Solid plant nutrition results partially offset weak salt earnings.
First-Quarter Highlights:
-
Salt earnings pressured by back-to-back mild winters
-
Plant nutrition business on track in North and South America
-
Cash flow from operations totaled $123 million, up 33 percent from
prior-year period
-
Favorable tax ruling in Canada
OVERLAND PARK, Kan.--(BUSINESS WIRE)--May 3, 2017--
Compass Minerals (NYSE: CMP), a leading producer of essential minerals,
reported first-quarter net earnings of $21.5 million, or $0.63 per
diluted share, compared to $49.7 million, or $1.46 per diluted share, in
the first quarter of 2016.
“While mild winter weather and increased salt cost created challenging
conditions for our salt business in the first quarter, I am pleased with
the results our plant nutrition business has produced,” said Fran
Malecha, Compass Minerals’ president and CEO. “We will continue to work
diligently across our organization to reduce costs where possible to
offset the impact of two consecutive mild winters. In addition, our
plant nutrition business is poised for growth, and we are laser-focused
on driving increased value from our expanded assets in North and South
America.”
Total revenue increased 12 percent to $387.8 million from $345.7 million
in the prior-year quarter. This increase was driven by the recent
acquisition of Produquímica Indústria e Comércio S.A. (Produquímica),
which contributed revenue of $61.3 million in the first quarter of 2017.
Consolidated operating income totaled $41.4 million in the first quarter
of 2017 compared to $74.3 million in the prior-year quarter. The 44
percent decline was primarily driven by reduced salt segment earnings,
offset partially by earnings from both our plant nutrition segments.
|
|
|
Compass Minerals Financial Results
|
|
(in millions, except for earnings per share)
|
|
|
|
|
Three months ended March 31,
|
|
|
|
|
2017
|
|
|
2016
|
|
Sales
|
|
|
$
|
387.8
|
|
|
|
$
|
345.7
|
|
|
Operating earnings
|
|
|
$
|
41.4
|
|
|
|
$
|
74.3
|
|
|
Operating margin
|
|
|
10.7
|
%
|
|
|
21.5
|
%
|
|
Net earnings
|
|
|
$
|
21.5
|
|
|
|
$
|
49.7
|
|
|
Diluted earnings per share
|
|
|
$
|
0.63
|
|
|
|
$
|
1.46
|
|
|
EBITDA(1)
|
|
|
$
|
69.9
|
|
|
|
$
|
95.4
|
|
|
Adjusted EBITDA(1)
|
|
|
$
|
69.8
|
|
|
|
$
|
94.6
|
|
|
(1)
|
|
EBITDA (earnings before interest, taxes, depreciation and
amortization) and adjusted EBITDA are non-GAAP financial measures.
Reconciliations to the most directly comparable GAAP financial
measures are provided in tables at the end of this press release.
|
|
|
|
|
SALT SEGMENT
Salt segment revenue in the first quarter declined 6 percent from the
first quarter of 2016 to $274.8 million as lower highway deicing revenue
was partially offset by improvements in the company's consumer and
industrial business. Mild winter weather reduced highway deicing sales
volume 6 percent year-over-year, while consumer and industrial sales
volumes increased 12 percent. Average selling prices for highway deicing
salt dropped 7 percent from 2016 first-quarter results due to lower
highway deicing bid prices for the 2016-2017 winter season. Consumer and
industrial selling prices increased 4 percent due to price increases
introduced last year as well as an improvement in product sales mix.
Salt segment operating earnings were $45.4 million, 45 percent lower
than prior-year results. In addition to lower revenue, operating
earnings were pressured by a significant, short-term increase in
per-unit salt costs. These increased costs were primarily attributable
to higher-cost carry-over salt inventories being sold in the first
quarter. As previously disclosed, per-unit salt costs have been
negatively impacted by lower mine operating rates throughout 2016 and
unplanned downtime at our Goderich mine in the fourth quarter of 2016.
|
|
|
Salt Segment Performance
|
|
(in millions, except for sales volumes and prices per short ton)
|
|
|
|
|
Three months ended March 31,
|
|
|
|
|
2017
|
|
|
2016
|
|
Sales
|
|
|
$
|
274.8
|
|
|
|
$
|
292.1
|
|
|
Operating earnings
|
|
|
$
|
45.4
|
|
|
|
$
|
82.7
|
|
|
Operating margin
|
|
|
16.5
|
%
|
|
|
28.3
|
%
|
|
EBITDA(1)
|
|
|
$
|
58.3
|
|
|
|
$
|
93.4
|
|
|
EBITDA(1) margin
|
|
|
21.2
|
%
|
|
|
32.0
|
%
|
|
Sales volumes (in thousands of tons):
|
|
|
|
|
|
|
|
Highway deicing
|
|
|
3,491
|
|
|
|
3,724
|
|
|
Consumer and industrial
|
|
|
542
|
|
|
|
482
|
|
|
Total salt
|
|
|
4,033
|
|
|
|
4,206
|
|
|
Average sales prices (per ton):
|
|
|
|
|
|
|
|
Highway deicing
|
|
|
$
|
55.25
|
|
|
|
$
|
59.51
|
|
|
Consumer and industrial
|
|
|
$
|
151.25
|
|
|
|
$
|
146.12
|
|
|
Total salt
|
|
|
$
|
68.14
|
|
|
|
$
|
69.45
|
|
|
(1)
|
|
EBITDA and adjusted EBITDA are non-GAAP financial measures.
Reconciliations to the most directly comparable GAAP financial
measures are provided in tables at the end of this press release.
|
|
|
|
|
Winter Weather Effect
Winter weather events in the first quarter were below average and
resulted in a mild season overall. The company reported 70 snow events
during the first quarter of 2017 in the 11 representative cities the
company tracks, compared to 84 in the first quarter of 2016 and the
10-year average of 116 events. For the full winter season, snow events
totaled 120, which was 24 percent below the 10-year average. The company
estimates these variations from average winter weather reduced
first-quarter 2017 sales by $30 million to $35 million and first-quarter
2017 operating earnings by $14 million to $18 million.
|
|
|
Estimated Effect of Winter Weather on Salt Segment Performance
|
|
(dollars in millions)
|
|
|
|
Three months ended March 31,
|
|
Winter Season(1)
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
Favorable (unfavorable) to average weather:
|
|
|
|
|
|
|
|
|
|
Sales
|
|
($30) to ($35)
|
|
($70) to ($80)
|
|
($30) to ($35)
|
|
($145) to ($165)
|
|
Operating earnings
|
|
($14) to ($18)
|
|
($35) to ($40)
|
|
($14) to ($18)
|
|
($70) to ($80)
|
|
(1)
|
|
Includes estimated impact for the three months ended March 31 and
the three months ended December 31.
|
PLANT NUTRITION NORTH AMERICA
First-quarter 2017 revenue for the Plant Nutrition North America segment
totaled $49.2 million, down 4 percent from the 2016 quarter. A modest
improvement in market fundamentals for sulfate of potash (SOP) in North
America resulted in a 7 percent increase in segment sales volumes
compared to the prior year. Average selling prices for the first quarter
of 2017 declined 9 percent year-over-year, in line with company
expectations.
The Plant Nutrition North America segment generated $7.6 million of
operating earnings in the first quarter of 2017, a 43 percent increase
from the 2016 quarter. A 20 percent reduction in per-unit operating
costs from the prior-year's results more than offset the impact of lower
average selling prices and expanded the segment's operating earnings
margin from 10.4 percent in the first quarter of 2016 to 15.4 percent
this quarter.
|
|
|
Plant Nutrition North America Segment Performance
|
|
(dollars in millions, except for prices per short ton)
|
|
|
|
|
Three months ended March 31,
|
|
|
|
|
2017
|
|
|
2016
|
|
Sales
|
|
|
$
|
49.2
|
|
|
|
$
|
51.1
|
|
|
Operating earnings
|
|
|
$
|
7.6
|
|
|
|
$
|
5.3
|
|
|
Operating margin
|
|
|
15.4
|
%
|
|
|
10.4
|
%
|
|
EBITDA(1)
|
|
|
$
|
16.5
|
|
|
|
$
|
13.2
|
|
|
EBITDA margin(1)
|
|
|
33.5
|
%
|
|
|
25.8
|
%
|
|
Sales volumes (in thousands of tons)
|
|
|
79
|
|
|
|
74
|
|
|
Average sales price (per ton)
|
|
|
$
|
624
|
|
|
|
$
|
689
|
|
|
(1)
|
|
EBITDA and adjusted EBITDA are non-GAAP financial measures.
Reconciliations to the most directly comparable GAAP financial
measures are provided in tables at the end of this press release.
|
|
|
|
|
PLANT NUTRITION SOUTH AMERICA
Plant Nutrition South America generated first-quarter revenue of $61.3
million, which was in line with company expectations given the typical
seasonality of agriculture sales volumes in this business. First-quarter
operating earnings of $1.8 million exceeded company expectations and
produced an operating margin of 2.9 percent. Additional historical
information for this segment can be found in the First-Quarter 2017
Business Update presentation at www.compassminerals.com/investorrelations.
|
|
|
Plant Nutrition South America Segment Performance
|
|
(dollars in millions, except for prices per short ton)
|
|
|
|
|
Three Months
|
|
|
|
|
Ended March 31,
|
|
|
|
|
2017
|
|
Sales
|
|
|
$
|
61.3
|
|
|
Operating earnings
|
|
|
$
|
1.8
|
|
|
Operating margin
|
|
|
2.9
|
%
|
|
EBITDA(1)
|
|
|
$
|
7.1
|
|
|
EBITDA margin(1)
|
|
|
11.6
|
%
|
|
Sales volumes (in thousands of tons)
|
|
|
|
|
Agriculture
|
|
|
60
|
|
|
Chemical solutions
|
|
|
72
|
|
|
Total sales volumes
|
|
|
132
|
|
|
Average sales prices (per ton):
|
|
|
|
|
Agriculture
|
|
|
$
|
599
|
|
|
Chemical Solutions
|
|
|
$
|
354
|
|
|
Total Plant Nutrition South America
|
|
|
$
|
465
|
|
|
(1)
|
|
EBITDA and adjusted EBITDA are non-GAAP financial measures.
Reconciliations to the most directly comparable GAAP financial
measures are provided in tables at the end of this press release.
|
|
|
|
|
OTHER FINANCIAL HIGHLIGHTS
Cash flow from operations for the 2017 quarter increased $30.7 million
from the first quarter of 2016, primarily due to improvements in working
capital.
The addition of Produquímica was the principal driver for a 42 percent
year-over-year increase in sales, general and administrative (SG&A)
expenses and a 43 percent year-over-year increase in depreciation,
depletion and amortization expense.
The company’s effective tax rate declined to 23 percent from 29 percent
in the first quarter of 2016, reflecting a reduction in certain tax
valuation allowances associated with the acquired Produquímica business.
The company also received a favorable ruling from the Tax Court of
Canada regarding Canadian tax reassessments, which had been previously
settled by agreement among the company, the Canada Revenue Agency and
the U.S. Internal Revenue Service. As a result of the court ruling, the
company believes that reassessed Canadian tax, penalties and interest
for the years 2004 to 2006 of approximately $94.7 million are
effectively resolved.
OUTLOOK
The mild end to the winter has created challenges for the deicing market
and is likely to create unfavorable supply and demand dynamics for the
upcoming North American highway deicing bid season. Our Plant Nutrition
North America business is performing as expected given the market
stabilization occurring for crop inputs. In addition, positive
contributions from Plant Nutrition South America are expected to offset
a portion of the negative impact from mild winter weather on 2017
earnings. The company continues to actively pursue additional cost
reductions. Finally, the company currently anticipates its full-year
2017 effective tax rate to approximate 20 percent, reflecting the
estimated full-year impact of the reduction of tax valuation allowances
that favorably impacted the first-quarter 2017 effective tax rate. Given
these assumptions, the company has reduced its earnings per share
guidance for full-year 2017 to $3.00 to $3.50.
|
|
|
2017 OUTLOOK:
|
|
FULL YEAR EPS - $3.00 to $3.50
|
|
Salt Segment
|
|
|
2Q17
|
|
|
FY17
|
|
Volumes
|
|
|
1.3 million to 1.7 million tons
|
|
|
11.0 million to 11.6 million tons
|
|
Average selling price (per ton)
|
|
|
$73 to $77
|
|
|
|
|
Operating earnings margin
|
|
|
14% to 16%
|
|
|
|
|
Plant Nutrition North America Segment
|
|
|
|
|
|
|
|
Volumes
|
|
|
65,000 to 70,000 tons
|
|
|
300,000 to 330,000 tons
|
|
Average selling price (per ton)
|
|
|
$600 to $620
|
|
|
|
|
Operating earnings margin
|
|
|
4% to 5%
|
|
|
|
|
Plant Nutrition South America Segment
|
|
|
|
|
|
|
|
Volumes
|
|
|
200,000 to 230,000 tons
|
|
|
800,000 to 1 million tons
|
|
Average selling price (per ton)
|
|
|
$430 to $460 (R$1,350 to R$1,450)
|
|
|
|
|
Operating earnings margin
|
|
|
5% to 6%
|
|
|
|
|
Corporate
|
|
|
|
|
|
|
|
Corporate and other expense
|
|
|
|
|
|
~$60 million
|
|
Interest expense
|
|
|
|
|
|
~$55 million
|
|
Depreciation, depletion and amortization
|
|
|
|
|
|
~$125 million
|
|
Capital expenditures
|
|
|
|
|
|
$125 to $140 million
|
|
Effective tax rate
|
|
|
|
|
|
~20%
|
|
|
|
|
|
|
|
|
Conference Call
Compass Minerals will discuss its results on a conference call tomorrow
morning, Thursday, May 4, 2017, 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
8576036. Outside of the U.S. and Canada, callers may dial
+1-913-643-4075. Replays of the call will be available on the company’s
website.
An updated summary of the company’s performance is included in a
presentation available on the company’s website at www.compassminerals.com/investorrelations.
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. The company produces its minerals at locations throughout the
U.S., Canada, Brazil and the U.K. For more information about Compass
Minerals and its products, please visit www.compassminerals.com.
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 earnings. 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
earnings, operating earnings, 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
are 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 tables.
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
reduce costs, grow and increase value from its assets; the resolution of
Canadian tax disputes; the deicing market, the highway deicing bid
season and the crop input market; and the company’s outlook for the
second quarter of 2017 and the full year of 2017, including its
expectations regarding earnings per share (“EPS”), volumes, average
selling prices, operating earnings margin, corporate and other expense,
interest expense, depreciation, depletion and amortization, capital
expenditures and tax rates. 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 or
successfully implement any capital projects, (iv) foreign exchange rates
and the cost and availability of transportation for the distribution of
the company’s products, and (v) the ability to successfully integrate
acquired businesses. 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, 2016 and Quarterly
Report on Form 10-Q for the quarter ended March 31, 2017 filed or 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 ended
|
|
|
|
|
March 31,
|
|
|
|
|
2017
|
|
|
2016
|
|
Net earnings
|
|
|
$
|
21.5
|
|
|
|
$
|
49.7
|
|
|
Interest expense
|
|
|
13.7
|
|
|
|
5.8
|
|
|
Income tax expense
|
|
|
6.3
|
|
|
|
20.0
|
|
|
Depreciation, depletion and amortization
|
|
|
28.4
|
|
|
|
19.9
|
|
|
EBITDA
|
|
|
$
|
69.9
|
|
|
|
$
|
95.4
|
|
|
Adjustments to EBITDA:
|
|
|
|
|
|
|
|
Other income, net (1)
|
|
|
(0.1
|
)
|
|
|
(0.8
|
)
|
|
Adjusted EBITDA
|
|
|
$
|
69.8
|
|
|
|
$
|
94.6
|
|
|
(1)
|
|
Primarily includes interest income and foreign exchange gains and
losses.
|
|
|
|
Reconciliation for Salt Segment EBITDA
(unaudited, in millions)
|
|
|
|
|
Three months ended
|
|
|
|
|
March 31,
|
|
|
|
|
2017
|
|
|
2016
|
|
Reported GAAP segment operating earnings
|
|
|
$
|
45.4
|
|
|
|
$
|
82.7
|
|
|
Depreciation, depletion and amortization
|
|
|
|
12.9
|
|
|
|
|
10.7
|
|
|
Segment EBITDA
|
|
|
$
|
58.3
|
|
|
|
$
|
93.4
|
|
|
Segment sales
|
|
|
|
274.8
|
|
|
|
|
292.1
|
|
|
Segment EBITDA margin
|
|
|
|
21.2
|
%
|
|
|
|
32.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation for Plant Nutrition North America Segment EBITDA
|
|
(unaudited, in millions)
|
|
|
|
|
Three months ended
|
|
|
|
|
March 31,
|
|
|
|
|
2017
|
|
|
2016
|
|
Reported GAAP segment operating earnings
|
|
|
$
|
7.6
|
|
|
|
$
|
5.3
|
|
|
Depreciation, depletion and amortization
|
|
|
|
8.9
|
|
|
|
|
7.9
|
|
|
Segment EBITDA
|
|
|
$
|
16.5
|
|
|
|
$
|
13.2
|
|
|
Segment sales
|
|
|
|
49.2
|
|
|
|
|
51.1
|
|
|
Segment adjusted EBITDA margin
|
|
|
|
33.5
|
%
|
|
|
|
25.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation for Plant Nutrition South America Segment EBITDA
|
|
(unaudited, in millions)
|
|
|
|
Three months ended
|
|
|
|
March 31, 2017
|
|
Reported GAAP segment operating earnings
|
|
$
|
1.8
|
|
|
Depreciation, depletion and amortization
|
|
5.3
|
|
|
Earnings in equity method investee
|
|
—
|
|
|
Segment EBITDA
|
|
$
|
7.1
|
|
|
Segment sales
|
|
61.3
|
|
|
Segment EBITDA margin
|
|
11.6
|
%
|
|
|
|
|
|
|
|
|
COMPASS MINERALS INTERNATIONAL, INC.
|
|
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
(unaudited, in millions, except share and per-share data)
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
March 31,
|
|
|
|
2017
|
|
2016
|
|
Sales
|
|
$
|
387.8
|
|
|
$
|
345.7
|
|
|
Shipping and handling cost
|
|
93.7
|
|
|
89.4
|
|
|
Product cost
|
|
212.5
|
|
|
153.7
|
|
|
Gross profit
|
|
81.6
|
|
|
102.6
|
|
|
Selling, general and administrative expenses
|
|
40.2
|
|
|
28.3
|
|
|
Operating earnings
|
|
41.4
|
|
|
74.3
|
|
|
Other (income)/expense:
|
|
|
|
|
|
Interest expense
|
|
13.7
|
|
|
5.8
|
|
|
Earnings in equity investee
|
|
—
|
|
|
(0.4
|
)
|
|
Other, net
|
|
(0.1
|
)
|
|
(0.8
|
)
|
|
Earnings before income taxes
|
|
27.8
|
|
|
69.7
|
|
|
Income tax expense
|
|
6.3
|
|
|
20.0
|
|
|
Net earnings
|
|
$
|
21.5
|
|
|
$
|
49.7
|
|
|
Basic net earnings per common share
|
|
$
|
0.63
|
|
|
$
|
1.47
|
|
|
Diluted net earnings per common share
|
|
$
|
0.63
|
|
|
$
|
1.46
|
|
|
Cash dividends per share
|
|
$
|
0.72
|
|
|
$
|
0.695
|
|
|
Weighted-average common shares outstanding (in thousands):(1)
|
|
|
|
|
|
Basic
|
|
33,802
|
|
|
33,746
|
|
|
Diluted
|
|
33,803
|
|
|
33,748
|
|
|
(1)
|
|
Excludes weighted participating securities such as RSUs and PSUs
that receive non-forfeitable dividends, which consist of 157,000 and
143,000 weighted participating securities for the three months ended
March 31, 2017, and March 31, 2016, respectively.
|
|
|
|
|
|
COMPASS MINERALS INTERNATIONAL, INC.
CONDENSED
CONSOLIDATED BALANCE SHEETS
(unaudited, in millions)
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
December 31,
|
|
|
|
2017
|
|
2016
|
|
ASSETS
|
|
|
|
Cash and cash equivalents
|
|
$
|
48.9
|
|
|
$
|
77.4
|
|
Receivables, net
|
|
226.3
|
|
320.9
|
|
Inventories
|
|
237.7
|
|
280.6
|
|
Other current assets
|
|
35.2
|
|
36.1
|
|
Property, plant and equipment, net
|
|
1,109.4
|
|
1,092.3
|
|
Intangible and other noncurrent assets
|
|
665.8
|
|
659.2
|
|
Total assets
|
|
$
|
2,323.3
|
|
|
$
|
2,466.5
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
Current portion of long-term debt
|
|
$
|
116.5
|
|
|
$
|
130.2
|
|
Other current liabilities
|
|
180.6
|
|
241.8
|
|
Long-term debt, net of current portion
|
|
1,114.9
|
|
1,194.8
|
|
Deferred income taxes and other noncurrent liabilities
|
|
181.2
|
|
182.6
|
|
Total stockholders' equity
|
|
730.1
|
|
717.1
|
|
Total liabilities and stockholders' equity
|
|
$
|
2,323.3
|
|
|
$
|
2,466.5
|
|
|
|
|
|
|
|
|
|
|
COMPASS MINERALS INTERNATIONAL, INC.
|
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(unaudited, in millions)
|
|
|
|
Three Months Ended
|
|
|
|
March 31,
|
|
|
|
2017
|
|
2016
|
|
Net cash provided by operating activities
|
|
$
|
123.3
|
|
|
$
|
92.6
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
Capital expenditures
|
|
(21.0
|
)
|
|
|
(43.8
|
)
|
|
|
Other, net
|
|
(1.3
|
)
|
|
|
(0.7
|
)
|
|
|
|
|
|
|
|
|
Net cash used in investing activities
|
|
(22.3
|
)
|
|
|
(44.5
|
)
|
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
Proceeds from revolving credit facility borrowings
|
|
18.3
|
|
|
31.0
|
|
|
Principal payments on revolving credit facility borrowings
|
|
(101.7
|
)
|
|
|
(35.5
|
)
|
|
|
Proceeds from issuance of long-term debt
|
|
10.9
|
|
|
—
|
|
|
Principal payments on long-term debt
|
|
(21.3
|
)
|
|
|
(1.2
|
)
|
|
|
Acquisition-related contingent consideration payment
|
|
(12.8
|
)
|
|
|
—
|
|
|
Dividends paid
|
|
(24.4
|
)
|
|
|
(23.5
|
)
|
|
|
Proceeds received from stock option exercises
|
|
0.2
|
|
|
0.6
|
|
|
Excess tax deficiency from equity compensation awards
|
|
—
|
|
|
(0.1
|
)
|
|
|
Other, net
|
|
0.7
|
|
|
—
|
|
|
|
|
|
|
|
|
Net cash used in financing activities
|
|
(130.1
|
)
|
|
(28.7
|
)
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
0.6
|
|
|
7.4
|
|
|
Net change in cash and cash equivalents
|
|
(28.5
|
)
|
|
26.8
|
|
|
Cash and cash equivalents, beginning of the year
|
|
77.4
|
|
|
58.4
|
|
|
|
|
|
|
|
|
Cash and cash equivalents, end of period
|
|
$
|
48.9
|
|
|
$
|
85.2
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPASS MINERALS INTERNATIONAL, INC.
SEGMENT
INFORMATION
(unaudited, in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Plant Nutrition
|
|
Plant Nutrition
|
|
Corporate
|
|
|
|
Three months ended March 31, 2017
|
|
Salt
|
|
North America
|
|
South America
|
|
and Other(1)
|
|
Total
|
|
Sales to external customers
|
|
$
|
274.8
|
|
$
|
49.2
|
|
$
|
61.3
|
|
$
|
2.5
|
|
|
$
|
387.8
|
|
Intersegment sales
|
|
|
—
|
|
|
0.9
|
|
|
—
|
|
|
(0.9
|
)
|
|
|
—
|
|
Shipping and handling cost
|
|
|
83.0
|
|
|
6.7
|
|
|
4.0
|
|
|
—
|
|
|
|
93.7
|
|
Operating earnings (loss)
|
|
|
45.4
|
|
|
7.6
|
|
|
1.8
|
|
|
(13.4
|
)
|
|
|
41.4
|
|
Depreciation, depletion and amortization
|
|
|
12.9
|
|
|
8.9
|
|
|
5.3
|
|
|
1.3
|
|
|
|
28.4
|
|
Total assets
|
|
|
854.4
|
|
|
583.4
|
|
|
834.7
|
|
|
50.8
|
|
|
|
2,323.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Plant Nutrition
|
|
Plant Nutrition
|
|
Corporate
|
|
|
|
Three months ended March 31, 2016
|
|
Salt
|
|
North America(2)
|
|
South America
|
|
and Other(1)
|
|
Total
|
|
Sales to external customers
|
|
$
|
292.1
|
|
$
|
51.1
|
|
$
|
—
|
|
$
|
2.5
|
|
|
$
|
345.7
|
|
Intersegment sales
|
|
|
—
|
|
|
0.2
|
|
|
—
|
|
|
(0.2
|
)
|
|
|
—
|
|
Shipping and handling cost
|
|
|
83.0
|
|
|
6.4
|
|
|
—
|
|
|
—
|
|
|
|
89.4
|
|
Operating earnings (loss)
|
|
|
82.7
|
|
|
5.3
|
|
|
—
|
|
|
(13.7
|
)
|
|
|
74.3
|
|
Depreciation, depletion and amortization
|
|
|
10.7
|
|
|
7.9
|
|
|
—
|
|
|
1.3
|
|
|
|
19.9
|
|
Total assets
|
|
|
893.1
|
|
|
704.8
|
|
|
—
|
|
|
54.0
|
|
|
|
1,651.9
|
|
(1)
|
|
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.
|
|
(2)
|
|
In 2016, total assets for Plant Nutrition North America include the
equity investment in Produquímica.
|
|
|
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20170503006542/en/
Source: Compass Minerals
Compass Minerals
Investor Contact
Theresa L.
Womble, +1-913-344-9362
Director of Investor Relations
womblet@compassminerals.com
or
Media
Contact
Tara Hart, +1-913-344-9319
Manager of Corporate
Affairs
MediaRelations@compassminerals.com