OVERLAND PARK, Kan.--(BUSINESS WIRE)--
Compass Minerals (NYSE: CMP) announced today that production rates at
its Goderich, Ontario, salt mine were lower-than-expected for the third
quarter of 2018. As a result, the company now expects full-year earnings
per share to range from $2.20 and $2.50.
“We are disappointed with our salt segment earnings, which were
pressured this quarter by lower-than-expected production at our Goderich
mine. Our employees are making improvements each month to ramp up
production with our new continuous mining systems; however, the pace of
improvement continues to be slower than expected since the end of the
strike. Our new guidance reflects this slower ramp-up for the remainder
of the year,” said Fran Malecha, Compass Minerals CEO and president.
“While our Salt operations in North America have been challenged in the
third quarter, our Plant Nutrition business has executed well and is
expected to deliver strong third-quarter 2018 results.”
The company estimates a negative impact of $15 million to third-quarter
2018 Salt segment earnings related to the cost impact of the lower
production rates at our Goderich mine. Additional details will be
discussed during the company’s third-quarter conference call on
Thursday, Nov. 1, at 10:00 a.m. ET. Information regarding the conference
call can be found at www.investors.compassminerals.com.
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. The
company produces its minerals at locations throughout the U.S., Canada,
Brazil and the U.K., operating 22 production facilities and employing
more than 3,000 personnel worldwide. Compass Minerals’ mission is to be
the best essential minerals company by safely delivering where and when
it matters.
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 outlook for
2018, including segment financial results and earnings per share, and
production rates and improvements. 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, (v) any inability by the company to successfully
implement its cost savings initiatives, and (vi) impacts of the Goderich
mine strike, including any work stoppages or slowdowns. 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, 2017, and Quarterly Reports on Form 10-Q for the
quarters ended March 31, 2018 and June 30, 2018 and September 30, 2018,
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.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20181023005493/en/
Compass Minerals
Investor Contact
Theresa L. Womble,
+1-913-344-9362
Director of Investor Relations
womblet@compassminerals.com
or
Media
Contact
Tara Hefner, +1-913-344-9319
Director of Corporate
Affairs
MediaRelations@compassminerals.com
Source: Compass Minerals