Full-year EPS guidance reduced
OVERLAND PARK, Kan.--(BUSINESS WIRE)--Sep. 21, 2017--
Compass Minerals (NYSE: CMP) announced today that the Goderich, Ontario,
rock salt mine is operating at reduced rates due to geological movements
which created a partial ceiling fall on Sept. 18, 2017. While no
injuries resulted from the incident, a portion of the mine’s main
conveyance system has been damaged. The company expects to return to
normal operating rates within six weeks.
“Naturally occurring movements in our underground mines is a challenge
we constantly monitor and work to mitigate. I am pleased with how our
team safely prepared for and responded to this event, remaining out of
harm’s way and incurring no injuries. Unfortunately, we expect increased
salt costs and lower production volumes to impact full-year earnings,”
said Compass Minerals’ CEO Fran Malecha. “In addition, plant nutrient
volumes in Brazil continue to lag expectations this season, which is
likely to limit our Plant Nutrition South America segment sales volumes
to the lower end of our guidance range.”
The company now expects full-year 2017 earnings per share to range from
$2.50 to $2.80.
About Compass Minerals
Compass
Minerals is a leading provider of essential minerals that solve
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 safely delivering where and when it matters. 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.
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 expectations
regarding operating rates and the company’s outlook for 2017, including
its expectations regarding costs, volumes, earnings and earnings per
share. 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 Reports on Form 10-Q for the
quarters ended March 31, 2017 and June 30, 2017 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170921006163/en/
Source: Compass Minerals
Compass Minerals
Media Contact
Tara Hart,
+1-913-344-9319
Communications Manager
PressRelations@compassminerals.com
or
Investor
Contact
Theresa Womble, +1-913-344-9362
Director of
Investor Relations
InvestorRelations@compassminerals.com