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Compass Minerals(CMP) - 2024 Q2 - Quarterly Results
CMPCompass Minerals(CMP)2024-05-07 20:32

Financial Performance - Sales for the three months ended March 31, 2024, were 364.0million,adecreasefrom364.0 million, a decrease from 411.1 million in the same period in 2023[97] - Gross profit for the six months ended March 31, 2024, was 143.5million,downfrom143.5 million, down from 155.2 million in the same period in 2023[97] - Net loss for the six months ended March 31, 2024, was 123.1million,comparedtoanetlossof123.1 million, compared to a net loss of 21.9 million in the same period in 2023[97] - Basic net loss per common share for the six months ended March 31, 2024, was 2.99,comparedto2.99, compared to 0.55 in the same period in 2023[97] Impairments and Valuation Adjustments - The company recognized impairments of 108.1millionand108.1 million and 182.9 million related to Fortress and Plant Nutrition for the three and six months ended March 31, 2024, respectively[96] - Corporate operating results were impacted by net gains of 24.3millionand24.3 million and 21.4 million related to the decline in the valuation of the Fortress contingent consideration for the three and six months ended March 31, 2024[96] Segment Performance - Sales to external customers for the Salt segment were 668.6 million for the six months ended March 31, 2023[101] - Operating earnings (loss) for the Corporate & Other segment were (54.7) million for the six months ended March 31, 2023[101] - Depreciation, depletion, and amortization for the Plant Nutrition segment were 16.4millionforthesixmonthsendedMarch31,2023[101]WorkforceandLeadershipChangesThecompanyincurrednetseveranceandrelatedchargesof16.4 million for the six months ended March 31, 2023[101] Workforce and Leadership Changes - The company incurred net severance and related charges of 3.1 million and $5.6 million for the three and six months ended March 31, 2024, respectively, due to workforce reductions and executive leadership changes[96]