Published on 7 Feb 2024 on GuruFocus.com via Yahoo Finance

Compass Minerals International Inc Reports First-Quarter Fiscal 2024 Results Amidst Strategic Shifts

Revenue: Declined to $341.7 million from $352.4 million in the comparable quarter.Operating Loss: Reported an operating loss of $55.3 million compared to operating earnings of $27.9 million in the prior year.Net Loss: Posted a net loss of $75.1 million, a significant drop from a net loss of $0.3 million year-over-year.Adjusted EBITDA: Adjusted EBITDA was $59.4 million, slightly down from $61.8 million in the same period last year.Salt Business: Despite lower volumes due to mild weather, the Salt business saw a 7% increase in operating earnings and an 8% increase in adjusted EBITDA year-over-year.Plant Nutrition: Sales volumes increased by 67% year-over-year, but the segment faced a decline in operating earnings and adjusted EBITDA.Lithium Project Termination: The company recognized approximately $77.3 million of expense due to the termination of its lithium project.

Warning! GuruFocus has detected 5 Warning Signs with CMP.

On February 7, 2024, Compass Minerals International Inc (NYSE:CMP) released its 8-K filing, detailing the fiscal results for the first quarter of 2024. The company, known for its production of salt and specialty potash fertilizer, has announced a strategic refocus on its core Salt and Plant Nutrition businesses and the termination of its lithium project.