loss (Q3 2024) | Item (in millions) | Amount | | :--- | :--- | | Net loss (GAAP) | $(43.6) | | Restructuring charges | $1.5 | | **Adjusted net loss (Non-GAAP)** | **$(42.1)** | Reconciliation to Adjusted EBITDA (Q3 2024) | Item (in millions) | Amount | | :--- | :--- | | Net loss (GAAP) | $(43.6) | | Interest expense | $17.2 | | Income tax expense | $32.7 | | Depreciation, depletion and amortization | $26.1 | | **EBITDA (Non-GAAP)** | **$32.4** | | Adjustments | $0.4 | | **Adjusted EBITDA (Non-GAAP)** | **$32.8** | [Consolidated Financial Statements](index=13&type=section&id=Consolidated%20Financial%20Statements) Preliminary consolidated financial statements for Q3 2024 show **$202.9 million** in sales, a **$43.6 million** net loss, and **$1,595.2 million** in total assets [Consolidated Statements of Operations](index=13&type=section&id=Consolidated%20Statements%20of%20Operations) Q3 2024 consolidated operations show **$202.9 million** in sales, **$32.6 million** gross profit, and a **$43.6 million** net loss Consolidated Statement of Operations (Q3 2024, in millions) | Line Item | Amount | | :--- | :--- | | Sales | $202.9 | | Gross profit | $32.6 | | Operating earnings | $5.9 | | Loss before income taxes | $(10.9) | | **Net loss** | **$(43.6)** | | **Diluted net loss per common share** | **$(1.05)** | [Condensed Consolidated Balance Sheets](index=14&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2024, total assets were **$1,595.2 million**, with **$1,243.1 million** in liabilities and **$352.1 million** in stockholders' equity Condensed Balance Sheet (June 30, 2024, in millions) | Category | Amount | | :--- | :--- | | **Total Assets** | **$1,595.2** | | Cash and cash equivalents | $12.8 | | Inventories | $407.5 | | Property, plant and equipment, net | $787.9 | | **Total Liabilities** | **$1,243.1** | | Long-term debt, net of current portion | $868.8 | | **Total Stockholders' Equity** | **$352.1** | [Segment Information](index=15&type=section&id=Segment%20Information) Q3 2024 segment information shows Salt as the primary revenue driver with **$160.6 million** in sales and **$25.9 million** operating earnings Segment Information (Three Months Ended June 30, 2024, in millions) | Segment | Sales to External Customers | Operating Earnings (Loss) | Total Assets (as of end of period) | | :--- | :--- | :--- | :--- | | Salt | $160.6 | $25.9 | $1,013.3 | | Plant Nutrition | $38.8 | $(1.4) | $408.1 | | Corporate & Other | $3.5 | $(18.6) | $173.8 | | **Total** | **$202.9** | **$5.9** | **$1,595.2** |

BAODING, China, Aug. 12, 2024 /PRNewswire/ -- IT Tech Packaging, Inc. (NYSE American: ITP) ("IT Tech Packaging" or the "Company"), a leading manufacturer and distributor of diversified paper products in North China, today announced its unaudited financial results for the second quarter ended June 30, 2024. | --- | --- | --- | --- | |-------------------------------------------------|-----------|-------------|-------------------------------------| | | | | | | Second Quarter 2024 Unaudited Financial Results | ...

Valuation Metrics - CMP has a forward P/E ratio of 22.52, while TROX has a forward P/E of 25.98. CMP's PEG ratio is 0.55, indicating a more favorable valuation compared to TROX's PEG ratio of 21.12 [1][3] - CMP's P/B ratio is 1.32, compared to TROX's P/B of 1.42, suggesting CMP is relatively undervalued based on book value [2] Investment Outlook - CMP has a Zacks Rank of 2 (Buy), indicating a stronger earnings outlook compared to TROX, which has a Zacks Rank of 4 (Sell) [4] - The improving earnings outlook for CMP makes it a more attractive option for value investors [3][4] Value Assessment - The Value category of the Style Scores system identifies undervalued companies using key metrics such as P/E ratio, P/S ratio, earnings yield, and cash flow per share [5] - A strong Zacks Rank combined with a high Value grade is essential for identifying great value stocks [7]