Revenue and Sales Performance - Total revenue for the three months ended June 30, 2023 was $207.6 million, compared to $214.7 million for the same period in 2022[2] - Revenue from the United States for the three months ended June 30, 2023 was $164.4 million, a slight decrease from $167.8 million in the same period in 2022[2] - Plant Nutrition sales for Q2 2023 were $47.5 million, down from $55.6 million in Q2 2022, with sales volumes decreasing from 67,000 tons to 63,000 tons[43] Debt and Financial Position - The company had $730.2 million of outstanding indebtedness as of June 30, 2023, including $500.0 million in 6.75% Senior Notes due 2027 and $200.0 million in term loans[49] - The company's available borrowing capacity under its revolving credit facility was reduced to $359.9 million as of June 30, 2023, due to outstanding letters of credit totaling $15.1 million[49] - Consolidated total net leverage ratio was approximately 3.10x as of June 30, 2023, below the maximum allowed ratio of 5.0x[52] Investments and Acquisitions - The company invested $50 million in Fortress, acquiring a 45% ownership interest, as part of its strategy to strengthen its essential minerals businesses[66] - Recognized a gain of $16.2 million for the three months ended June 30, 2023 related to the previously held equity investment in Fortress, which was remeasured to fair value upon full acquisition of the business in May 2023[32] - Received $240.7 million in net proceeds from Koch Minerals & Trading, LLC, with $200 million allocated to advance the lithium project and $40.7 million used to reduce debt[65] Hedging and Derivatives - The company had natural gas derivative instruments in place to hedge 2.9 million MMBtus of forecasted natural gas purchases as of June 30, 2023[11] - The company's natural gas derivative instruments resulted in a $2.4 million loss on cash flow hedges for the three months ended June 30, 2023[9] Dividends and Shareholder Returns - The company paid a cash dividend of $0.15 per share on December 20, 2022, March 20, 2023, and June 20, 2023, with KM&T receiving $1.0 million and $3.0 million for the three and nine months ended June 30, 2023, respectively[19] Restructuring and Cost Management - The company recognized restructuring charges of $2.2 million and $5.5 million for the three and nine months ended June 30, 2023, respectively, as part of cost structure alignment initiatives[1] - Inflation increased logistics costs by $5 million to $7 million and product costs by $7 million to $9 million for the nine months ended June 30, 2023[73] Tax and Earnings Impact - Effective tax rate of 1,525% for the three months ended June 30, 2023, driven by the impact of the Fortress acquisition and a change in Canadian tax law[33] - Effective tax rate of 57% for the nine months ended June 30, 2023, influenced by income mix by country and a change in Canadian tax law[37] - The company's net earnings from discontinued operations for the prior period included a $1.6 million gain related to the South America chemicals business[62] Interest and Financial Expenses - Interest expense increased by $0.9 million to $14.3 million for the three months ended June 30, 2023, primarily due to higher interest rates[31] - Interest income increased by $4.2 million to $4.7 million for the three months ended June 30, 2023, driven by higher interest rates and cash balance from private placement proceeds[35] Strategic Initiatives and Future Projects - Pursuing development of a sustainable lithium brine resource near Ogden, UT to support the North American battery market[56]

Financial Data and Key Metrics Changes - For the second quarter, consolidated revenue was $411 million, down 8% year-over-year, while operating earnings improved to $47.9 million, up 140% year-over-year [33] - Adjusted EBITDA from continuing operations was $77.4 million, up 19% year-over-year, indicating improved profitability despite lower revenue [33] - EBITDA per ton for the salt segment increased 64% to just over $20 per ton, up nearly $8 from roughly $12 per ton last year [7][64] Business Line Data and Key Metrics Changes - Salt revenue totaled $361 million for the quarter, down 8% year-over-year, driven by a 17% decrease in sales volumes, offset by a 12% increase in average gross selling price [33] - The highway deicing business experienced a 12% increase in pricing year-over-year to just shy of $70 per ton, while sales volumes were down 19% year-over-year [33] - Plant nutrition segment sales volumes were down 19% year-over-year, with prices up 8% year-over-year to $796 per ton, resulting in a revenue decrease of around $7 million or 12% year-over-year [36] Market Data and Key Metrics Changes - The average gross sales price for the salt segment increased 12% to approximately $82 per ton, driven by improved pricing dynamics [7] - The company noted that the winter season was below average, with 83 snow events reported during the second quarter, down 27% year-over-year [63] - The average selling price for SOP increased approximately 8% year-over-year, despite lower sales volumes due to weather conditions [31] Company Strategy and Development Direction - The company aims to improve the profitability of the salt segment to historical levels, targeting around $20 of EBITDA per ton for fiscal '23 [22] - The acquisition of Fortress North America was completed for approximately $26 million in cash, with expectations of significant market share gains in the aerial fire retardant market [26][39] - The company is focused on optimizing sustainable production levels of its Ogden pond complex and advancing lithium development, with a projected $1 billion investment [10][41] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the regulatory framework for lithium development in Utah, emphasizing the need for economic viability and predictability [61] - The company is committed to a value-over-volume approach in its salt business, aiming to extract fair value for its products despite lower volumes [74] - Management highlighted the importance of safety performance as a leading indicator of operational performance, with a goal of achieving zero harm [21] Other Important Information - The company has liquidity of $536 million, comprised of approximately $250 million in cash and $286 million in revolver capacity, with net leverage standing at 3.5 times [37] - The company has lowered its projected total CapEx for fiscal '23 by $30 million to a range of $150 million to $175 million, reflecting adjustments in project costs and timing [40] - The company anticipates Fortress to generate revenue of $20 million to $25 million in fiscal '23, with operating earnings expected to be in the low double-digit millions [39] Q&A Session Summary Question: Guidance around salt and volume expectations - Management confirmed that the financial guidance for salt remains unchanged at $215 to $255 million, with a path towards the midpoint of that range due to positive dynamics in certain markets [44] Question: Fortress's fiscal '24 volume and earnings expectations - Management indicated that the earnings power of Fortress could reach $40 million to $50 million in EBITDA range, but they are not ready to discuss specific fiscal '24 guidance yet [46][51] Question: Impact of weather on plant nutrition volumes - Management expressed confidence that normal weather patterns would restore volumes in plant nutrition, with ongoing cost optimization efforts to improve profitability [82]

6. Goodwill and Intangible Assets, Net: Amounts related to the Company's amortization of intangible assets are as follows (in millions): | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------|-------|-----------------------------|-------------|-------|-------|---------------------------|-------------|-------| | | | Three Months March \n2023 | Ended 31, | 2022 | | Six Months March \n2023 | Ended 31, | 2022 | | Aggregate amortization expense | $ | 0.4 | $ | 0.4 | $ | 0.8 ...

For certain of the Company's equity method investments, such as investments where the capital structure of the equity investment results in different liquidation rights and priorities than what is reflected by the underlying percentage ownership interests, the Company's proportionate share of net earnings is accounted for using the Hypothetical Liquidation at Book Value ("HLBV") methodology available under the equity method of accounting. When applying HLBV, the Company determines the amount that would be r ...

United States Securities and Exchange Commission Washington, D.C. 20549 FORM 10-K (MARK ONE) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended September 30, 2022 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 charter) Delaware 36- ...

Compass Minerals International, Inc. (NYSE:CMP) Q4 2022 Earnings Conference Call November 30, 2022 9:30 AM ET Company Participants Brent Collins - VP, IR Kevin Crutchfield - President and CEO Lorin Crenshaw - CFO George Schuller - COO Jamie Standen - CCO Chris Yandell - Head, Lithium Ryan Bartlett - Senior VP, Lithium Commercial & Technology Conference Call Participants Alex Chen - BMO Capital Markets Jeff Zekauskas - JPMorgan David Silver - CL King David Begleiter - Deutsche Bank Chris Shaw - Monness, Cres ...

Compass Minerals International, Inc. (NYSE:CMP) Q3 2022 Earnings Conference Call August 5, 2022 8:30 AM ET Company Participants Valerie Tymosko - Interim Senior Director of Investor Relations Kevin Crutchfield - President and Chief Executive Officer Lorin Crenshaw - Chief Financial Officer George Schuller - Chief Operations Officer Jamie Standen - Chief Commercial Officer Chris Yandell - Head of Lithium Conference Call Participants Seth Goldstein - Morningstar Christopher Shaw - Monness, Crespi, Hardt & Co. ...

Title of each class Trading Symbol Name of each exchange on which registered Common stock, $0.01 par value CMP The New York Stock Exchange 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, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________________ to ____ ...

Title of each class Trading Symbol Name of each exchange on which registered Common stock, $0.01 par value CMP The New York Stock Exchange 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 March 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________________ to ___ ...

Compass Minerals International, Inc. (NYSE:CMP) Q2 2022 Earnings Conference Call May 6, 2022 8:30 AM ET Company Participants Douglas Kris - Senior Director of Investor Relations Kevin Crutchfield - President & Chief Executive Officer Lorin Crenshaw - Chief Financial Officer George Schuller - Chief Operations Officer Jamie Standen - Chief Commercial Officer Chris Yandell - Head of Lithium Conference Call Participants David Begleiter - Deutsche Bank Seth Goldstein - Morningstar Joel Jackson - BMO Capital Mark ...