Second-Quarter Highlights:
- Second-quarter record for salt segment
operating earnings
- Continued weakness in plant nutrition
segment
- Reducing full-year earnings per share
guidance due to lower highway deicing and sulfate of potash
expectations
- Execution of major capital projects on
track
Compass Minerals (NYSE:CMP), a leading producer of essential
minerals, reported mixed second-quarter 2016 results as an increase
in salt operating earnings partially offset a significant decline
in plant nutrition operating earnings.
“Compass Minerals continued to benefit from the resilient nature
of our salt business, which provided some offset to the negative
impact of the weak agriculture market,” said Fran Malecha, Compass
Minerals’ president and CEO. “Looking forward, our focus is on
managing the downward pressures on both our businesses by matching
production with demand in the most cost-effective manner possible.
Additionally, we are completing the investments necessary to ensure
our key assets are prepared to support future growth as our markets
recover.”
Net income for the second quarter of 2016 was $6.3 million, a
$6.9 million decline from second-quarter 2015 results. This
represents earnings per diluted share of $0.18, compared to $0.39
in the prior year.
The company reported an 8 percent decline in second-quarter
revenue to $169.5 million, compared to $183.7 million in the second
quarter of 2015.
Salt segment operating earnings increased 10 percent
year-over-year to $23.3 million and were the highest second-quarter
earnings since the company’s initial public offering in 2003. The
segment’s operating margin expanded to 19.6 percent from 18.1
percent in the second quarter of 2015, which marks the eighth
consecutive quarter of year-over-year margin expansion (adjusted
for special items).
Continued weakness throughout the agriculture market pushed
plant nutrition operating earnings down 72 percent year-over-year
to $4.7 million.
Consolidated operating earnings in the quarter declined $8.5
million year-over-year to $15.5 million.
Compass Minerals Financial Results
(in millions, except for earnings per
share)
Three months endedJune 30, Six
months endedJune 30, 2016 2015
2016 2015 Sales $ 169.5 $ 183.7 $ 515.2 $
576.7 Sales less shipping and handling costs (product sales) 132.4
142.9 388.7 434.0 Operating earnings 15.5 24.0 89.8 108.7 Operating
margin 9.1 % 13.1 % 17.4 % 18.8 % Net earnings $ 6.3 $ 13.2 $ 56.0
$ 73.8 Diluted earnings per share 0.18 0.39 1.65 2.18 EBITDA* 33.9
44.3 129.3 151.6 Adjusted EBITDA* 34.8 43.1
129.4 146.9
*Earnings before interest, taxes,
depreciation and amortization. This is a non-GAAP financial
measure.Reconciliations to GAAP measures of performance are
provided in tables at the end of this release.
SALT SEGMENT
Second-quarter salt segment revenue increased 2 percent from
second-quarter 2015 results. Sales volumes of highway deicing
products increased 5 percent from the prior year driven by some
late season snow events in April, as well as increased highway
deicing contract volumes and customers fulfilling minimum purchase
requirements. Consumer and industrial sales volumes were 5 percent
below prior-year’s result. An increase in the mix of highway
deicing sales versus bulk sales to chemical customers resulted in a
3 percent year-over-year increase in the average selling price for
highway deicing salt. The average selling price for consumer and
industrial products improved 3 percent compared to the second
quarter of 2015.
Salt segment EBITDA in the second quarter of 2016 rose $2.6
million to $34.6 million, or 8 percent, from 2015 results. Segment
EBITDA margin improved to 29.1 percent from 27.5 percent in the
prior year. The factors driving these increases include improved
product sales mix, lower shipping and handling costs in both
businesses and modestly higher sales volumes when compared to 2015
results.
Salt Segment Performance
(in millions, except for sales volumes and
prices per short ton)
Three months endedJune 30, Six
months endedJune 30, 2016
2015 2016 2015
Sales $ 119.1 $ 116.3 $ 411.2 $ 433.0 Sales less shipping and
handling (product sales) 87.7 81.2 296.8 303.4 Operating earnings
23.3 21.1 106.0 98.1 Operating margin 19.6 % 18.1 % 25.8 % 22.7 %
Segment EBITDA* $ 34.6 $ 32.0 $ 128.0 $ 119.9 Segment EBITDA*
margin 29.1 % 27.5 % 31.1 % 27.7 % Sales volumes (in thousands of
tons): Highway deicing 1,058 1,011 4,782 4,858 Consumer and
industrial 442 466 924 973 Total salt
1,500 1,477 5,706 5,831 Average sales prices (per ton): Highway
deicing $ 53.02 $ 51.28 $ 58.08 $ 60.55 Consumer and industrial $
142.47 $ 138.19 $ 144.38 $ 142.66 Total salt $ 79.39
$ 78.72 $ 72.06 $ 74.26
*Earnings before interest, taxes,
depreciation and amortization. This is a non-GAAP financial
measure.
Reconciliations to GAAP measures of
performance are provided in tables at the end of this release.
Highway Deicing Bid Season Update
Compass Minerals estimates that the annual bidding process for
North American highway deicing contracts is about 65 percent
complete. Mild winter weather throughout much of North America has
resulted in approximately a 15 percent contraction in bid volumes
in Compass Minerals’ served market compared to the 2015-2016 bid
season. The company’s bid season results to date indicate that
Compass Minerals’ expected average awarded bid price will likely
decline approximately 7 percent versus prior-season’s results.
PLANT NUTRITION SEGMENT
Plant nutrition revenue declined 25 percent from $64.1 million
in the second quarter of 2015 to $47.8 million in the current
period. Average selling price for the company’s plant nutrition
products in the second quarter declined 14 percent versus the prior
year, while sales volumes dropped 13 percent over the same
period.
Plant nutrition segment EBITDA of $13.1 million was 45 percent
below prior-year results. In addition to reduced sales volume and
lower average selling price, year-over-year plant nutrition segment
earnings were pressured by higher per-unit costs. This increase
resulted from the impact of high-cost, carry-over inventory which
included a significant proportion of sulfate of potash (SOP) tons
produced with purchased potassium chloride in 2015. However, on a
sequential basis, per-unit costs improved approximately 4 percent
as the company sold the last of 2015’s inventory in the quarter and
began benefiting from increased pond-based SOP production at its
Ogden, Utah, facility.
Plant Nutrition Segment Performance
(dollars in millions, except for prices
per short ton)
Three months endedJune 30, Six
months endedJune 30, 2016
2015 2016 2015
Sales $ 47.8 $ 64.1 $ 98.9 $ 137.7 Sales excluding shipping and
handling (product sales) 42.1 58.4 86.8 124.6 Operating earnings
4.7 16.8 10.0 37.6 Operating margin 9.8 % 26.2 % 10.1 % 27.3 %
EBITDA* $ 13.1 $ 23.9 $ 26.3 $ 51.7 Segment EBITDA* margin 27.4 %
37.3 % 26.6 % 37.5 % Sales volumes (in thousands of tons) 74 85 148
182 Average sales price (per ton) $ 651 $ 756
$ 670 $ 757
*Earnings before interest, taxes,
depreciation and amortization. This is a non-GAAP financial
measure.Reconciliations to GAAP measures of performance are
provided in tables at the end of this release.
OTHER FINANCIAL
HIGHLIGHTS
Compass Minerals reported a loss of $1.7 million this quarter
from its equity investment in Produquímica Indústria e Comércio
S.A. (Produquímica), which reflects Produquímica’s first-quarter
results. Compass Minerals reports these results on a one-quarter
lag. Approximately $1 million of this loss is attributable to a
non-cash expense related to the purchase of the equity investment.
Based on the preliminary valuation, the company expects this
expense to total approximately $2.5 million for the full year.
Other expense in the second quarter of 2016 was $0.9 million
compared to other income in the prior year period of $1.2 million.
This shift was driven by expenses related to the company's debt
refinancing and lower foreign exchange gains in the quarter.
OUTLOOK
A summary of the company’s second-half and full-year
expectations is provided in the table below. These expectations
incorporate the current dynamics of the North American highway
deicing bid season.
The company expects that challenging market conditions will
persist for the remainder of 2016 in the SOP market. The company
instituted a $30 per-ton average price decrease for SOP products
effective July 1, 2016.
Given the current market conditions for the highway deicing and
SOP markets in North America, the company is reducing its full-year
earnings-per-share guidance to a range of $2.60 to $2.90 per
diluted share.
“Despite the near-term challenges from the mild winter and the
down cycle in the agriculture market, we are focused on positioning
the company for long-term success,” Mr. Malecha stated. “Winter
weather will return, and highway deicing salt remains the most
economical and effective means of keeping roads safe in winter.
Further, specialty agriculture products, such as those in our
portfolio, remain critical for crop yield and grower profitability.
These are the core fundamentals that have supported the strength of
Compass Minerals in the past and will continue to do so in the
future.”
2016 OUTLOOK:FULL YEAR EPS - $2.60 to $2.90
Salt Segment 2H16 FY16 Volumes
4.9 million to 5.3 million tons 10.6 million to 11.0 million tons
Average Selling Price (per ton) $75 to $79 Operating Earnings
Margin 19% to 22%
Plant Nutrition Segment Volumes 130,000 to
160,000 tons 275,000 to 305,000 tons Average Selling Price (per
ton) $640 to $680 Operating Earnings Margin 11% to 14%
Corporate Corporate and Other Expense ~$56 million Interest
Expense ~$25 million Capital Expenditures $175 million to $190
million Effective Tax Rate 27% to 28%
Conference Call
Compass Minerals will discuss its results on a conference call
tomorrow morning, Tuesday, July 26, at 9:00 a.m. ET. To access the
conference call, interested parties should visit the company’s
website at www.CompassMinerals.com or dial 877-614-0009. Callers
must provide the conference ID number 5427742. Outside of the U.S.
and Canada, callers may dial 913-643-4075. Replays of the call will
be available on the company’s website for two weeks. The replay can
also be accessed by phone for seven days at 888-203-1112,
conference ID 5427742. Outside of the U.S. and Canada, callers may
dial 719-457-0820.
An updated summary of the company’s performance is included in a
presentation available on the company’s website at
www.compassminerals.com.
About Compass Minerals
Compass Minerals is a leading provider of essential minerals
that provide solutions to nature’s challenges, including salt for
winter roadway safety and other consumer, industrial and
agricultural uses, and specialty plant nutrition minerals that
improve the quality and yield of crops. Named one of Forbes’ 100
Most Trustworthy Companies in America in 2015 and 2016, Compass
Minerals’ mission is to be the best essential minerals company by
delivering where and when it matters. The company produces its
minerals at locations throughout the U.S. and Canada and in the
U.K.
Non-GAAP Measures
Management uses a variety of measures to evaluate the company’s
and its operating segments’ performance. While the consolidated
financial statements provide an understanding of the company’s
overall results of operations, financial condition and cash flows,
management analyzes components of the consolidated financial
statements to identify certain trends and evaluate specific
performance areas. In addition to using U.S. generally accepted
accounting principles (“GAAP”) financial measures, management uses
EBITDA and EBITDA adjusted for items which management believes are
not indicative of the company’s ongoing operating performance
(“Adjusted EBITDA”), both non-GAAP financial measures, to evaluate
the operating performance of the company’s core business operations
because its resource allocation, financing methods and cost of
capital, and income tax positions are managed at a corporate level,
apart from the activities of the operating segments, and the
operating facilities are located in different taxing jurisdictions,
which can cause considerable variation in net income. The company
also uses EBITDA and Adjusted EBITDA to assess its overall and
operating segment operating performance and return on capital
against other companies, and to evaluate potential acquisitions or
other capital projects. EBITDA and Adjusted EBITDA are not
calculated under GAAP and should not be considered in isolation or
as a substitute for net income, cash flows or other financial data
prepared in accordance with GAAP or as a measure of overall
profitability or liquidity. EBITDA and Adjusted EBITDA exclude
interest expense, income taxes and depreciation and amortization,
each of which is an essential element of the company’s cost
structure and cannot be eliminated. Consequently, any measure that
excludes these elements has material limitations. While EBITDA
and Adjusted EBITDA are frequently used as measures of operating
performance, these terms are not necessarily comparable to
similarly titled measures of other companies due to the potential
inconsistencies in the method of calculation. The calculation of
EBITDA and Adjusted EBITDA as used by management is set forth in
the following table.
This press release may contain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, including without limitation statements about the company’s
ability to manage pressures on its businesses and to position
itself for success; the ability of its investments to support
future growth and for certain fundamentals to support the company’s
strength; the company’s average awarded bid price; and the
company’s outlook for the second half of 2016 and full-year 2016,
including its expectations regarding market conditions (including
highway deicing and SOP market conditions), earnings per share
(“EPS”), volumes, average selling prices, operating earnings
margin, corporate and other expense, interest expense, capital
expenditures, tax rates and expenses related to the Produquímica
equity investment. We use words such as “may,” “would,” “could,”
“should,” “will,” “likely,” “expect,” “anticipate,” “believe,”
“intend,” “plan,” “forecast,” “outlook,” “project,” “estimate” and
similar expressions suggesting future outcomes or events to
identify forward-looking statements or forward-looking information.
These statements are based on the company’s current expectations
and involve risks and uncertainties that could cause the company’s
actual results to differ materially. The differences could be
caused by a number of factors, including without limitation (i)
weather conditions, (ii) pressure on prices and impact from
competitive products, (iii) any inability by the company to fund
necessary capital expenditures, (iv) foreign exchange rates and the
cost and availability of transportation for the distribution of the
company’s products, (v) the risk that the proposed full ownership
acquisition of Produquímica could disrupt the plans and operations
of the company, Produquímica or both, and (vi) the risk that the
company may not realize the expected financial and other benefits
from the proposed acquisition. For further information on these and
other risks and uncertainties that may affect the company’s
business, see the “Risk Factors” and “Management’s Discussion and
Analysis of Financial Condition and Results of Operations” sections
of the company’s Annual Report on Form 10-K for the year ended
December 31, 2015 and its Quarterly Report on Form 10-Q for the
quarter ended June 30, 2016 to be filed with the SEC. The company
undertakes no obligation to update any forward-looking statements
made in this press release to reflect future events or
developments. Because it is not possible to predict or identify all
such factors, this list cannot be considered a complete set of all
potential risks or uncertainties.
Reconciliation for EBITDA and Adjusted EBITDA
(unaudited)
(in millions)
Three months endedJune 30, Six
months endedJune 30, 2016 2015
2016 2015 Net earnings $ 6.3 $
13.2 $ 56.0 $ 73.8 Interest expense 5.6 5.3 11.4 10.7 Income tax
expense 1.0 6.7 21.0 28.9 Depreciation, depletion and amortization
21.0 19.1 40.9 38.2 EBITDA $ 33.9 $ 44.3 $ 129.3 $
151.6 Adjustments to EBITDA: Other (income) expense, net(1) 0.9
(1.2 ) 0.1 (4.7 ) Adjusted EBITDA $ 34.8 $ 43.1 $ 129.4 $
146.9
(1) Primarily includes interest income and
foreign exchange gains and losses. The three and six months ended
June 30,2016, include a charge of $1.6 million related to the
refinancing of our debt.
Reconciliation for Salt Segment EBITDA
(unaudited)
(in millions)
Three months endedJune 30, Six
months endedJune 30, 2016
2015 2016 2015
Segment sales $ 119.1 $ 116.3 $ 411.2 $ 433.0 Reported GAAP segment
operating earnings 23.3 21.1 106.0 98.1 Depreciation, depletion and
amortization 11.3 10.9 22.0 21.8
Segment EBITDA $ 34.6 $ 32.0 $ 128.0 $ 119.9 Segment EBITDA margin
29.1 % 27.5 % 31.1 % 27.7 %
Reconciliation for
Salt Segment Adjusted Quarterly Operating Earnings (unaudited)
(in millions)
Three months endedJune 30, Three
months endedMarch 31, Three months
endedDec. 31, Three months endedSept.
30, Three months endedJune 30,
Three months endedMarch 31, 2016
2016 2015 2015
2015 2015 Segment sales $ 119.1 $ 292.1
$ 236.1 $ 179.9 $ 116.3 $ 316.7 Segment
operating earnings 23.3 82.7 72.1 45.0 21.1 77.0 Gain from
insurance settlement(1) — — —
— — — Adjusted segment
operating earnings $ 23.3 $ 82.7 $ 72.1 $ 45.0 $ 21.1 $ 77.0
Adjusted segment operating earnings margin 19.6 % 28.3 % 30.5 %
25.0 % 18.1 % 24.3 %
Depreciation, depletion
andamortization
11.3 10.7 11.0 11.1
10.9 10.9 Adjusted segment
EBITDA $ 34.6 $ 93.4 $ 83.1 $ 56.1 $ 32.0 $ 87.9 Adjusted segment
EBITDA margin 29.1 % 32.0 % 35.2 % 31.2 % 27.5 % 27.8 %
Three months endedDec. 31,
Three months endedSept. 30, Three months
endedJune 30, Three months endedMarch
31, Three months endedDec. 31,
Three months endedSept. 30, 2014
2014 2014 2014
2013 2013 Segment sales $ 355.3 $ 175.4 $
118.7 $ 353.2 $ 323.1 $ 142.6 Reported GAAP segment operating
earnings 104.4 116.7 6.8 63.5 74.8 25.4 Gain from insurance
settlement(1) — (82.3 ) — — — — Estimated costs of legal ruling(2)
— — — — 4.7
— Adjusted segment operating earnings $ 104.4
$ 34.4 $ 6.8 $ 63.5 $ 79.5 $ 25.4 Adjusted segment operating
earnings margin 29.4 % 19.6 % 5.7 % 18.0 % 24.6 % 17.8 %
Depreciation, depletion
andamortization
11.3 11.4 10.7 11.4
12.4 11.2 Adjusted segment
EBITDA $ 115.7 $ 45.8 $ 17.5 $ 74.9 $ 91.9 $ 36.6 Adjusted segment
EBITDA margin 32.6 % 26.1 % 14.7 % 21.2 % 28.4 % 25.7 %
(1)
In the third quarter of 2014, the company
recorded an $83.3 million gain ($60.6 million, net of taxes) from
an insurance settlement relating to damage sustained by the company
as a result of a tornado that struck the company’s rock salt mine
and evaporated-salt plant in Goderich, Ontario, in 2011.
(2)
In the fourth quarter of 2013, the company
recorded a reserve of $4.7 million ($2.8 million, net of taxes)
related to a ruling against the company from a 2010 labor
matter.
Reconciliation for Plant Nutrition Segment EBITDA
(unaudited)
(in millions)
Three months endedJune 30, Six
months endedJune 30, 2016 2015
2016 2015 Segment sales $ 47.8 $ 64.1 $ 98.9 $
137.7 Reported GAAP segment operating earnings 4.7 16.8 10.0 37.6
Depreciation, depletion and amortization 8.4 7.1 16.3
14.1 Segment EBITDA $ 13.1 $ 23.9 $ 26.3 $ 51.7
Segment EBITDA margin 27.4 % 37.3 % 26.6 % 37.5 %
Produquímica Revenue (unaudited)
(in thousands of Brazilian reals)
Six months endedJune 30, 2015 Six
months endedJune 30, 2016 % change Plant
nutrition R$ 345.9 R$ 272.7 +27% Specialty chemical 225.8
179.3 +26 Total R$ 571.7 R$ 452.0 +26%
COMPASS MINERALS INTERNATIONAL,
INC.CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)(in millions, except share and per-share
data)
Three Months Ended Six Months Ended June
30, June 30, 2016 2015
2016 2015 Sales $ 169.5 $ 183.7 $ 515.2
$ 576.7 Shipping and handling cost 37.1 40.8 126.5 142.7 Product
cost 91.1 92.3 244.8 270.2 Gross profit 41.3 50.6
143.9 163.8 Selling, general and administrative expenses 25.8 26.6
54.1 55.1 Operating earnings 15.5 24.0 89.8 108.7
Other (income)/expense: Interest expense 5.6 5.3 11.4 10.7 Net loss
from equity investee 1.7 — 1.3 — Other, net 0.9 (1.2 ) 0.1 (4.7 )
Earnings before income taxes 7.3 19.9 77.0 102.7 Income tax expense
1.0 6.7 21.0 28.9 Net earnings $ 6.3 $ 13.2
$ 56.0 $ 73.8 Basic net earnings per common
share $ 0.18 $ 0.39 $ 1.65 $ 2.18 Diluted net earnings per common
share $ 0.18 $ 0.39 $ 1.65 $ 2.18 Cash dividends per share $ 0.695
$ 0.66 $ 1.39 $ 1.32
Weighted-average common shares outstanding
(inthousands):(1)
Basic 33,784 33,682 33,766 33,654 Diluted 33,787 33,701 33,769
33,675
(1)
Excludes weighted participating securities
such as RSUs and PSUs that receive non-forfeitable dividends,which
consist of 146,000 and 149,000 weighted participating securities
for the three and six months endedJune 30, 2016, respectively, and
192,000 and 204,000 weighted participating securities for the three
and sixmonths ended June 30, 2015, respectively.
COMPASS MINERALS INTERNATIONAL,
INC.CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)(in millions)
June 30, December 31, 2016
2015 ASSETS Cash and cash equivalents $ 92.7 $ 58.4
Receivables, net 71.9 147.8 Inventories 240.9 275.3 Other current
assets 30.9 30.8 Property, plant and equipment, net 890.5 800.7
Intangible and other noncurrent assets 329.7 311.8 Total assets $
1,656.6 $ 1,624.8
LIABILITIES AND STOCKHOLDERS'
EQUITY Current portion of long-term debt $ 4.0 $ 4.9 Other
current liabilities 124.1 165.9 Long-term debt, net of current
portion 746.2 718.0 Deferred income taxes and other noncurrent
liabilities 97.9 96.3 Total stockholders' equity 684.4 639.7 Total
liabilities and stockholders' equity $ 1,656.6 $ 1,624.8
COMPASS MINERALS INTERNATIONAL, INC. CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (in
millions) Six Months Ended June 30,
2016 2015 Net cash provided by
operating activities $ 149.9 $ 112.2 Cash
flows from investing activities: Capital expenditures (94.8 ) (89.8
) Investment in equity method investee (4.7 ) — Other, net (1.5 )
(0.5 ) Net cash used in investing activities
(101.0 ) (90.3 ) Cash flows from financing
activities: Proceeds from the issuance of long-term debt 400.0 —
Proceeds from revolving credit facility borrowings 183.5 —
Principal payments on revolving credit facility borrowings (80.5 )
— Principal payments on long-term debt (473.4 ) (1.9 ) Dividends
paid (47.1 ) (44.6 ) Fees paid to refinance debt (1.5 ) — Deferred
financing costs (3.5 ) — Proceeds received from stock option
exercises 0.7 2.1 Excess tax benefit (deficiency) from equity
compensation awards (0.2 ) 0.1 Net cash used
in financing activities (22.0 ) (44.3 ) Effect of exchange rate
changes on cash and cash equivalents 7.4 (10.7 ) Net change
in cash and cash equivalents 34.3 (33.1 ) Cash and cash
equivalents, beginning of the year 58.4 266.8
Cash and cash equivalents, end of period $ 92.7 $ 233.7
COMPASS MINERALS INTERNATIONAL,
INC.SEGMENT INFORMATION (unaudited)(in
millions)
Three months ended June 30,
2016
Salt
Plant Nutrition(1)
Corporate andOther
(2)
Total
Sales to external customers $ 119.1 $ 47.8 $ 2.6 $ 169.5
Intersegment sales — 1.9 (1.9 ) — Shipping and handling cost 31.4
5.7 — 37.1 Operating earnings (loss) 23.3 4.7 (12.5 ) 15.5
Depreciation, depletion and amortization 11.3 8.4 1.3 21.0 Total
assets 899.1 702.7 54.8 1,656.6
Three months ended June 30,
2015
Salt
Plant Nutrition(1)
Corporate andOther
(2)
Total
Sales to external customers $ 116.3 $ 64.1 $ 3.3 $ 183.7
Intersegment sales 0.1 2.8 (2.9 ) — Shipping and handling cost 35.1
5.7 — 40.8 Operating earnings (loss) 21.1 16.8 (13.9 ) 24.0
Depreciation, depletion and amortization 10.9 7.1 1.1 19.1 Total
assets 905.6 563.0 61.7 1,530.3
Six months ended June 30, 2016
Salt
Plant Nutrition(1)
Corporate andOther
(2)
Total
Sales to external customers $ 411.2 $ 98.9 $ 5.1 $ 515.2
Intersegment sales — 2.1 (2.1 ) — Shipping and handling cost 114.4
12.1 — 126.5 Operating earnings (loss) 106.0 10.0 (26.2 ) 89.8
Depreciation, depletion and amortization 22.0 16.3 2.6 40.9
Six months ended June 30, 2015
Salt
Plant Nutrition(1)
Corporate andOther
(2)
Total
Sales to external customers $ 433.0 $ 137.7 $ 6.0 $ 576.7
Intersegment sales 0.1 3.5 (3.6 ) — Shipping and handling cost
129.6 13.1 — 142.7 Operating earnings (loss) 98.1 37.6 (27.0 )
108.7 Depreciation, depletion and amortization 21.8 14.1 2.3 38.2
(1) Plant nutrition segment assets include the
investment in Produquímica. (2) Corporate and other includes
corporate entities, records management operations and other
incidental operations and eliminations. Operating earnings (loss)
for corporate and other includes indirect corporate overhead
including costs for general corporate governance and oversight, as
well as costs for the human resources, information technology,
legal and finance functions.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160725006150/en/
Compass MineralsInvestor ContactTheresa L. Womble,
+1-913-344-9362Director of Investor
Relationswomblet@compassminerals.comorMedia
ContactTara Hart, +1-913-344-9319Manager of Corporate
AffairsPressRelations@compassminerals.com
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