Fourth-Quarter Highlights:
-
Completed acquisition of Produquímica Indústria e Comércio S.A.
(Produquímica)
-
Strong winter weather lifted salt sales volumes above prior year
-
Plant Nutrition demand strong in North and South America
Full-Year Highlights:
-
Full-year earnings exceeded guidance
-
Cash flow from operations increased 27 percent from prior year to
$175.1 million
OVERLAND PARK, Kan.--(BUSINESS WIRE)--Feb. 8, 2017--
Compass Minerals (NYSE: CMP), a leading producer of essential minerals,
posted solid fourth-quarter and full-year 2016 earnings driven by the
resilient performance of the salt business and the contribution of the
Brazilian specialty plant nutrition company, Produquímica, which was
acquired on October 3, 2016. The company also benefited in the fourth
quarter from improved demand for its sulfate of potash products in North
America.
“Each of our key businesses ended the year with positive momentum based
on improving market conditions. We’ve experienced more typical winter
weather, which is driving salt sales volumes above prior year, and
demand for our portfolio of specialty plant nutrients was robust in
South America and improved in North America,” said Fran Malecha, Compass
Minerals’ president and CEO. “As we enter 2017, we expect to build on
this momentum, capitalize on improving underlying market fundamentals
and continue executing on our strategy to diversify and strengthen our
company.”
Fourth-quarter net earnings rose 67 percent to $97.6 million, or $2.87
per diluted share, from $58.4 million, or $1.72 per diluted share, in
the fourth quarter of 2015. The company’s 2016 results were impacted by
special items, which in aggregate represented a net after-tax benefit of
approximately $51.5 million, or $1.52 per diluted share. These items
included the recognition of a $59.3 million gain on the company’s equity
investment in Produquímica, which was partially offset by a purchase
accounting adjustment and other transaction-related costs stemming from
the Produquímica acquisition. In addition, the company reported a
partial write-down of the Wolf Trax trade name. Additional details
regarding these special items, along with reconciliations of any
non-GAAP measures used in this press release, can be found in the tables
at the end of this press release.
For the full year, net earnings was $162.7 million, or $4.79 per diluted
share, up from $159.2 million, or $4.69 per diluted share, in 2015.
Excluding special items, 2016 non-GAAP net earnings totaled $111.2
million, or $3.27 per diluted share.
Total revenue for the fourth quarter was $443.2 million, a 53 percent
increase from fourth-quarter 2015 revenue. The current period includes
$113.5 million in revenue from the company’s new operating segment,
Plant Nutrition South America, which was formed following the completion
of the Produquímica acquisition. For the full year, total company
revenue increased approximately 4 percent from 2015 results.
Consolidated operating earnings in the fourth quarter of 2016 decreased
9 percent from 2015 fourth-quarter results. Excluding special items,
total company adjusted operating earnings increased approximately 7
percent, as the contribution from the company’s Plant Nutrition South
America segment and improved performance of the Plant Nutrition North
America segment (formerly called the Plant Nutrition segment) more than
offset a year-over-year decline in salt segment operating earnings.
Full-year consolidated operating earnings in 2016 were $174.6 million, a
21 percent year-over-year reduction. Excluding special items, 2016
adjusted operating earnings were $186.1 million.
|
Compass Minerals Financial Results
(in millions, except for earnings per share)
|
|
|
|
|
Three months ended
December 31,
|
|
|
Twelve months ended
December 31,
|
|
|
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
Sales
|
|
|
$
|
443.2
|
|
|
|
$
|
289.3
|
|
|
|
$
|
1,138.0
|
|
|
|
$
|
1,098.7
|
|
|
Sales less shipping and handling costs (product sales)
|
|
|
363.2
|
|
|
|
223.7
|
|
|
|
893.1
|
|
|
|
837.2
|
|
|
Operating earnings
|
|
|
65.3
|
|
|
|
71.9
|
|
|
|
174.6
|
|
|
|
221.4
|
|
|
Operating margin
|
|
|
14.7
|
%
|
|
|
24.9
|
%
|
|
|
15.3
|
%
|
|
|
20.2
|
%
|
|
Adjusted operating earnings(1)
|
|
|
$
|
76.8
|
|
|
|
$
|
71.9
|
|
|
|
$
|
186.1
|
|
|
|
$
|
221.4
|
|
|
Adjusted operating margin(1)
|
|
|
17.3
|
%
|
|
|
24.9
|
%
|
|
|
16.4
|
%
|
|
|
20.2
|
%
|
|
Net earnings
|
|
|
$
|
97.6
|
|
|
|
$
|
58.4
|
|
|
|
$
|
162.7
|
|
|
|
$
|
159.2
|
|
|
Net earnings, excluding special items(1)
|
|
|
46.1
|
|
|
|
58.4
|
|
|
|
111.2
|
|
|
|
159.2
|
|
|
Diluted earnings per share
|
|
|
2.87
|
|
|
|
1.72
|
|
|
|
4.79
|
|
|
|
4.69
|
|
|
Diluted earnings per share, excluding special items
|
|
|
1.35
|
|
|
|
1.72
|
|
|
|
3.27
|
|
|
|
4.69
|
|
|
EBITDA(1)
|
|
|
153.0
|
|
|
|
98.0
|
|
|
|
321.7
|
|
|
|
314.3
|
|
|
Adjusted EBITDA(1)
|
|
|
104.7
|
|
|
|
92.4
|
|
|
|
275.0
|
|
|
|
299.7
|
|
|
(1)
|
|
Adjusted operating earnings, EBITDA (earnings before interest,
taxes, depreciation and amortization), adjusted EBITDA and net
earnings excluding special items 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
A year-over-year increase in fourth-quarter sales volumes for both
highway deicing and consumer and industrial salt products resulted in a
12 percent improvement in salt segment revenue. Increased snow activity
in the 2016 fourth quarter compared to the 2015 quarter drove a 27
percent improvement in highway deicing sales volumes and a 7 percent
increase in consumer and industrial sales volume from the fourth quarter
of 2015. The average selling price for highway deicing products declined
8 percent from the 2015 fourth-quarter results, reflecting the impact of
lower contracted pricing for highway deicing products for the 2016-2017
winter season. Consumer and industrial average selling price dropped 1
percent from prior-year fourth-quarter results.
For the full year, salt segment revenue decreased 4 percent from 2015
results, driven primarily by lower highway deicing average selling
prices. The average price for these products declined 7 percent, while
the average selling price for consumer and industrial products was
essentially unchanged. Full-year 2016 highway deicing sales volumes rose
1 percent, while consumer and industrial sales volumes declined 3
percent.
Salt segment operating earnings declined 10 percent and EBITDA declined
7 percent in the fourth quarter of 2016, as a result of lower average
selling prices and a year-over-year increase in per-unit production
costs. These higher costs primarily resulted from lower operating rates
at our salt mines and unplanned downtime at our Goderich salt mine.
For the full year, the salt segment generated $200.6 million in
operating earnings, which was approximately 7 percent below 2015
results, while EBITDA declined 5 percent. Despite challenging market
conditions, the underlying profitability of the business remained
strong, generating an operating earnings margin of 24.7 percent and
EBITDA margin of 30.5 percent for 2016.
|
Salt Segment Performance
(in millions, except for sales volumes and prices per short ton)
|
|
|
|
|
Three months ended
December 31,
|
|
|
Twelve months ended
December 31,
|
|
|
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
Sales
|
|
|
$
|
265.0
|
|
|
|
$
|
236.1
|
|
|
|
$
|
811.9
|
|
|
|
$
|
849.0
|
|
|
Sales less shipping and handling (product sales)
|
|
|
198.2
|
|
|
|
175.1
|
|
|
|
597.4
|
|
|
|
609.9
|
|
|
Operating earnings
|
|
|
64.6
|
|
|
|
72.1
|
|
|
|
200.6
|
|
|
|
215.2
|
|
|
Operating margin
|
|
|
24.4
|
%
|
|
|
30.5
|
%
|
|
|
24.7
|
%
|
|
|
25.3
|
%
|
|
Segment EBITDA(1)
|
|
|
$
|
77.1
|
|
|
|
$
|
83.1
|
|
|
|
$
|
247.3
|
|
|
|
$
|
259.1
|
|
|
Segment EBITDA(1) margin
|
|
|
29.1
|
%
|
|
|
35.2
|
%
|
|
|
30.5
|
%
|
|
|
30.5
|
%
|
|
Sales volumes (in thousands of tons):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Highway deicing
|
|
|
3,022
|
|
|
|
2,378
|
|
|
|
8,966
|
|
|
|
8,854
|
|
|
Consumer and industrial
|
|
|
689
|
|
|
|
642
|
|
|
|
2,147
|
|
|
|
2,215
|
|
|
Total salt
|
|
|
3,711
|
|
|
|
3,020
|
|
|
|
11,113
|
|
|
|
11,069
|
|
|
Average sales prices (per ton):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Highway deicing
|
|
|
$
|
51.94
|
|
|
|
$
|
56.71
|
|
|
|
$
|
54.73
|
|
|
|
$
|
58.62
|
|
|
Consumer and industrial
|
|
|
$
|
156.81
|
|
|
|
$
|
157.79
|
|
|
|
$
|
149.63
|
|
|
|
$
|
148.98
|
|
|
Total salt
|
|
|
$
|
71.42
|
|
|
|
$
|
78.19
|
|
|
|
$
|
73.06
|
|
|
|
$
|
76.70
|
|
|
(1)
|
|
This is a non-GAAP financial measure. Reconciliations to the most
directly comparable GAAP financial measures are provided in tables
at the end of this release.
|
|
|
|
|
Winter Weather Effect
Above-average winter weather in the fourth quarter of 2016 in some of
the company's primary North American service areas produced 50 snow
events in the 11 cities the company tracks. This compares to a 10-year
average of 42.2 snow events and only 17 events in the fourth quarter of
2015. Despite the above-average snow events reported, limited snow
activity in the southern areas of the company's North American deicing
markets and mild weather in the U.K, offset severe winter in Canada and
some of the Great Lakes region. As a result, the company estimates that
the sales and earnings impact of variations from average winter weather
was immaterial in the fourth quarter of 2016.
|
Estimated Effect of Winter Weather on Salt Segment Performance
(dollars in millions)
|
|
|
|
|
Three months ended
December 31,
|
|
|
Calendar year(1)
|
|
|
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
Favorable (unfavorable) to average weather:
Sales
|
|
|
negligible
|
|
|
($75) to ($85)
|
|
|
($70) to ($80)
|
|
|
($110) to ($120)
|
|
Operating earnings
|
|
|
negligible
|
|
|
($35) to ($40)
|
|
|
($35) to ($40)
|
|
|
($50) to ($55)
|
(1) Includes estimated impact for the three months ended March 31 and
the three months ended December 31.
PLANT NUTRITION OVERVIEW
In October 2016, Compass Minerals completed the purchase of
Produquímica. This acquisition has significantly expanded the company’s
geographic footprint, product portfolio and research and development
capabilities in specialty plant nutrition as well as provided a strong
regional chemical solutions business in Brazil. The addition of
Produquímica, as well as a $12.1 million increase in plant nutrition
revenue in North America, lifted Compass Minerals’ total plant nutrition
revenue in the fourth quarter of 2016 to $176.1 million compared to
$50.5 million in the fourth quarter of 2015. Operating earnings from the
combined segments in the 2016 fourth quarter were $16.0 million, and
adjusted operating earnings reached $27.5 million, when excluding
special items. This compares to $11.5 million in the 2015 fourth quarter.
Segment data will be provided going forward for both the legacy plant
nutrition business, now called Plant Nutrition North America, and the
acquired Brazilian business, now called Plant Nutrition South America.
PLANT NUTRITION NORTH AMERICA
Revenue generated by the Plant Nutrition North America segment rose 24
percent from $50.5 million in the fourth quarter of 2015 to $62.6
million as a 53 percent increase in sales volumes more than offset an 18
percent decline in average selling price.
For the full year, the segment generated $203.0 million in revenue, 15
percent below prior-year results due to depressed demand for specialty
fertilizers for most of the year, which pressured average selling prices
for Compass Minerals’ SOP products.
Plant Nutrition North America segment operating earnings were $8.0
million in the 2016 fourth quarter, compared to $11.5 million in 2015.
When excluding the partial write-down of the Wolf Trax trade name,
adjusted operating earnings for the 2016 fourth quarter of $11.1 million
were down 3 percent compared to the fourth quarter of 2015, while
adjusted EBITDA increased approximately 2 percent. Lower year-over-year
average selling price and an increase in shipping and handling costs in
the 2016 quarter were partially offset by a growth in sales volumes and
improved per-unit operating costs.
Full-year 2016 operating earnings for this segment declined 64 percent
and adjusted EBITDA decreased 34 percent from 2015 results primarily due
to a 15 percent reduction in average selling prices and an 11 percent
increase in per-unit shipping and handling costs related to higher
warehousing costs and an unfavorable geographic sales mix.
|
Plant Nutrition North America Segment Performance
(dollars in millions, except for prices per short ton)
|
|
|
|
|
Three months ended
December 31,
|
|
|
Twelve months ended
December 31,
|
|
|
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
Sales
|
|
|
$
|
62.6
|
|
|
|
$
|
50.5
|
|
|
|
$
|
203.0
|
|
|
|
$
|
238.4
|
|
|
Sales excluding shipping and handling (product sales)
|
|
|
54.8
|
|
|
|
45.9
|
|
|
|
178.0
|
|
|
|
216.0
|
|
|
Operating earnings
|
|
|
8.0
|
|
|
|
11.5
|
|
|
|
21.1
|
|
|
|
57.9
|
|
|
Operating margin
|
|
|
12.8
|
%
|
|
|
22.8
|
%
|
|
|
10.4
|
%
|
|
|
24.3
|
%
|
|
Adjusted operating earnings(1)
|
|
|
$
|
11.1
|
|
|
|
$
|
11.5
|
|
|
|
$
|
24.2
|
|
|
|
$
|
57.9
|
|
|
Adjusted operating margin(1)
|
|
|
17.7
|
%
|
|
|
22.8
|
%
|
|
|
11.9
|
%
|
|
|
24.3
|
%
|
|
EBITDA(1)
|
|
|
$
|
16.8
|
|
|
|
$
|
19.6
|
|
|
|
$
|
54.5
|
|
|
|
$
|
87.7
|
|
|
EBITDA margin(1)
|
|
|
26.8
|
%
|
|
|
38.8
|
%
|
|
|
26.8
|
%
|
|
|
36.8
|
%
|
|
Adjusted EBITDA(1)
|
|
|
$
|
19.9
|
|
|
|
$
|
19.6
|
|
|
|
$
|
57.6
|
|
|
|
$
|
87.7
|
|
|
Adjusted EBITDA(1) margin
|
|
|
31.8
|
%
|
|
|
38.8
|
%
|
|
|
28.4
|
%
|
|
|
36.8
|
%
|
|
Sales volumes (in thousands of tons)
|
|
|
95
|
|
|
|
62
|
|
|
|
313
|
|
|
|
311
|
|
|
Average sales price (per ton)
|
|
|
$
|
657
|
|
|
|
$
|
805
|
|
|
|
$
|
648
|
|
|
|
$
|
765
|
|
|
(1)
|
|
Adjusted operating earnings, 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
Strong plant nutrition fundamentals continued throughout 2016 in Brazil
and supported healthy performance for the Plant Nutrition South America
segment. Fourth-quarter 2016 revenue for this segment was $113.5
million, while segment operating earnings were $8.0 million. Excluding a
purchase accounting adjustment and other acquisition-related costs,
adjusted operating earnings totaled $16.4 million.
For the full year, which includes periods during which Compass Minerals
did not have complete ownership, this business sold approximately
788,000 tons of plant nutrition and chemical solutions products, which
was a 9 percent increase from 2015 results.
The table below represents fourth quarter 2016 results for the
businesses this segment operates: agriculture and chemical solutions. As
Compass Minerals only had full control of Produquímica during the fourth
quarter, we are only presenting this financial information.
|
Plant Nutrition South America Segment Performance
(dollars in millions, except for prices per short ton)
|
|
|
|
|
Three months ended
December 31,
|
|
|
|
|
2016
|
|
|
2015
|
|
Sales
|
|
|
$
|
113.5
|
|
|
|
—
|
|
Sales excluding shipping and handling (product sales)
|
|
|
108.1
|
|
|
|
—
|
|
Operating earnings
|
|
|
8.0
|
|
|
|
—
|
|
Operating margin
|
|
|
7.0
|
%
|
|
|
|
|
Adjusted operating earnings(1)
|
|
|
$
|
16.4
|
|
|
|
—
|
|
Adjusted operating margin(1)
|
|
|
14.4
|
%
|
|
|
—
|
|
EBITDA(1)
|
|
|
$
|
13.3
|
|
|
|
—
|
|
EBITDA margin(1)
|
|
|
11.7
|
%
|
|
|
|
|
Adjusted EBITDA(1)
|
|
|
$
|
21.7
|
|
|
|
—
|
|
Adjusted EBITDA(1) margin
|
|
|
19.1
|
%
|
|
|
—
|
|
Sales volumes (in thousands of tons)
|
|
|
|
|
|
|
|
Agriculture
|
|
|
122
|
|
|
|
—
|
|
Chemical solutions
|
|
|
72
|
|
|
|
—
|
|
Total sales volumes
|
|
|
194
|
|
|
|
—
|
|
Average sales prices (per ton):
|
|
|
|
|
|
|
|
Agriculture
|
|
|
$
|
713
|
|
|
|
—
|
|
Chemical Solutions
|
|
|
$
|
372
|
|
|
|
—
|
|
Total Plant Nutrition South America
|
|
|
$
|
587
|
|
|
|
—
|
|
(1)
|
|
Adjusted operating earnings, 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
Other financial items include a $59.3 million gain on the company's
initial 35 percent equity investment in Produquímica. This gain resulted
from recognizing the increased value of Compass Minerals' 35 percent
equity investment in Produquímica when the company completed its
acquisition of the remaining 65 percent and removed the equity
investment from the company’s balance sheet. The increased valuation
based on the preliminary purchase allocation was principally driven by
beneficial changes in foreign exchange rates and growth in
Produquímica's earnings. This gain was non-taxable, as the company
intends to permanently reinvest the gain in our foreign operations. As a
result, our reported tax rate was well below the company’s expected tax
rate.
Cash flow from operations for the full-year 2016 increased $37.2 million
from 2015 results. This 27 percent improvement resulted primarily from
the addition of Produquímica to 2016 results.
Fourth-quarter 2016 selling, general and administrative (SG&A) expenses
of $45.1 million was 71 percent above prior-year levels primarily due to
integrating Produquímica into Compass Minerals and a partial write-down
of the Wolf Trax trade name.
Interest expense in the fourth quarter of 2016 rose $11.9 million
year-over-year to $17.3 million as a result of increased borrowings
related to the Produquímica acquisition.
OUTLOOK
Improving market dynamics for the deicing market are expected to produce
increased salt sales volumes in 2017, assuming average winter weather
for the year. The benefit from increased sales volumes, however, is
expected to be more than offset by lower average selling prices early in
the year and increased per-unit costs, both of which will meaningfully
pressure operating margins in the first half of 2017. The increase in
per-unit costs is primarily due to higher cost, carryover inventory
being sold in the first half of the year.
The company believes the North American market for specialty plant
nutrients has stabilized at current pricing levels, which have sparked
more typical demand. Until broader agriculture market conditions
improve, however, the company anticipates limited near-term growth in
sales volumes or average selling prices for its SOP products in North
America.
Market conditions for plant nutrients are expected to remain strong in
Brazil, which continues to benefit from robust farm incomes due to the
strong U.S. currency and healthy demand for Brazilian commodities. The
segment's chemical solutions business is also expected to benefit from
the stabilization and gradual improvement of the broader Brazilian
economy throughout 2017. As a result, the company anticipates continued
growth in sales volumes for its Plant Nutrition South America segment.
Due to the significant seasonality of this business, operating earnings
in the first half of the year are expected to be minimal.
Given this outlook, the company has established a full-year EPS guidance
range of $3.20 to $3.70 per diluted share.
"With a strong foundation in place and a relentless focus on execution,
we are confident we can deliver greater growth for Compass Minerals,
particularly in light of our expanded presence in specialty plant
nutrition and our investments to more efficiently produce rock salt at
our Goderich mine," said Mr. Malecha.
2017 OUTLOOK:
FULL YEAR EPS - $3.20 to $3.70
|
|
Salt Segment
|
|
|
1H17
|
|
|
FY17
|
|
Volumes
|
|
|
6.1 million to 6.5 million tons
|
|
|
11.8 million to 12.6 million tons
|
|
Average selling price (per ton)
|
|
|
$66 to 70
|
|
|
|
|
Operating earnings margin
|
|
|
16% to 18%
|
|
|
|
|
Plant Nutrition North America Segment
|
|
|
|
|
|
|
|
Volumes
|
|
|
145,000 to 165,000 tons
|
|
|
300,000 to 330,000 tons
|
|
Average selling price (per ton)
|
|
|
$615 to $645
|
|
|
|
|
Operating earnings margin
|
|
|
11% to 13%
|
|
|
|
|
Plant Nutrition South America Segment
|
|
|
|
|
|
|
|
Volumes
|
|
|
360,000 to 390,000 tons
|
|
|
800,000 to 1.1 million tons
|
|
Average selling price (per ton)
|
|
|
$380 to $410
|
|
|
|
|
Operating earnings margin
|
|
|
break-even
|
|
|
|
|
Corporate
|
|
|
|
|
|
|
|
Corporate and other expense
|
|
|
|
|
|
~$60 million
|
|
Interest expense
|
|
|
|
|
|
~$52 million
|
|
Depreciation, depletion and amortization
|
|
|
|
|
|
~$125 million
|
|
Capital expenditures
|
|
|
|
|
|
$125 to $140 million
|
|
Effective tax rate
|
|
|
|
|
|
~28%
|
|
|
|
|
|
|
|
|
Conference Call
Compass Minerals will discuss its results on a conference call tomorrow
morning, Thursday, February 9, 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
2169477. 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.
An updated summary of the company’s performance is included in a
presentation available on the company’s website at www.compassminerals.com/presentation.
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 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,
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
build on momentum, capitalize on market fundamentals, execute on its
strategy and deliver growth; the market and market conditions for plant
nutrients; the Brazilian economy; and the company’s outlook for the
first half of 2017 and the full year of 2017, including its expectations
regarding earnings per share (“EPS”), volumes, average selling prices,
costs, operating earnings, operating margin, corporate and other
expense, interest expense, 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 to be filed with the SEC and its Quarterly
Reports on Form 10-Q for the quarters ended March 31, June 30 and
September 30, 2016 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.
|
|
|
Special Items Impacting the Three Months ended December 31, 2016
(unaudited, in millions, except share data)
|
|
Item description
|
|
|
Segment
|
|
|
Line item
|
|
|
Amount
|
|
|
Tax effect
|
|
|
After tax
|
|
|
EPS impact
|
|
Gain from remeasurement of equity method
investment
|
|
|
Corporate &
other
|
|
|
Separately stated
|
|
|
$
|
59.3
|
|
|
|
$
|
—
|
|
|
|
$
|
59.3
|
|
|
|
$
|
1.75
|
|
|
Business acquisition-related items(1)
|
|
|
Plant Nutrition
South America
|
|
|
Product cost
|
|
|
(8.4
|
)
|
|
|
2.8
|
|
|
|
(5.6
|
)
|
|
|
(0.16
|
)
|
|
Indefinite-lived intangible asset impairment
|
|
|
Plant Nutrition
North America
|
|
|
SG&A
|
|
|
(3.1
|
)
|
|
|
0.9
|
|
|
|
(2.2
|
)
|
|
|
(0.07
|
)
|
|
Totals
|
|
|
$
|
47.8
|
|
|
|
$
|
3.7
|
|
|
|
$
|
51.5
|
|
|
|
$
|
1.52
|
|
|
(1)
|
|
Primarily includes additional expense recognized from the sale of
finished goods inventory, which had its cost basis increased to fair
value as a result of the acquisition of Produquímica.
|
|
|
|
|
|
|
|
Reconciliation for Adjusted Operating Earnings
(unaudited, in millions)
|
|
|
|
|
Three months ended
December 31,
|
|
|
Twelve months ended
December 31,
|
|
|
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
Operating earnings
|
|
|
$
|
65.3
|
|
|
|
$
|
71.9
|
|
|
|
$
|
174.6
|
|
|
|
$
|
221.4
|
|
|
Business acquisition-related items(1)
|
|
|
8.4
|
|
|
|
—
|
|
|
|
8.4
|
|
|
|
—
|
|
|
Indefinite-lived intangible asset impairment
|
|
|
3.1
|
|
|
|
—
|
|
|
|
3.1
|
|
|
|
—
|
|
|
Adjusted operating earnings
|
|
|
$
|
76.8
|
|
|
|
$
|
71.9
|
|
|
|
$
|
186.1
|
|
|
|
$
|
221.4
|
|
|
Sales
|
|
|
443.2
|
|
|
|
289.3
|
|
|
|
1,138.0
|
|
|
|
1,098.7
|
|
|
Adjusted operating margin
|
|
|
17.3
|
%
|
|
|
24.9
|
%
|
|
|
16.4
|
%
|
|
|
20.2
|
%
|
|
(1)
|
|
Primarily includes additional expense recognized from the sale of
finished goods inventory, which had its cost basis increased to fair
value as a result of the acquisition of Produquímica.
|
|
|
|
|
|
|
|
Reconciliation for Net Earnings, Excluding Special Items
(unaudited, in millions)
|
|
|
|
|
Three months ended
December 31,
|
|
|
Twelve months ended
December 31,
|
|
|
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
Net earnings
|
|
|
$
|
97.6
|
|
|
|
$
|
58.4
|
|
|
|
$
|
162.7
|
|
|
|
$
|
159.2
|
|
Gain from remeasurement of equity method investment
|
|
|
(59.3
|
)
|
|
|
—
|
|
|
|
(59.3
|
)
|
|
|
—
|
|
Business acquisition-related items(1)
|
|
|
5.6
|
|
|
|
—
|
|
|
|
5.6
|
|
|
|
—
|
|
Indefinite-lived intangible asset impairment
|
|
|
2.2
|
|
|
|
—
|
|
|
|
2.2
|
|
|
|
—
|
|
Net earnings, excluding special items
|
|
|
$
|
46.1
|
|
|
|
$
|
58.4
|
|
|
|
$
|
111.2
|
|
|
|
$
|
159.2
|
|
(1)
|
|
Primarily includes additional expense recognized from the sale of
finished goods inventory, which had its cost basis increased to fair
value as a result of the acquisition of Produquímica.
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation for EBITDA and Adjusted EBITDA
(unaudited, in millions)
|
|
|
|
|
Three months ended
December 31,
|
|
|
Twelve months ended
December 31,
|
|
|
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
Net earnings
|
|
|
$
|
97.6
|
|
|
|
$
|
58.4
|
|
|
|
$
|
162.7
|
|
|
|
$
|
159.2
|
|
|
Interest expense
|
|
|
17.3
|
|
|
|
5.4
|
|
|
|
34.1
|
|
|
|
21.5
|
|
|
Income tax expense
|
|
|
10.5
|
|
|
|
13.7
|
|
|
|
34.6
|
|
|
|
55.3
|
|
|
Depreciation, depletion and amortization
|
|
|
27.6
|
|
|
|
20.5
|
|
|
|
90.3
|
|
|
|
78.3
|
|
|
EBITDA
|
|
|
$
|
153.0
|
|
|
|
$
|
98.0
|
|
|
|
$
|
321.7
|
|
|
|
$
|
314.3
|
|
|
Adjustments to EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain from remeasurement of equity method investment
|
|
|
(59.3
|
)
|
|
|
—
|
|
|
|
(59.3
|
)
|
|
|
—
|
|
|
Business acquisition-related items(1)
|
|
|
8.4
|
|
|
|
—
|
|
|
|
8.4
|
|
|
|
—
|
|
|
Indefinite-lived intangible asset impairment
|
|
|
3.1
|
|
|
|
—
|
|
|
|
3.1
|
|
|
|
—
|
|
|
Other income, net (2)
|
|
|
(0.5
|
)
|
|
|
(5.6
|
)
|
|
|
1.1
|
|
|
|
(14.6
|
)
|
|
Adjusted EBITDA
|
|
|
$
|
104.7
|
|
|
|
$
|
92.4
|
|
|
|
$
|
275.0
|
|
|
|
$
|
299.7
|
|
|
(1)
|
|
Primarily includes additional expense recognized from the sale of
finished goods inventory, which had its cost basis increased to fair
value as a result of the acquisition of Produquímica.
|
|
(2)
|
|
Primarily includes interest income and foreign exchange gains and
losses. The 12 months ended December 31, 2016, include a charge of
$3.0 million related to the refinancing of the company's debt.
|
|
|
|
|
|
|
|
Reconciliation for Salt Segment EBITDA
(unaudited, in millions)
|
|
|
|
|
Three months ended
December 31,
|
|
|
Twelve months ended
December 31,
|
|
|
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
Reported GAAP segment operating earnings
|
|
|
$
|
64.6
|
|
|
|
$
|
72.1
|
|
|
|
$
|
200.6
|
|
|
|
$
|
215.2
|
|
|
Depreciation, depletion and amortization
|
|
|
12.5
|
|
|
|
11.0
|
|
|
|
46.7
|
|
|
|
43.9
|
|
|
Segment EBITDA
|
|
|
$
|
77.1
|
|
|
|
$
|
83.1
|
|
|
|
$
|
247.3
|
|
|
|
$
|
259.1
|
|
|
Segment sales
|
|
|
265.0
|
|
|
|
236.1
|
|
|
|
811.9
|
|
|
|
849.0
|
|
|
Segment EBITDA margin
|
|
|
29.1
|
%
|
|
|
35.2
|
%
|
|
|
30.5
|
%
|
|
|
30.5
|
%
|
|
|
|
Reconciliation for Plant Nutrition North America Segment Adjusted
Operating Earnings
(unaudited, in millions)
|
|
|
|
|
Three months ended
December 31,
|
|
|
Twelve months ended
December 31,
|
|
|
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
Reported GAAP segment operating earnings
|
|
|
$
|
8.0
|
|
|
|
$
|
11.5
|
|
|
|
$
|
21.1
|
|
|
|
$
|
57.9
|
|
|
Indefinite-lived intangible asset impairment
|
|
|
3.1
|
|
|
|
—
|
|
|
|
3.1
|
|
|
|
—
|
|
|
Segment adjusted operating earnings
|
|
|
$
|
11.1
|
|
|
|
$
|
11.5
|
|
|
|
$
|
24.2
|
|
|
|
$
|
57.9
|
|
|
Segment sales
|
|
|
62.6
|
|
|
|
50.5
|
|
|
|
203.0
|
|
|
|
238.4
|
|
|
Segment adjusted operating margin
|
|
|
17.7
|
%
|
|
|
22.8
|
%
|
|
|
11.9
|
%
|
|
|
24.3
|
%
|
|
|
|
Reconciliation for Plant Nutrition North America Segment EBITDA
and Adjusted EBITDA
(unaudited, in millions)
|
|
|
|
|
Three months ended
December 31,
|
|
|
Twelve months ended
December 31,
|
|
|
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
Reported GAAP segment operating earnings
|
|
|
$
|
8.0
|
|
|
|
$
|
11.5
|
|
|
|
$
|
21.1
|
|
|
|
$
|
57.9
|
|
|
Depreciation, depletion and amortization
|
|
|
8.8
|
|
|
|
8.1
|
|
|
|
33.4
|
|
|
|
29.8
|
|
|
Segment EBITDA
|
|
|
$
|
16.8
|
|
|
|
$
|
19.6
|
|
|
|
$
|
54.5
|
|
|
|
$
|
87.7
|
|
|
Indefinite-lived intangible asset impairment
|
|
|
3.1
|
|
|
|
—
|
|
|
|
3.1
|
|
|
|
—
|
|
|
Segment adjusted EBITDA
|
|
|
$
|
19.9
|
|
|
|
$
|
19.6
|
|
|
|
$
|
57.6
|
|
|
|
$
|
87.7
|
|
|
Segment sales
|
|
|
62.6
|
|
|
|
50.5
|
|
|
|
203.0
|
|
|
|
238.4
|
|
|
Segment adjusted EBITDA margin
|
|
|
31.8
|
%
|
|
|
38.8
|
%
|
|
|
28.4
|
%
|
|
|
36.8
|
%
|
|
|
|
Reconciliation for Plant Nutrition South America Segment Adjusted
Operating Earnings
(unaudited, in millions)
|
|
|
Three months ended
December 31,
|
|
|
2016
|
|
|
2015
|
|
Reported GAAP segment operating earnings
|
$
|
8.0
|
|
|
|
$
|
—
|
|
Business acquisition-related items(1)
|
8.4
|
|
|
|
—
|
|
Segment adjusted operating earnings
|
$
|
16.4
|
|
|
|
$
|
—
|
|
Segment sales
|
113.5
|
|
|
|
—
|
|
Segment adjusted operating margin
|
14.4
|
%
|
|
|
—
|
|
(1)
|
|
Primarily includes additional expense recognized from the sale of
finished goods inventory, which had its cost basis increased to fair
value as a result of the acquisition of Produquímica.
|
|
|
|
|
|
|
|
Reconciliation for Plant Nutrition South America Segment EBITDA
and Adjusted EBITDA
(unaudited, in millions)
|
|
|
|
|
Three months ended
December 31,
|
|
|
|
|
2016
|
|
|
2015
|
|
Reported GAAP segment operating earnings
|
|
|
$
|
8.0
|
|
|
|
$
|
—
|
|
Depreciation, depletion and amortization
|
|
|
5.0
|
|
|
|
—
|
|
Earnings in equity method investee
|
|
|
0.3
|
|
|
|
—
|
|
Segment EBITDA
|
|
|
$
|
13.3
|
|
|
|
$
|
—
|
|
Business acquisition-related items(1)
|
|
|
8.4
|
|
|
|
—
|
|
Adjusted segment EBITDA
|
|
|
$
|
21.7
|
|
|
|
$
|
—
|
|
Segment sales
|
|
|
113.5
|
|
|
|
—
|
|
Adjusted segment EBITDA margin
|
|
|
19.1
|
%
|
|
|
—
|
|
(1)
|
|
Primarily includes additional expense recognized from the sale of
finished goods inventory, which had its cost basis increased to fair
value as a result of the acquisition of Produquímica.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPASS MINERALS INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in millions, except share and per-share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
Twelve Months Ended
|
|
|
|
|
December 31,
|
|
|
|
December 31,
|
|
|
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
Sales
|
|
|
$
|
443.2
|
|
|
|
$
|
289.3
|
|
|
|
$
|
1,138.0
|
|
|
|
$
|
1,098.7
|
|
|
Shipping and handling cost
|
|
|
80.0
|
|
|
|
65.6
|
|
|
|
244.9
|
|
|
|
261.5
|
|
|
Product cost
|
|
|
252.8
|
|
|
|
125.4
|
|
|
|
593.6
|
|
|
|
507.1
|
|
|
Gross profit
|
|
|
110.4
|
|
|
|
98.3
|
|
|
|
299.5
|
|
|
|
330.1
|
|
|
Selling, general and administrative expenses
|
|
|
45.1
|
|
|
|
26.4
|
|
|
|
124.9
|
|
|
|
108.7
|
|
|
Operating earnings
|
|
|
65.3
|
|
|
|
71.9
|
|
|
|
174.6
|
|
|
|
221.4
|
|
|
Other (income)/expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
17.3
|
|
|
|
5.4
|
|
|
|
34.1
|
|
|
|
21.5
|
|
|
Net (earnings) loss from equity investee
|
|
|
(0.3
|
)
|
|
|
—
|
|
|
|
1.4
|
|
|
|
—
|
|
|
Gain from remeasurement of equity method investment
|
|
|
(59.3
|
)
|
|
|
—
|
|
|
|
(59.3
|
)
|
|
|
—
|
|
|
Other, net
|
|
|
(0.5
|
)
|
|
|
(5.6
|
)
|
|
|
1.1
|
|
|
|
(14.6
|
)
|
|
Earnings before income taxes
|
|
|
108.1
|
|
|
|
72.1
|
|
|
|
197.3
|
|
|
|
214.5
|
|
|
Income tax expense
|
|
|
10.5
|
|
|
|
13.7
|
|
|
|
34.6
|
|
|
|
55.3
|
|
|
Net earnings
|
|
|
$
|
97.6
|
|
|
|
$
|
58.4
|
|
|
|
$
|
162.7
|
|
|
|
$
|
159.2
|
|
|
Basic net earnings per common share
|
|
|
$
|
2.88
|
|
|
|
$
|
1.72
|
|
|
|
$
|
4.79
|
|
|
|
$
|
4.70
|
|
|
Diluted net earnings per common share
|
|
|
$
|
2.87
|
|
|
|
$
|
1.72
|
|
|
|
$
|
4.79
|
|
|
|
$
|
4.69
|
|
|
Cash dividends per share
|
|
|
$
|
0.695
|
|
|
|
$
|
0.66
|
|
|
|
$
|
2.78
|
|
|
|
$
|
2.64
|
|
|
Weighted-average common shares outstanding (in thousands):(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
33,788
|
|
|
|
33,701
|
|
|
|
33,776
|
|
|
|
33,677
|
|
|
Diluted
|
|
|
33,793
|
|
|
|
33,714
|
|
|
|
33,780
|
|
|
|
33,692
|
|
|
(1)
|
|
Excludes weighted participating securities such as RSUs and PSUs
that receive non-forfeitable dividends, which consist of 165,000 and
164,000 weighted participating securities for the three and 12
months ended December 31, 2016, respectively, and 188,000 and
198,000 weighted participating securities for the three and 12
months ended December 31, 2015, respectively.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPASS MINERALS INTERNATIONAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited, in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
|
December 31,
|
|
|
|
|
2016
|
|
|
2015
|
|
ASSETS
|
|
Cash and cash equivalents
|
|
|
$
|
77.4
|
|
|
$
|
58.4
|
|
Receivables, net
|
|
|
320.9
|
|
|
147.8
|
|
Inventories
|
|
|
280.6
|
|
|
275.3
|
|
Other current assets
|
|
|
36.1
|
|
|
30.8
|
|
Property, plant and equipment, net
|
|
|
1,092.3
|
|
|
800.7
|
|
Intangible and other noncurrent assets
|
|
|
661.6
|
|
|
315.9
|
|
Total assets
|
|
|
$
|
2,468.9
|
|
|
$
|
1,628.9
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
Current portion of long-term debt
|
|
|
$
|
130.2
|
|
|
$
|
4.9
|
|
Other current liabilities
|
|
|
230.6
|
|
|
165.9
|
|
Long-term debt, net of current portion
|
|
|
1,197.6
|
|
|
722.1
|
|
Deferred income taxes and other noncurrent liabilities
|
|
|
187.3
|
|
|
96.3
|
|
Total stockholders' equity
|
|
|
723.2
|
|
|
639.7
|
|
Total liabilities and stockholders' equity
|
|
|
$
|
2,468.9
|
|
|
$
|
1,628.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPASS MINERALS INTERNATIONAL, INC.
|
|
|
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
|
(unaudited, in millions)
|
|
|
|
|
|
|
Twelve Months Ended
|
|
|
|
|
December 31,
|
|
|
|
|
2016
|
|
|
2015
|
|
Net cash provided by operating activities
|
|
|
$
|
175.1
|
|
|
|
$
|
137.9
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
Capital expenditures
|
|
|
(182.2
|
)
|
|
|
(217.6
|
)
|
|
Investment in equity method investee
|
|
|
(4.7
|
)
|
|
|
(116.4
|
)
|
|
Acquisition of a business
|
|
|
(275.3
|
)
|
|
|
—
|
|
|
Other, net
|
|
|
(3.2
|
)
|
|
|
(1.4
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in investing activities
|
|
|
(465.4
|
)
|
|
|
(335.4
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
Proceeds from the issuance of long-term debt
|
|
|
850.9
|
|
|
|
100.0
|
|
|
Proceeds from revolving credit facility borrowings
|
|
|
384.3
|
|
|
|
50.0
|
|
|
Principal payments on long-term debt
|
|
|
(542.9
|
)
|
|
|
(3.9
|
)
|
|
Payments on revolving credit facility
|
|
|
(283.4
|
)
|
|
|
(45.5
|
)
|
|
Premium and other payments to refinance debt
|
|
|
(2.8
|
)
|
|
|
—
|
|
|
Deferred financing costs
|
|
|
(5.7
|
)
|
|
|
—
|
|
|
Dividends paid
|
|
|
(94.1
|
)
|
|
|
(89.4
|
)
|
|
Proceeds received from stock option exercises
|
|
|
0.7
|
|
|
|
2.5
|
|
|
Excess tax benefits (deficiencies) from equity compensation awards
|
|
|
(0.2
|
)
|
|
|
0.5
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by financing activities
|
|
|
306.8
|
|
|
|
14.2
|
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
|
2.5
|
|
|
|
(25.1
|
)
|
|
Net change in cash and cash equivalents
|
|
|
19.0
|
|
|
|
(208.4
|
)
|
|
Cash and cash equivalents, beginning of the year
|
|
|
58.4
|
|
|
|
266.8
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents, end of period
|
|
|
$
|
77.4
|
|
|
|
$
|
58.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPASS MINERALS INTERNATIONAL, INC.
SEGMENT INFORMATION
(unaudited, in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31, 2016
|
|
|
Salt
|
|
|
Plant Nutrition
North America
|
|
|
Plant Nutrition
South America(1)
|
|
|
Corporate
and Other(3)
|
|
|
Total
|
|
Sales to external customers
|
|
|
$
|
265.0
|
|
|
|
$
|
62.6
|
|
|
|
$
|
113.5
|
|
|
|
$
|
2.1
|
|
|
|
$
|
443.2
|
|
Intersegment sales
|
|
|
—
|
|
|
|
2.5
|
|
|
|
—
|
|
|
|
(2.5
|
)
|
|
|
—
|
|
Shipping and handling cost
|
|
|
66.8
|
|
|
|
7.8
|
|
|
|
5.4
|
|
|
|
—
|
|
|
|
80.0
|
|
Operating earnings (loss)
|
|
|
64.6
|
|
|
|
8.0
|
|
|
|
8.0
|
|
|
|
(15.3
|
)
|
|
|
65.3
|
|
Depreciation, depletion and amortization
|
|
|
12.5
|
|
|
|
8.8
|
|
|
|
5.0
|
|
|
|
1.3
|
|
|
|
27.6
|
|
Total assets
|
|
|
980.3
|
|
|
|
592.3
|
|
|
|
847.3
|
|
|
|
49.0
|
|
|
|
2,468.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31, 2015
|
|
|
Salt
|
|
|
Plant Nutrition
North America(2)
|
|
|
Plant Nutrition
South America
|
|
|
Corporate
and Other(3)
|
|
|
Total
|
|
Sales to external customers
|
|
|
$
|
236.1
|
|
|
|
$
|
50.5
|
|
|
|
$
|
—
|
|
|
|
$
|
2.7
|
|
|
|
$
|
289.3
|
|
Intersegment sales
|
|
|
—
|
|
|
|
2.6
|
|
|
|
—
|
|
|
|
(2.6
|
)
|
|
|
—
|
|
Shipping and handling cost
|
|
|
61.0
|
|
|
|
4.6
|
|
|
|
—
|
|
|
|
—
|
|
|
|
65.6
|
|
Operating earnings (loss)
|
|
|
72.1
|
|
|
|
11.5
|
|
|
|
—
|
|
|
|
(11.7
|
)
|
|
|
71.9
|
|
Depreciation, depletion and amortization
|
|
|
11.0
|
|
|
|
8.1
|
|
|
|
—
|
|
|
|
1.4
|
|
|
|
20.5
|
|
Total assets
|
|
|
896.5
|
|
|
|
679.7
|
|
|
|
—
|
|
|
|
52.7
|
|
|
|
1,628.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve months ended December 31, 2016
|
|
|
Salt
|
|
|
Plant Nutrition
North America
|
|
|
Plant Nutrition
South America(1)
|
|
|
Corporate
and Other(3)
|
|
|
Total
|
|
Sales to external customers
|
|
|
$
|
811.9
|
|
|
|
$
|
203.0
|
|
|
|
$
|
113.5
|
|
|
|
$
|
9.6
|
|
|
|
$
|
1,138.0
|
|
Intersegment sales
|
|
|
—
|
|
|
|
5.2
|
|
|
|
—
|
|
|
|
(5.2
|
)
|
|
|
—
|
|
Shipping and handling cost
|
|
|
214.5
|
|
|
|
25.0
|
|
|
|
5.4
|
|
|
|
—
|
|
|
|
244.9
|
|
Operating earnings (loss)
|
|
|
200.6
|
|
|
|
21.1
|
|
|
|
7.4
|
|
|
|
(54.5
|
)
|
|
|
174.6
|
|
Depreciation, depletion and amortization
|
|
|
46.7
|
|
|
|
33.4
|
|
|
|
5.0
|
|
|
|
5.2
|
|
|
|
90.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve months ended December 31, 2015
|
|
|
Salt
|
|
|
Plant Nutrition
North America
|
|
|
Plant Nutrition
South America
|
|
|
Corporate
and Other(3)
|
|
|
Total
|
|
Sales to external customers
|
|
|
$
|
849.0
|
|
|
|
$
|
238.4
|
|
|
|
$
|
—
|
|
|
|
$
|
11.3
|
|
|
|
$
|
1,098.7
|
|
Intersegment sales
|
|
|
0.1
|
|
|
|
7.7
|
|
|
|
—
|
|
|
|
(7.8
|
)
|
|
|
—
|
|
Shipping and handling cost
|
|
|
239.1
|
|
|
|
22.4
|
|
|
|
—
|
|
|
|
—
|
|
|
|
261.5
|
|
Operating earnings (loss)
|
|
|
215.2
|
|
|
|
57.9
|
|
|
|
—
|
|
|
|
(51.7
|
)
|
|
|
221.4
|
|
Depreciation, depletion and amortization
|
|
|
43.9
|
|
|
|
29.8
|
|
|
|
—
|
|
|
|
4.6
|
|
|
|
78.3
|
|
(1)
|
|
The results for our Brazilian holding company used to acquire
Produquímica have been reclassified from Plant Nutrition North
America to Plant Nutrition South America.
|
|
(2)
|
|
In 2015, total assets for Plant Nutrition North America include the
equity investment in Produquímica.
|
|
(3)
|
|
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/20170208006256/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