Compass Minerals (NYSE: CMP), a leading global provider of
essential minerals, today reported fiscal 2022 first-quarter
results.
HIGHLIGHTS
- Achieved consolidated year-over-year revenue growth of 7%
- Higher North America bid season commitments drove increased
Salt segment revenue year over year despite weaker winter weather
in the quarter
- Average sales price for the company's Protassium+® sulfate of
potash (SOP) product strengthened to approximately $660 per ton, an
increase of 5% sequentially and 20% year over year, supported by a
strong fertilizer macro environment
- Continued to advance company's lithium development; anticipate
achieving additional milestones in 2022, including selecting a
direct lithium extraction (DLE) technology provider as well as
completing both a front-end-loaded (FEL-1) level engineering
estimate of operating costs and capital intensity and a third-party
life cycle assessment (LCA) of lithium development scenarios under
consideration
- Bolstered senior management team and board of directors through
addition of key executives with deep industry and advanced battery
supply chain experience, including Lorin Crenshaw, chief financial
officer; Chris Yandell, head of lithium; and Gareth Joyce,
independent director
- Reduced fiscal 2022 adjusted EBITDA guidance to a range of $200
million to $235 million largely due to trends in the company's Salt
segment, and reduced capital spending guidance by $25 million from
prior expectations to $100 million to $110 million
All amounts in this press release represent results from
continuing operations, except for amounts pertaining to the
condensed consolidated statements of cash flows which include
results from South America and North American micronutrient
discontinued operations, unless otherwise noted.
RESULTS
(From continuing operations; in
millions, except per share data)
Three Months Ended
December 31, 2021
Revenue
$
331.5
Operating earnings
20.4
Adjusted EBITDA1
58.4
Net earnings
7.9
Net earnings per diluted share
0.23
Adjusted net earnings1
13.0
Adjusted net earnings1 per diluted
share
0.38
1 Non-GAAP financial measure. Reconciliations to the most
directly comparable GAAP financial measure are provided in tables
at the end of this press release.
“Our expanded Salt commitments allowed us to deliver revenue
growth during the quarter despite a slow start to the winter
weather season, while positioning us to capitalize on the prospect
of more normalized weather demand during the balance of the
season,” said Kevin S. Crutchfield, president and CEO. “We expect
inflationary pressures and higher logistical costs to dampen our
underlying earnings potential over the course of the fiscal year.
In response, we are focused on offsetting these costs through
continued pricing actions in our Plant Nutrition and consumer and
industrial businesses, as well as throughout the upcoming highway
salt bid season. Concurrently, as we advance our growth strategy
into attractive, adjacent markets – lithium and next-generation
fire retardants – I am confident these actions should result in
attractive returns on capital, driving long-term value for
shareholders.”
Fiscal 2022 first-quarter consolidated revenue grew 7% year over
year, driven primarily by an increase in highway deicing sales
volumes of 27%, a 9% improvement in consumer and industrial
(C&I) sales volumes, and higher Plant Nutrition and C&I
pricing. Operating earnings for fiscal 2022 first quarter decreased
$7.7 million, while adjusted EBITDA was lower by $3.6 million year
over year, primarily due to higher shipping and handling expenses
and product costs.
SALT SEGMENT SUMMARY
Salt segment fiscal 2022 first-quarter revenue totaled $273.9
million, up 20% year over year, driven by a 24% increase in sales
volumes, partially offset by a 3% decline in average sales price.
Both the highway deicing and C&I businesses delivered volume
growth, despite below average snow events in the company's primary
North American markets during the reporting period. Salt segment
average sales price was impacted by a 1% decline in highway deicing
average sales price, partially offset by a 3% increase in C&I
average sales price year over year. Broad-based price increases
were implemented across most C&I product categories, primarily
in response to the high-inflation environment.
Salt segment operating earnings in the fiscal 2022 first quarter
decreased $5.1 million to $39.4 million year over year, while
EBITDA fell $6.3 million to $55.6 million over the same period.
Salt segment operating margin was 14% in the fiscal 2022 first
quarter, down from 19% in the prior year, and EBITDA margin
decreased to 20% from 27%, primarily due to higher distribution
expenses and product costs.
Winter Weather Effect
As previously announced, Compass Minerals reported 29 snow
events during the fiscal 2022 first quarter in the 11 cities the
company tracks, compared to 45 snow events during the prior-year
comparable period and the ten-year average of 41.9 events. The
company estimates these variations from average winter weather had
a negative impact on fiscal 2022 first-quarter sales and operating
earnings, as detailed in the table below.
Estimated Effect of Winter
Weather on Salt Segment Performance
(dollars in millions)
Three months ended
December 31,
2021
2020
Favorable (unfavorable) to average
weather:
Sales
$(22) to $(26)
$(60) to $(70)
Operating earnings
$(5) to $(8)
$(22) to $(27)
PLANT NUTRITION SEGMENT
SUMMARY
Plant Nutrition segment fiscal 2022 first-quarter revenue
totaled $54.6 million, down 30% year over year, driven by lower
sales volumes, partially offset by a 20% increase in average sales
price. Fiscal 2022 first-quarter operating earnings increased $6.2
million year over year to $9.5 million, primarily due to higher
pricing and lower per-unit cash costs, while EBITDA totaled $18.3
million compared to $12.3 million in the prior-year period. Fiscal
2022 first-quarter operating margin was 17% compared to 4% in the
prior year and EBITDA margin was 34% compared to 16% in the prior
year, both driven primarily by higher pricing.
CASH FLOW
Net cash used in operating activities amounted to $14.3 million
for the three months ended Dec. 31, 2021, up $1.0 million year over
year.
Net cash used in investing activities was $41.2 million for the
three months ended Dec. 31, 2021, up $18.2 million year over year,
primarily driven by the initial payment for the previously
announced acquisition of an additional ownership interest in
Fortress North America, a next-generation fire retardant company.
This was partially offset by $7.5 million less capital spending
during the period compared to the prior-year period.
Net cash provided by financing activities was $63.3 million for
the three months ended Dec. 31, 2021, up $41.2 million year over
year, reflecting a combination of lower dividends paid and
short-term borrowings to fund investing activities described
above.
The company ended the quarter with $187.5 million of liquidity,
which includes $28.9 million in cash and cash equivalents and
$158.6 million of availability under its $300 million revolving
credit facility.
OUTLOOK
The company has lowered its fiscal 2022 outlook for adjusted
EBITDA to a range of $200 million to $235 million, largely due to
trends in its Salt segment, and has lowered its fiscal 2022
first-half Salt segment EBITDA guidance to $120 million to $160
million. These trends include a combination of (i) higher shipping
and distribution costs due to inflationary pressures primarily in
the C&I business; (ii) a relatively weak start to winter; and
(iii) higher costs to serve and position highway deicing products
in certain of the company's southern U.S. markets, primarily due to
an outage taken earlier than originally planned at the Cote Blanche
mine. Plant Nutrition guidance remains unchanged. On a
year-over-year basis, the company continues to expect SOP pricing
strength in the fiscal 2022 first half to more than offset lower
sales volumes, resulting in improved Plant Nutrition margins and
profitability. The company reduced its capital expenditure guidance
by $25 million to a range of $100 million to $110 million to offset
inflationary pressures the company continues to experience and in
line with its current earnings outlook, reflecting an agile capital
allocation approach.
FISCAL 2022 Guidance (for
continuing operations):
1H FY22
FY22
Consolidated
Adjusted EBITDA
$200 million to $235 million
Salt Segment
Volume
11.8 million to 12.8 million
tons
Revenue
$590 million to $690 million
EBITDA
$120 million to $160 million
Plant Nutrition Segment
Volume
280,000 to 320,000 tons
Revenue
$85 million to $110 million
EBITDA
$25 million to $35 million
Corporate
Corporate and other expense1
$65 million to $70 million
Interest expense
$55 million to $60 million
Depreciation, depletion and
amortization
$115 million to $120 million
Capital expenditures
$100 million to $110 million
Effective tax rate
14% to 17%
1Excludes depreciation, amortization and
stock-based compensation.
Conference Call
Compass Minerals will discuss its results on a conference call
tomorrow morning, Wed., Feb. 9, at 8:30 a.m. ET. To access the
conference call, interested parties should visit the company’s
website at compassminerals.com or dial 1-888-550-5768. Callers must
provide the conference ID number 3632674. Outside of the U.S. and
Canada, callers may dial 1-646-960-0469. An audio replay of the
call will be available on the company’s website.
A corporate presentation with fiscal 2022 first-quarter
performance results will also be available at
investors.compassminerals.com.
About Compass Minerals
Compass Minerals (NYSE: CMP) is a leading global provider of
essential minerals focused on safely delivering where and when it
matters to help solve nature’s challenges for customers and
communities. The company’s salt products help keep roadways safe
during winter weather and are used in numerous other consumer,
industrial and agricultural applications. Its plant nutrition
business manufactures products that improve the quality and yield
of crops, while supporting sustainable agriculture. And its
specialty chemical business serves the water treatment industry and
other industrial processes. Additionally, the company is pursuing
development of a sustainable lithium brine resource to support the
North American battery market and is a minority owner of Fortress
North America, a next-generation fire retardant company. Compass
Minerals operates 15 production and packaging facilities with more
than 2,000 employees throughout the U.S., Canada, the U.K. and
Brazil. Visit compassminerals.com for more information about the
company and its products.
Forward-Looking Statements and Other
Disclaimers
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 development
of the company’s lithium resource, including DLE technology
provider selection as well as completion of an FEL-1 engineering
estimate and a third-party LCA; ability to capitalize on demand,
offset costs, deliver returns and drive value; Salt segment trends;
costs; inflation; pricing; and the company’s outlook for the first
half of fiscal 2022 and fiscal 2022, including its expectations
regarding adjusted EBITDA, volume, revenue, EBITDA, corporate and
other expense, interest expense, depreciation, depletion and
amortization, capital expenditures and tax rates. Forward-looking
statements are those that predict or describe future events or
trends and that do not relate solely to historical matters. 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) the cost and
availability of transportation for the distribution of the
company’s products and foreign exchange rates, (iii) pressure on
prices and impact from competitive products, (iv) any inability by
the company to successfully implement its strategic priorities or
its cost-saving or enterprise optimization initiatives, (v) the
risk that the company may not realize the expected financial or
other benefits from the proposed development of its lithium mineral
resource or its investment in Fortress North America, (vi) the
timing and the outcome of the sale process for the company’s South
America chemicals business, and (vii) impacts of the COVID-19
pandemic. 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
Transition Report on Form 10-KT for the transition period ended
Sept. 30, 2021 and its Quarterly Report on Form 10-Q for the
quarter ended Dec. 31, 2021 filed or to be filed with the SEC, as
well as the company's other SEC filings. The company undertakes no
obligation to update any forward-looking statements made in this
press release to reflect future events or developments, except as
required by law. 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.
The company has completed an initial assessment to define the
lithium resource at Compass Minerals’ existing operations in
accordance with applicable SEC regulations, including Subpart 1300.
Pursuant to Subpart 1300, mineral resources are not mineral
reserves and do not have demonstrated economic viability. The
company’s mineral resource estimates, including estimates of the
lithium resource, are based on many factors, including assumptions
regarding extraction rates and duration of mining operations, and
the quality of in-place resources. For example, the process
technology for commercial extraction of lithium from brines with
low lithium and high impurity (primarily magnesium) is still
developing. Accordingly, there is no certainty that all or any part
of the lithium mineral resource identified by the company’s initial
assessment will be converted into an economically extractable
mineral reserve.
Non-GAAP Measures
In addition to using U.S. generally accepted accounting
principles (“GAAP”) financial measures, management uses a variety
of non-GAAP financial measures described below 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.
Management uses EBITDA, EBITDA adjusted for items which
management believes are not indicative of the company’s ongoing
operating performance (“Adjusted EBITDA”), and EBITDA margin 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
earnings. Management also uses adjusted operating earnings,
adjusted operating margin, adjusted net earnings, and adjusted net
earnings per diluted share, which eliminate the impact of certain
items that management does not consider indicative of underlying
operating performance. The presentation of these measures should
not be construed as an inference that future results will be
unaffected by unusual or non-recurring items. Management believes
these non-GAAP financial measures provide management and investors
with additional information that is helpful when evaluating
underlying performance. EBITDA and Adjusted EBITDA exclude interest
expense, income taxes and depreciation and amortization, each of
which are an essential element of the company’s cost structure and
cannot be eliminated. In addition, Adjusted EBITDA and Adjusted
EBITDA margin exclude certain cash and non-cash items, including
stock-based compensation. Consequently, any measure that excludes
these elements has material limitations. The non-GAAP financial
measures used by management should not be considered in isolation
or as a substitute for net earnings, operating earnings, cash flows
or other financial data prepared in accordance with GAAP or as a
measure of overall profitability or liquidity. These measures are
not necessarily comparable to similarly titled measures of other
companies due to potential inconsistencies in the method of
calculation. The calculation of non-GAAP financial measures as used
by management is set forth in the following tables. All margin
numbers are defined as the relevant measure divided by sales. The
company does not provide a reconciliation of forward-looking
non-GAAP financial measures to the most directly comparable
financial measures calculated and reported in accordance with GAAP,
as the company is unable to estimate significant non-recurring or
unusual items without unreasonable effort. The amounts and timing
of these items are uncertain and could be material to the company’s
results.
Reconciliation for Adjusted
Net Earnings
(unaudited, in millions)
Three Months Ended December
31,
2021
2020
Net earnings from continuing
operations
$
7.9
$
14.7
Executive transition costs, net of
tax(1)
2.8
—
Costs related to SEC investigation, net of
tax(2)
2.3
1.2
Adjusted net earnings from continuing
operations
$
13.0
$
15.9
Net earnings from continuing operations
per diluted share
$
0.23
$
0.42
Adjusted net earnings from continuing
operations per diluted share
$
0.38
$
0.45
Weighted-average common shares outstanding
(in thousands):
Diluted
34,089
33,977
(1)
The company incurred severance
and other costs related to executive transition of $3.3 million
($2.8 million net of tax).
(2)
The company incurred costs
related to the ongoing SEC investigation of $3.1 million and $1.6
million ($2.3 million and $1.2 million net of tax) in the three
months ended December 31, 2021 and 2020, respectively.
Reconciliation for Adjusted
Operating Earnings
(unaudited, in millions)
Three Months Ended December
31,
2021
2020
Operating earnings
$
20.4
$
28.1
Executive transition costs(1)
3.3
—
Costs related to SEC investigation(2)
3.1
1.6
Adjusted operating earnings
$
26.8
$
29.7
Sales
331.5
309.2
Operating margin
6.2
%
9.1
%
Adjusted operating margin
8.1
%
9.6
%
(1)
The company incurred severance
and other costs related to executive transition.
(2)
The company incurred costs
related to the ongoing SEC investigation.
Reconciliation for EBITDA and
Adjusted EBITDA
(unaudited, in millions)
Three Months Ended December
31,
2021
2020
Net earnings from continuing
operations
$
7.9
$
14.7
Interest expense
13.9
15.5
Income tax benefit
(1.2
)
(8.4
)
Depreciation, depletion and
amortization
28.3
30.1
EBITDA from continuing operations
48.9
51.9
Adjustments to EBITDA from continuing
operations:
Stock-based compensation - non cash
3.2
2.1
(Gain) loss on foreign exchange
(0.4
)
6.2
Executive transition costs(1)
3.8
—
Costs related to SEC investigation(2)
3.1
1.6
Other (income) expense, net
(0.2
)
0.2
Adjusted EBITDA from continuing
operations
58.4
62.0
Adjusted EBITDA from discontinued
operations
8.6
25.7
Adjusted EBITDA including discontinued
operations
$
67.0
$
87.7
(1)
The company incurred severance
and other costs related to executive transition.
(2)
The company incurred costs
related to the ongoing SEC investigation.
Salt Segment
Performance
(unaudited, in millions, except
for sales volumes and prices per short ton)
Three Months Ended December
31,
2021
2020
Sales
$
273.9
$
228.5
Operating earnings
$
39.4
$
44.5
Operating margin
14.4
%
19.5
%
EBITDA(1)
$
55.6
$
61.9
EBITDA(1) margin
20.3
%
27.1
%
Sales volumes (in thousands of tons):
Highway deicing
2,807
2,204
Consumer and industrial
633
579
Total salt
3,440
2,783
Average sales prices (per ton):
Highway deicing
$
58.34
$
59.20
Consumer and industrial
$
174.00
$
169.30
Total salt
$
79.63
$
82.10
(1) Non-GAAP financial measure.
Reconciliations follow in these tables.
Reconciliation for Salt
Segment EBITDA
(unaudited, in millions)
Three Months Ended December
31,
2021
2020
Reported GAAP segment operating
earnings
$
39.4
$
44.5
Depreciation, depletion and
amortization
16.2
17.4
Segment EBITDA
$
55.6
$
61.9
Segment sales
273.9
228.5
Segment EBITDA margin
20.3
%
27.1
%
Plant Nutrition Segment
Performance
(unaudited, dollars in millions,
except for prices per short ton)
Three Months Ended December
31,
2021
2020
Sales
$
54.6
$
78.2
Operating earnings
$
9.5
$
3.3
Operating margin
17.4
%
4.2
%
EBITDA(1)
$
18.3
$
12.3
EBITDA(1) margin
33.5
%
15.7
%
Sales volumes (in thousands of tons)
83
143
Average sales price (per ton)
$
660
$
548
(1) Non-GAAP financial measure.
Reconciliations follow in these tables.
Reconciliation for Plant
Nutrition Segment EBITDA
(unaudited, in millions)
Three Months Ended December
31,
2021
2020
Reported GAAP segment operating
earnings
$
9.5
$
3.3
Depreciation, depletion and
amortization
8.8
9.0
Segment EBITDA
$
18.3
$
12.3
Segment sales
54.6
78.2
Segment EBITDA margin
33.5
%
15.7
%
COMPASS MINERALS
INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF
OPERATIONS
(unaudited, in millions,
except share and per-share data)
Three Months Ended December
31,
2021
2020
Sales
$
331.5
$
309.2
Shipping and handling cost
95.7
75.7
Product cost
175.9
175.0
Gross profit
59.9
58.5
Selling, general and administrative
expenses
39.5
30.4
Operating earnings
20.4
28.1
Other expense (income):
Interest expense
13.9
15.5
(Gain) loss on foreign exchange
(0.4
)
6.2
Other expense, net
0.2
0.1
Earnings from continuing operations before
income taxes
6.7
6.3
Income tax benefit from continuing
operations
(1.2
)
(8.4
)
Net earnings from continuing
operations
7.9
14.7
Net (loss) earnings from discontinued
operations
(5.5
)
13.4
Net earnings
$
2.4
$
28.1
Basic net earnings from continuing
operations per common share
$
0.23
$
0.42
Basic net (loss) earnings from
discontinued operations per common share
(0.16
)
0.40
Basic net earnings per common share
$
0.07
$
0.82
Diluted net earnings from continuing
operations per common share
$
0.23
$
0.42
Diluted net (loss) earnings from
discontinued operations per common share
(0.16
)
0.40
Diluted net earnings per common share
$
0.07
$
0.81
Weighted-average common shares outstanding
(in thousands):(1)
Basic
34,060
33,958
Diluted
34,089
33,977
(1)
Weighted participating securities
include RSUs and PSUs that receive non-forfeitable dividends and
consist of 430,000 and 378,000 weighted participating securities
for the three months ended December 31, 2021 and 2020,
respectively.
COMPASS MINERALS
INTERNATIONAL, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(unaudited, in
millions)
December 31,
September 30,
2021
2021
ASSETS
Cash and cash equivalents
$
20.3
$
18.1
Receivables, net
199.7
132.8
Inventories
307.7
321.7
Current assets held for sale
5.7
9.9
Other current assets
51.8
48.9
Property, plant and equipment, net
814.3
830.5
Intangible and other noncurrent assets
293.6
269.0
Total assets
$
1,693.1
$
1,630.9
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current portion of long-term debt
$
—
$
—
Current liabilities held for sale
9.4
9.6
Other current liabilities
188.0
185.8
Long-term debt, net of current portion
1,004.9
935.4
Deferred income taxes and other noncurrent
liabilities
202.8
207.0
Total stockholders' equity
288.0
293.1
Total liabilities and stockholders'
equity
$
1,693.1
$
1,630.9
COMPASS MINERALS
INTERNATIONAL, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(unaudited, in
millions)
Three Months Ended December
31,
2021
2020
Net cash used in operating
activities(1)
$
(14.3
)
$
(13.3
)
Cash flows from investing activities:
Capital expenditures(2)
(14.5
)
(22.0
)
Equity method investments
(28.2
)
(0.8
)
Other, net
1.5
(0.2
)
Net cash used in investing activities
(41.2
)
(23.0
)
Cash flows from financing activities:
Proceeds from revolving credit facility
borrowings
162.4
155.7
Principal payments on revolving credit
facility borrowings
(122.8
)
(125.6
)
Proceeds from issuance of long-term
debt
32.5
49.7
Principal payments on long-term debt
(3.3
)
(32.5
)
Dividends paid
(5.3
)
(24.9
)
Proceeds from stock option exercised
0.2
0.2
Shares withheld to satisfy employee tax
obligations
—
(0.1
)
Other, net
(0.4
)
(0.4
)
Net cash provided by financing
activities
63.3
22.1
Effect of exchange rate changes on cash
and cash equivalents
0.1
1.1
Net change in cash and cash
equivalents
7.9
(13.1
)
Cash and cash equivalents, beginning of
the year
21.0
34.1
Cash and cash equivalents, end of
period
28.9
21.0
Less: cash and cash equivalents
included in current assets held for sale
(8.6
)
(10.5
)
Cash and cash equivalents of continuing
operations, end of period
$
20.3
$
10.5
(1) Includes cash flows provided by (used
in) discontinued operations of $5.0 million and $(8.9) million in
2021 and 2020, respectively.
(2) Includes capital expenditures of $0.7
million and $3.7 million related to discontinued operations in 2021
and 2020, respectively.
COMPASS MINERALS
INTERNATIONAL, INC.
SEGMENT INFORMATION
(unaudited, in
millions)
Three Months Ended December 31,
2021
Salt
Plant
Nutrition
Corporate &
Other(1)
Total
Sales to external customers
$
273.9
$
54.6
$
3.0
$
331.5
Intersegment sales
—
2.4
(2.4
)
—
Shipping and handling cost
88.4
7.3
—
95.7
Operating earnings (loss)(2)
39.4
9.5
(28.5
)
20.4
Depreciation, depletion and
amortization
16.2
8.8
3.3
28.3
Total assets (as of end of period)
1,035.4
445.3
206.7
1,687.4
Three Months Ended December 31,
2020
Salt
Plant
Nutrition
Corporate &
Other(1)
Total
Sales to external customers
$
228.5
$
78.2
$
2.5
$
309.2
Intersegment sales
—
2.4
(2.4
)
—
Shipping and handling cost
63.9
11.8
—
75.7
Operating earnings (loss)(2)
44.5
3.3
(19.7
)
28.1
Depreciation, depletion and
amortization
17.4
9.0
3.7
30.1
Total assets (as of end of period)
1,018.8
495.6
136.5
1,650.9
(1)
Corporate and other includes
corporate entities, records management operations, equity method
investments 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, lithium-related expenditures, as well as costs for
the human resources, information technology, legal and finance
functions.
(2)
Corporate operating results for
the three months ended December 31, 2021 include executive
transition costs of $3.3 million and costs related to the ongoing
SEC investigation of $3.1 million. In addition, the three months
ended December 31, 2020 included costs related to the ongoing SEC
investigation of $1.6 million.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220208006087/en/
Investor Contact Douglas Kris Senior Director of Investor
Relations +1.917.797.4967 krisd@compassminerals.com
Media Contact Rick Axthelm Chief Public Affairs and
Sustainability Officer +1.913.344.9198
MediaRelations@compassminerals.com
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