Compass Minerals (NYSE: CMP) returns to profit and cuts net leverage to 2.7x
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Compass Minerals reported a profitable fiscal 2026 second quarter while continuing to reduce debt and refine its outlook. Revenue was $453.2 million versus $494.6 million a year earlier, but net income swung to $12.7 million from a $32.0 million loss. Adjusted net income was $27.3 million, or $0.63 per diluted share.
Adjusted EBITDA rose 3% year over year to $86.4 million, bringing first-half adjusted EBITDA to $151.7 million and keeping full-year guidance at $212–$236 million. Salt segment margins improved despite lower highway deicing volumes, while Plant Nutrition revenue grew 15% with EBITDA margin expanding to 25.2%. Net debt fell to $638.9 million and the net leverage ratio improved to 2.7x, helped by retiring the remaining $150 million of 2027 senior unsecured notes. The company also signed a new three-year collective bargaining agreement at its Goderich mine and modestly raised Plant Nutrition guidance while trimming Salt guidance.
Positive
- None.
Negative
- None.
Insights
Compass Minerals returns to profit, strengthens balance sheet, and rebalances 2026 guidance.
Compass Minerals moved from a net loss of $32.0 million to net income of $12.7 million in Q2 2026. Adjusted EBITDA increased 3% year over year to $86.4 million, with Salt and Plant Nutrition both showing margin expansion despite mixed volume trends.
Debt metrics improved meaningfully. Total debt declined to $713.0 million and net debt to $638.9 million as of March 31 2026, while the net leverage ratio fell to 2.7% of LTM adjusted EBITDA from 4.6% a year earlier. Management also redeemed the remaining $150 million of 2027 senior unsecured notes, removing the nearest maturity.
Operating outlook for 2026 is recalibrated but steady at the company level. Salt segment revenue and EBITDA guidance were reduced slightly, reflecting sales mix and operational factors, while Plant Nutrition guidance for volumes, revenue and adjusted EBITDA was raised. Full-year adjusted EBITDA guidance remains at $212–$236 million, and capital expenditures are projected at $90–$110 million, framing expected cash needs for the year.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Q2 2026 revenue: $453.2 million
Q2 2026 net income: $12.7 million
Q2 2026 adjusted EBITDA: $86.4 million
+5 more
8 metrics
Q2 2026 revenue
$453.2 million
Three months ended March 31, 2026
Q2 2026 net income
$12.7 million
Versus $32.0 million net loss in Q2 2025
Q2 2026 adjusted EBITDA
$86.4 million
Up 3% year over year
Salt revenue
$382.6 million
Three months ended March 31, 2026; down 12% YoY
Plant Nutrition revenue
$67.0 million
Three months ended March 31, 2026; up 15% YoY
Net debt
$638.9 million
As of March 31, 2026
Net leverage ratio
2.7x
Net debt / LTM adjusted EBITDA at March 31, 2026
2026 adjusted EBITDA guidance
$212–$236 million
Total Compass Minerals 2026 outlook
Key Terms
Adjusted EBITDA, net leverage ratio, loss on extinguishment of debt, sulfate of potash (SOP), +2 more
6 terms
Adjusted EBITDA financial
"Total company adjusted EBITDA for the quarter was $86.4 million, bringing us to $151.7 million for the first half of the year"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
net leverage ratio financial
"The net leverage ratio for the quarter ended March 31, 2026, was 2.7 times, down from 4.6 times"
The net leverage ratio measures how much debt a company has compared to its available assets or earnings, after accounting for its cash and liquid assets. It helps investors understand how heavily a company relies on borrowed money to finance its operations and growth. A higher ratio indicates greater financial risk, while a lower ratio suggests a more cautious approach to borrowing.
loss on extinguishment of debt financial
"the Company recorded a $0.5 million loss on extinguishment of debt related to the write-off of deferred financing costs from the redemption of the 2027 Notes"
Loss on extinguishment of debt is the accounting hit a company records when it retires or restructures a loan or bond for an amount that exceeds the debt’s recorded value—like paying more than the remaining balance to settle a loan early. It matters to investors because it reduces reported profit and can use cash, but may also cut future interest costs or signal financial stress; understanding it helps assess earnings quality and balance-sheet strength.
sulfate of potash (SOP) financial
"the sale of its sulfate of potash (SOP) business in Wynyard, Saskatchewan, Canada, on March 1, 2026, for total consideration of $30.8 million"
Sulfate of potash (SOP) is a high-purity potassium fertilizer that supplies the nutrient potassium without adding chloride, making it preferred for sensitive fruits, vegetables and other high-value crops. For investors, SOP matters because it trades like an agricultural commodity: shifts in crop demand, growing conditions, production capacity or trade rules can quickly change prices and margins for fertilizer producers, farm input suppliers and companies tied to global food supply chains.
collective bargaining agreement financial
"unionized employees at its Goderich mine have ratified a new three-year collective bargaining agreement"
A collective bargaining agreement is a written contract negotiated between a group of employees (usually represented by a union) and their employer that sets wages, benefits, work rules and procedures for a fixed period. It matters to investors because it locks in labor costs, schedules changes and dispute-resolution rules—similar to a long-term service contract—so it affects a company’s expenses, operational stability and risk of strikes.
non-GAAP financial measure financial
"*Non-GAAP financial measure. Reconciliations to the most directly comparable GAAP financial measure are provided"
A non-GAAP financial measure is a way companies present their financial results that excludes certain expenses or income to show how they believe their core business is performing. It matters because it can give a clearer picture of how the company is really doing, but it can also be used to make results look better than they actually are.
Earnings Snapshot
Revenue: $453.2 million · Guidance included
Q2 2026
Revenue
$453.2 million
Net income
$12.7 million
Adjusted EBITDA
$86.4 million
+3% YoY
Adjusted net income per diluted share
$0.63
Guidance
For 2026, total adjusted EBITDA guidance is $212–$236 million, with Salt adjusted EBITDA of $225–$240 million, Plant Nutrition $43–$47 million, and Corporate & Other of ($56)–($51) million.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 6, 2026
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||
(Address of principal executive offices)
(913 ) 344-9200
(Registrant's telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐
Item 2.02 Results of Operations and Financial Condition.
On May 6, 2026 , Compass Minerals International, Inc. issued a press release regarding its fiscal 2026 second quarter financial results. A copy of the press release is attached as Exhibit 99.1.
The information contained in Item 2.02 and Exhibit 99.1 of this Current Report on Form 8-K is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. | Exhibit Description | |||||||
99.1 | Press Release issued by Compass Minerals International, Inc. on May 6, 2026. | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
COMPASS MINERALS INTERNATIONAL, INC. | ||||||||
Date: May 6, 2026 | By: | /s/ Peter Fjellman | ||||||
| Peter Fjellman | ||||||||
Title: Chief Financial Officer | ||||||||
 | Exhibit 99.1 | ||||
FOR IMMEDIATE RELEASE
Compass Minerals Reports Fiscal 2026 Second-Quarter Results
OVERLAND PARK, Kan. (May 6, 2026) - Compass Minerals (NYSE: CMP), a leading global provider of essential minerals, today reported fiscal 2026 second-quarter results. The company also announced that unionized employees at its Goderich mine have ratified a new three-year collective bargaining agreement.
Unless otherwise noted, it should be assumed that time periods referenced below are on a fiscal-year basis and financial amounts are in U.S. dollars.
MANAGEMENT COMMENTARY
“Consistent with our Back-to-Basics framework, during the quarter we took a significant step in strengthening our balance sheet by retiring the remaining $150 million of senior unsecured notes due in 2027 and removing our nearest debt maturity,” said Edward C. Dowling Jr., president and CEO. “We had a strong winter across much of North America, and our Salt platform delivered on a high level of sales commitments while continuing to realize pricing gains. Our Plant Nutrition segment delivered another strong quarter at Ogden, with meaningful year-over-year improvement in cost performance and margins. Total company adjusted EBITDA for the quarter was $86.4 million, bringing us to $151.7 million for the first half of the year and on track to achieve our full-year outlook. We increased our Plant Nutrition guidance to reflect the strong results we continue to see in that operation, including higher expected sales volumes, better pricing and lower costs. We decreased our Salt guidance to reflect the differences in regional and product sales mix relative to forecast. Additionally, while we are seeing improvements in mine-level product costs, we have not yet achieved the level of production and efficiency gains in our mining operations that we had expected earlier in the year."
"Goderich mine is important for Compass Minerals, and I am pleased that we reached a new three-year agreement with the represented workforce. We believe we have struck a mutually beneficial arrangement that allows us to continue building upon the safe and reliable operations while allowing us to take steps to improve the mine's efficiency and flexibility."
“The hard work being done across the company is beginning to bear fruit. Some of this is manifesting itself currently in our financial results, while other initiatives will take a little more time. We know what we need to do and we are heading in the right direction, but there is more work to be done. We remain focused on reducing debt, improving our operations in all areas of the company, and building long-term value for shareholders.”
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QUARTERLY HIGHLIGHTS
•Net income of $12.7 million for the second quarter of 2026, compared to a net loss of $32.0 million in the prior year;
•Total company adjusted EBITDA for the second quarter of 2026 of $86.4 million, up 3% year over year;
•Operating earnings and adjusted EBITDA margins within the Salt business improved year over year; absolute operating earnings and adjusted EBITDA both declined 3% between comparative periods, driven principally by lower highway deicing sales volume;
•Continued improvements in pricing and cost structure increased Plant Nutrition segment operating earnings and adjusted EBITDA on both absolute and per-ton bases;
•Total debt declined 12% year over year to $713.0 million as March 31, 2026, while net debt decreased $119.2 million, or 16%, to $638.9 million over the same period; and
•Mid-point of full-year 2026 guidance for total company adjusted EBITDA maintained within modified range of $212 million to $236 million, reflecting stronger-than-expected results in the Plant Nutrition segment and adjustments related to changes in sales mix and operational matters in the Salt segment.
QUARTERLY FINANCIAL RESULTS
| (in millions, except per share data) | Three Months Ended Mar. 31, | Six Months Ended Mar. 31, | ||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| GAAP Results: | ||||||||||||||||||||||||||
| Revenue | $ | 453.2 | $ | 494.6 | $ | 849.3 | $ | 801.8 | ||||||||||||||||||
| Operating income (loss) | 56.0 | (3.1) | 92.6 | (2.6) | ||||||||||||||||||||||
| Net income (loss) | 12.7 | (32.0) | 31.3 | (55.6) | ||||||||||||||||||||||
| Net income (loss) per diluted share | 0.30 | (0.77) | 0.73 | (1.34) | ||||||||||||||||||||||
| Non-GAAP Results*: | ||||||||||||||||||||||||||
Adjusted operating income* | 56.0 | 54.8 | 92.6 | 56.2 | ||||||||||||||||||||||
Adjusted EBITDA* | 86.4 | 84.1 | 151.7 | 116.2 | ||||||||||||||||||||||
Adjusted net income (loss)* | 27.3 | 25.7 | 45.9 | 2.8 | ||||||||||||||||||||||
Adjusted net income (loss)* per diluted share | 0.63 | 0.63 | 1.06 | 0.07 | ||||||||||||||||||||||
*Non-GAAP financial measure. Reconciliations to the most directly comparable GAAP financial measure are provided in tables at the end of this press release.
Compass Minerals Reports Second Quarter Earnings
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SALT BUSINESS RECAP
Salt revenue for the second quarter decreased 12% year over year to $382.6 million, as a result of 22% lower sales volumes in highway deicing and flat consumer and industrial (C&I) volumes. Highway deicing sales tons made up 87% of total salt sales for the quarter, compared to 90% of prior year's sales volumes. Salt segment pricing increased 10% year over year, with highway deicing pricing up 10% and C&I sales prices down of 3%, respectively, year over year.
Salt segment operating earnings for the quarter decreased by 3% to $65.2 million from the prior-year period. Adjusted EBITDA decreased to $83.2 million, down 3% from the prior-year period. These financial results reflect lower sales volumes between the periods and the pricing dynamics described above, offset by higher per-unit production costs and distribution costs year over year.
For the first half of the year, Salt revenue increased 6% year over year to $714.1 million. Highway deicing revenue increased 6% from the comparable prior year period, driven by 8% higher pricing offset by a 2% decrease in sales volumes. C&I revenue for the same period also increased 6%, driven by a 7% increase in sales volumes offset by a 1% decrease in pricing.
In the first half of 2026, Salt segment operating earnings for the quarter increased by 19% to $114.3 million compared to the first half of 2025. For the same period, adjusted EBITDA increased 13% to $150.4 million. These results reflect the stronger deicing season experienced in 2025/2026 in the company's served markets, which drove higher sales volumes between the periods, and improved pricing. Stronger sales were partially offset by higher per-unit production costs and distribution costs year over year. The regional mix of sales volumes impacted cost comparability between periods due to different cost structures across the company's production facilities and storage depots.
PLANT NUTRITION BUSINESS RECAP
Plant Nutrition revenue for the quarter totaled $67.0 million, up 15% year over year on 4% stronger sales volume over the same period. The average segment sales price for the quarter was up 10% year over year to approximately $690 per ton.
Operating earnings in the Plant Nutrition segment were $7.6 million for the quarter, compared to an operating loss of $1.8 million in the prior-year quarter. Adjusted EBITDA improved to $16.9 million versus $5.6 million last year. These financial results reflect higher sales volumes and higher average sales prices. Both product costs and distribution costs were down on a per-unit basis year over year.
The Company completed the sale of its sulfate of potash (SOP) business in Wynyard, Saskatchewan, Canada, on March 1, 2026, for total consideration of $30.8 million prior to customary closing adjustments, $3.9 million of which was placed in escrow. Compass Minerals recognized a non-cash loss on the sale of $14.6 million, including $13.1 million of
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cumulative foreign currency translation adjustments reclassified from accumulated other comprehensive loss.
CASH FLOW AND FINANCIAL POSITION
Net cash provided by operating activities amounted to $160.4 million for the six months ended March 31, 2026, compared to $182.8 million in the prior year. Changes in working capital reflect the settlement of the previously disclosed tax dispute in Ontario during the first quarter of 2026.
Net cash used in investing activities was $18.6 million for the six months ended March 31, 2026, a decrease from $35.9 million used in the prior year. Total capital spending for the six months ended March 31, 2026, was $41.0 million compared to $35.8 million in 2025. The company received $23.2 million of cash proceeds, net of amounts held in escrow and customary closing adjustments related to the aforementioned sale of the Wynyard SOP business.
Net cash used in financing activities was $127.3 million for the six months ended March 31, 2026, which included net payments of $120.8 million, inclusive of the redemption of the $150 million in 2027 Senior Unsecured Notes in March of 2026. In the prior year, net cash used in financing activities was $116.8 million and reflected net payments of $109.8 million in the period.
The company ended the quarter with $378.9 million of liquidity, comprised of $74.1 million in cash and cash equivalents and $304.8 million of availability under its $325.0 million revolving credit facility.
Total debt as of March 31, 2026, was $713.0 million compared to $807.6 million a year earlier. Net debt was $638.9 million at the end of the second quarter of 2026, down $119.2 million from $758.1 million at the end of the comparable prior year period. The net leverage ratio for the quarter ended March 31, 2026, was 2.7 times, down from 4.6 times for the comparable prior year period.
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UPDATED OPERATING AND FISCAL 2026 OUTLOOK
Based on stronger-than-expected results in the Plant Nutrition segment and adjustments related to changes in sales mix and operational matters in the Salt segment, Compass Minerals is updating its previously issued full-year fiscal 2026 outlook as follows:
| Salt Segment | |||||||||||
| 2026 | |||||||||||
Previous Guidance | Current Guidance | ||||||||||
Highway deicing sales volumes (thousands of tons) | 8,200 - 8,500 | 8,450 - 8,800 | |||||||||
Consumer and industrial sales volumes (thousands of tons) | 1,700 - 1,950 | 1,900 - 2,000 | |||||||||
Total salt sales volumes (thousands of tons) | 9,900 - 10,450 | 10,350 - 10,800 | |||||||||
Revenue (in millions) | $980 - $1,050 | $1,025 - $1,080 | |||||||||
Adjusted EBITDA (in millions) | $230 - $252 | $225 - $240 | |||||||||
Plant Nutrition Segment1 | |||||||||||
| 2026 | |||||||||||
Previous Guidance | Current Guidance | ||||||||||
Sales volumes (thousands of tons) | 255 - 275 | 280 - 300 | |||||||||
Revenue (in millions) | $170 - $185 | $190 - $210 | |||||||||
Adjusted EBITDA (in millions) | $34 - $ 39 | $43 - $ 47 | |||||||||
1) Reflects the impact of the sale of the Wynyard SOP business.
| Corporate & Other | |||||||||||
| 2026 | |||||||||||
Previous Guidance | Current Guidance | ||||||||||
Adj. EBITDA (in millions) | ($56) - ($51) | ($56) - ($51) | |||||||||
Projected Corporate and Other results shown in the table above include corporate expenses in support of our core businesses and the results of DeepStore, the company's records management business in the U.K.
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| Total Compass Minerals | |||||||||||||||||||||||
Current 2026 Adjusted EBITDA Guidance | |||||||||||||||||||||||
| Salt | Plant Nutrition | Corporate | Total | ||||||||||||||||||||
Adjusted EBITDA (in millions) | $225 - $240 | $43 - $47 | ($56) - ($51) | $212 - $236 | |||||||||||||||||||
2026 Capital Expenditures | |||||||||||||||||||||||
Total | |||||||||||||||||||||||
Capital expenditures (in millions) | $90 - $110 | ||||||||||||||||||||||
| Other Financial Assumptions | |||||||||||
| 2026 | |||||||||||
| ($ in millions) | Previous Guidance | Current Guidance | |||||||||
| Depreciation, depletion and amortization | $105 - $115 | $105 - $115 | |||||||||
| Interest expense, net | $65 - $70 | $62 - $67 | |||||||||
| Effective income tax rate (excl. valuation allowance) | 30% - 34% | 30% - 34% | |||||||||
Guidance for the 2026 effective income tax rate reflects the income mix by country with income recognized in foreign jurisdictions offset by losses recognized in the U.S.
CONFERENCE CALL
Compass Minerals will discuss its results on a conference call tomorrow morning, Thursday, May 7, at 9:30 a.m. ET (8:30 a.m. CT). To access the conference call, please visit the company’s website at investors.compassminerals.com or dial 800-715-9871. Callers must provide the conference ID number 7896827. Outside of the U.S. and Canada, callers may dial 646-307-1963. Replays of the call will be available on the company’s website.
A supporting company presentation supporting 2026 second-quarter results is 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, chemical and agricultural applications. Its plant nutrition products help improve the quality and yield of crops while supporting sustainable agriculture. Compass Minerals operates 11 production and packaging facilities with more than 1,800 employees throughout the U.S., Canada and the U.K. Visit compassminerals.com for more information about the company and its products.
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| Investor Contact | |||||
| Brent Collins | |||||
| Vice President, Treasurer & Investor Relations | |||||
| +1.913.344.9111 | |||||
| InvestorRelations@compassminerals.com | |||||
Forward-Looking Statements and Other Disclaimers
This press release may contain forward-looking statements, including, without limitation, statements about future costs, production, mutual benefits of our arrangement with the workforce at Goderich, debt reduction, shareholder value, and the company's outlook for 2026, including its expectations regarding sales volumes, revenue, Adjusted EBITDA, depreciation, depletion, and amortization, interest expense, tax rates, and capital expenditures. Forward-looking statements are those that predict or describe future events or trends and that do not relate solely to historical matters. The company uses 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) inflation, 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, and (iv) any inability by the company to successfully implement its strategic priorities or its cost-saving or enterprise optimization initiatives. 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 period ended Sept. 30, 2025, and its Quarterly Reports on Form 10-Q for the quarter ended Mar. 31, 2026, 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.
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
Compass Minerals Reports Second Quarter Earnings
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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, depletion and amortization, each of which is 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, impairment charges and certain restructuring charges. 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, unusual items and/or distinct non-core initiatives without unreasonable effort. The amounts and timing of these items are uncertain and could be material to the company’s results.
Adjusted operating earnings, adjusted operating margin, adjusted net earnings (loss), adjusted net earnings (loss) per diluted share, net debt and net leverage ratio are presented as supplemental measures of the company’s performance. Management believes these measures provide management and investors with additional information that is helpful when evaluating underlying performance and comparing results on a year-over-year normalized basis. These measures eliminate the impact of certain items that management does not consider indicative of underlying operating performance. These adjustments are itemized below. Adjusted net earnings (loss) per diluted share is adjusted net earnings (loss) divided by weighted average diluted shares outstanding. Net debt is calculated as current and long-term debt minus cash and cash equivalents used to evaluate our financial position. Management defines net leverage ratio as net debt divided by Adjusted EBITDA for the previous twelve-month period ("last twelve months," or "LTM"). You are encouraged to evaluate the adjustments itemized above and the reasons management considers them appropriate for supplemental analysis. In evaluating these measures you should be aware that in the future the company may incur expenses that are the same as or similar to some of the adjustments presented below.
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Special Items Impacting the Three Months Ended Mar. 31, 2025 (unaudited, in millions, except per share data) | ||||||||||||||||||||||||||||||||||||||
| Item Description | Segment | Line Item | Amount | Tax Effect(1) | After Tax | EPS Impact | ||||||||||||||||||||||||||||||||
Product recall costs(1) | Salt | Product cost and Other operating expense | $ | 0.9 | $ | (0.2) | $ | 0.7 | $ | 0.02 | ||||||||||||||||||||||||||||
Restructuring charges(2) | Salt | Other operating income | 0.3 | — | 0.3 | 0.01 | ||||||||||||||||||||||||||||||||
Restructuring charges(2) | Corporate and Other | Other operating income | 3.7 | — | 3.7 | 0.09 | ||||||||||||||||||||||||||||||||
Impairments(3) | Corporate and Other | Loss on impairments | 53.0 | — | 53.0 | 1.28 | ||||||||||||||||||||||||||||||||
| Total | $ | 57.9 | $ | (0.2) | $ | 57.7 | $ | 1.40 | ||||||||||||||||||||||||||||||
Special Items Impacting the Six Months Ended Mar. 31, 2025 (unaudited, in millions, except per share data) | ||||||||||||||||||||||||||||||||||||||
| Item Description | Segment | Line Item | Amount | Tax Effect(1) | After Tax | EPS Impact | ||||||||||||||||||||||||||||||||
Product recall costs(1) | Salt | Product cost and Other operating income | $ | 1.8 | $ | (0.4) | $ | 1.4 | $ | 0.03 | ||||||||||||||||||||||||||||
Restructuring charges(2) | Salt | Other operating income | 0.3 | — | 0.3 | 0.01 | ||||||||||||||||||||||||||||||||
Restructuring charges(2) | Corporate and Other | Other operating income | 3.7 | — | 3.7 | 0.09 | ||||||||||||||||||||||||||||||||
Impairments(3) | Corporate and Other | Loss on impairments | 53.0 | — | 53.0 | 1.28 | ||||||||||||||||||||||||||||||||
| Total | $ | 58.8 | $ | (0.4) | $ | 58.4 | $ | 1.41 | ||||||||||||||||||||||||||||||
(1) The Company recorded costs related to a recall of food-grade salt produced at its Goderich plant. Charges for the three and six months ended March 31, 2025, were $0.9 million and $1.8 million, respectively.
(2) The Company incurred severance and related charges of $4.0 million, due to a reduction in workforce, changes to executive leadership and additional restructuring costs related to the exit of the Fortress fire retardant business, during the three and six months ended March 31, 2025.
(3) For the three and six months ended March 31, 2025, the Company recorded a loss on impairments of $53.0 million, related to intangible assets due to the exit of the Fortress fire retardant business.
Reconciliation for Adjusted Operating Income (unaudited, in millions) | ||||||||||||||||||||||||||
| Three Months Ended Mar. 31, | Six Months Ended Mar. 31, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| Operating income (loss) | $ | 56.0 | $ | (3.1) | $ | 92.6 | $ | (2.6) | ||||||||||||||||||
Product recall costs(1) | — | 0.9 | — | 1.8 | ||||||||||||||||||||||
Restructuring charges(2) | — | 4.0 | — | 4.0 | ||||||||||||||||||||||
Loss on impairments(3) | — | 53.0 | — | 53.0 | ||||||||||||||||||||||
| Adjusted operating income | $ | 56.0 | $ | 54.8 | $ | 92.6 | $ | 56.2 | ||||||||||||||||||
| Sales | 453.2 | 494.6 | 849.3 | 801.8 | ||||||||||||||||||||||
| Operating margin | 12.4 | % | (0.6) | % | 10.9 | % | (0.3) | % | ||||||||||||||||||
| Adjusted operating margin | 12.4 | % | 11.1 | % | 10.9 | % | 7.0 | % | ||||||||||||||||||
(1) The Company recorded costs related to a recall of food-grade salt produced at its Goderich plant. Charges for the three and six months ended March 31, 2025, were $0.9 million and $1.8 million, respectively.
(2) The Company incurred severance and related charges of $4.0 million, due to a reduction in workforce, changes to executive leadership and additional restructuring costs related to the exit of the Fortress fire retardant business, during the three and six months ended March 31, 2025.
(3) For the three and six months ended March 31, 2025, the Company recorded a loss on impairments of $53.0 million, related to intangible assets due to the exit of the Fortress fire retardant business.
Compass Minerals Reports Second Quarter Earnings
Page 10 of 21
Reconciliation for Adjusted Net Income (unaudited, in millions) | ||||||||||||||||||||||||||
| Three Months Ended Mar. 31, | Six Months Ended Mar. 31, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| Net income (loss) | $ | 12.7 | $ | (32.0) | $ | 31.3 | $ | (55.6) | ||||||||||||||||||
Loss on sale of business, net(1) | 14.6 | — | 14.6 | — | ||||||||||||||||||||||
Product recall costs(2) | — | 0.9 | — | 1.8 | ||||||||||||||||||||||
Restructuring charges(3) | — | 4.0 | — | 4.0 | ||||||||||||||||||||||
Loss on impairments(4) | — | 53.0 | — | 53.0 | ||||||||||||||||||||||
| Income tax effect | — | (0.2) | $ | — | (0.4) | |||||||||||||||||||||
| Adjusted net income | $ | 27.3 | $ | 25.7 | $ | 45.9 | $ | 2.8 | ||||||||||||||||||
| Net income (loss) per diluted share | $ | 0.30 | $ | (0.77) | $ | 0.73 | $ | (1.34) | ||||||||||||||||||
| Adjusted net income per diluted share | $ | 0.63 | $ | 0.63 | $ | 1.06 | $ | 0.07 | ||||||||||||||||||
| Weighted-average common shares outstanding (in thousands): | ||||||||||||||||||||||||||
| Diluted | 42,357 | 41,521 | 42,297 | 41,480 | ||||||||||||||||||||||
(1) For the three and six months ended March 31, 2026, the Company recorded a loss on sale of the Wynyard business of $14.6 million, which included a $13.1 million recognition of cumulative foreign currency translation adjustments reclassified from Accumulated other comprehensive loss.
(2) The Company recorded costs related to a recall of food-grade salt produced at its Goderich plant. Charges for the three and six months ended March 31, 2025, were $0.9 million and $1.8 million, respectively.
(3) The Company incurred severance and related charges of $4.0 million, due to a reduction in workforce, changes to executive leadership and additional restructuring costs related to the exit of the Fortress fire retardant business, during the three and six months ended March 31, 2025.
(4) For the three and six months ended March 31, 2025, the Company recorded a loss on impairments of $53.0 million, related to intangible assets due to the exit of the Fortress fire retardant business.
Compass Minerals Reports Second Quarter Earnings
Page 11 of 21
Reconciliation for EBITDA and Adjusted EBITDA (unaudited, in millions) | ||||||||||||||||||||||||||
| Three Months Ended Mar. 31, | Six Months Ended Mar. 31, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| Net income (loss) | $ | 12.7 | $ | (32.0) | $ | 31.3 | $ | (55.6) | ||||||||||||||||||
| Interest expense | 17.9 | 18.0 | 36.0 | 34.9 | ||||||||||||||||||||||
| Income tax expense | 16.0 | 9.8 | 13.8 | 19.5 | ||||||||||||||||||||||
| Depreciation, depletion and amortization | 28.2 | 26.5 | 54.6 | 53.3 | ||||||||||||||||||||||
| EBITDA | 74.8 | 22.3 | 135.7 | 52.1 | ||||||||||||||||||||||
| Adjustments to EBITDA: | ||||||||||||||||||||||||||
| Stock-based compensation - non-cash | 2.2 | 2.8 | 4.5 | 6.7 | ||||||||||||||||||||||
| Interest income | (0.6) | (0.2) | (0.9) | (0.6) | ||||||||||||||||||||||
| Gain on foreign exchange, net | (5.6) | (0.1) | (3.5) | (5.3) | ||||||||||||||||||||||
Loss on sale of business, net(1) | 14.6 | — | 14.6 | — | ||||||||||||||||||||||
Loss on extinguishment of debt(2) | 0.5 | — | 0.5 | — | ||||||||||||||||||||||
Product recall costs(3) | — | 0.9 | — | 1.8 | ||||||||||||||||||||||
Restructuring charges(4) | — | 4.0 | — | 4.0 | ||||||||||||||||||||||
Loss on impairments(5) | — | 53.0 | — | 53.0 | ||||||||||||||||||||||
| Other expense, net | 0.5 | 1.4 | 0.8 | 4.5 | ||||||||||||||||||||||
| Adjusted EBITDA | $ | 86.4 | $ | 84.1 | $ | 151.7 | $ | 116.2 | ||||||||||||||||||
(1) For the three and six months ended March 31, 2026, the Company recorded a loss on sale of the Wynyard business of $14.6 million, which included a $13.1 million recognition of cumulative foreign currency translation adjustments reclassified from Accumulated other comprehensive loss.
(2) For the three and six months ended March 31, 2026, the Company recorded a $0.5 million loss on extinguishment of debt related to the write-off of deferred financing costs from the redemption of the 2027 Notes.
(3) The Company recorded costs related to a recall of food-grade salt produced at its Goderich plant. Charges for the three and six months ended March 31, 2025, were $0.9 million and $1.8 million, respectively.
(4) The Company incurred severance and related charges of $4.0 million, due to a reduction in workforce, changes to executive leadership and additional restructuring costs related to the exit of the Fortress fire retardant business, during the three and six months ended March 31, 2025.
(5) For the three and six months ended March 31, 2025, the Company recorded a loss on impairments of $53.0 million, related to intangible assets due to the exit of the Fortress fire retardant business.
Compass Minerals Reports Second Quarter Earnings
Page 12 of 21
Salt Segment Performance (unaudited, in millions, except for sales volumes and prices per short ton) | ||||||||||||||||||||||||||
| Three Months Ended Mar. 31, | Six Months Ended Mar. 31, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| Sales | $ | 382.6 | $ | 432.7 | $ | 714.1 | $ | 674.9 | ||||||||||||||||||
| Operating income | $ | 65.2 | $ | 66.9 | $ | 114.3 | $ | 96.3 | ||||||||||||||||||
| Operating margin | 17.0 | % | 15.5 | % | 16.0 | % | 14.3 | % | ||||||||||||||||||
Adjusted operating income(1) | $ | 65.2 | $ | 68.1 | $ | 114.3 | $ | 98.4 | ||||||||||||||||||
Adjusted operating margin(1) | 17.0 | % | 15.7 | % | 16.0 | % | 14.6 | % | ||||||||||||||||||
EBITDA(1) | $ | 83.2 | $ | 84.3 | $ | 150.4 | $ | 131.2 | ||||||||||||||||||
EBITDA(1) margin | 21.7 | % | 19.5 | % | 21.1 | % | 19.4 | % | ||||||||||||||||||
Adjusted EBITDA(1) | $ | 83.2 | $ | 85.5 | $ | 150.4 | $ | 133.3 | ||||||||||||||||||
Adjusted EBITDA(1) margin | 21.7 | % | 19.8 | % | 21.1 | % | 19.8 | % | ||||||||||||||||||
| Sales volumes (in thousands of tons): | ||||||||||||||||||||||||||
| Highway deicing | 3,593 | 4,583 | 6,444 | 6,570 | ||||||||||||||||||||||
| Consumer and industrial | 520 | 522 | 1,095 | 1,028 | ||||||||||||||||||||||
| Total Salt | 4,113 | 5,105 | 7,539 | 7,598 | ||||||||||||||||||||||
| Average prices (per ton): | ||||||||||||||||||||||||||
| Highway deicing | $ | 77.60 | $ | 70.86 | $ | 75.99 | $ | 70.45 | ||||||||||||||||||
| Consumer and industrial | $ | 199.49 | $ | 206.71 | $ | 204.92 | $ | 206.25 | ||||||||||||||||||
| Total Salt | $ | 93.01 | $ | 84.76 | $ | 94.72 | $ | 88.83 | ||||||||||||||||||
(1) Non-GAAP financial measure. Reconciliations follow in these tables.
Reconciliation for Salt Segment Adjusted Operating Income (unaudited, in millions) | ||||||||||||||||||||||||||
| Three Months Ended Mar. 31, | Six Months Ended Mar. 31, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| Reported GAAP segment operating income | $ | 65.2 | $ | 66.9 | $ | 114.3 | $ | 96.3 | ||||||||||||||||||
Restructuring charges(1) | — | 0.3 | — | 0.3 | ||||||||||||||||||||||
Product recall costs(2) | — | 0.9 | — | 1.8 | ||||||||||||||||||||||
| Segment adjusted operating income | $ | 65.2 | $ | 68.1 | $ | 114.3 | $ | 98.4 | ||||||||||||||||||
| Segment sales | 382.6 | 432.7 | 714.1 | 674.9 | ||||||||||||||||||||||
| Segment operating margin | 17.0 | % | 15.5 | % | 16.0 | % | 14.3 | % | ||||||||||||||||||
| Segment adjusted operating margin | 17.0 | % | 15.7 | % | 16.0 | % | 14.6 | % | ||||||||||||||||||
(1) The Company incurred severance and related charges of $0.3 million, due to a reduction in workforce, during the three and six months ended March 31, 2025.
(2) The Company recorded costs related to a recall of food-grade salt produced at its Goderich plant. Charges for the three and six months ended March 31, 2025, were $0.9 million and $1.8 million, respectively.
Compass Minerals Reports Second Quarter Earnings
Page 13 of 21
Reconciliation for Salt Segment EBITDA and Adjusted EBITDA (unaudited, in millions) | ||||||||||||||||||||||||||
| Three Months Ended Mar. 31, | Six Months Ended Mar. 31, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| Reported GAAP segment operating income | $ | 65.2 | $ | 66.9 | $ | 114.3 | $ | 96.3 | ||||||||||||||||||
| Depreciation, depletion and amortization | 18.0 | 17.4 | 36.1 | 34.9 | ||||||||||||||||||||||
| Segment EBITDA | $ | 83.2 | $ | 84.3 | $ | 150.4 | $ | 131.2 | ||||||||||||||||||
Restructuring charges(1) | — | 0.3 | — | 0.3 | ||||||||||||||||||||||
Product recall costs(2) | — | 0.9 | — | 1.8 | ||||||||||||||||||||||
| Segment adjusted EBITDA | $ | 83.2 | $ | 85.5 | $ | 150.4 | $ | 133.3 | ||||||||||||||||||
| Segment sales | 382.6 | 432.7 | 714.1 | 674.9 | ||||||||||||||||||||||
| Segment EBITDA margin | 21.7 | % | 19.5 | % | 21.1 | % | 19.4 | % | ||||||||||||||||||
| Segment adjusted EBITDA margin | 21.7 | % | 19.8 | % | 21.1 | % | 19.8 | % | ||||||||||||||||||
(1) The Company incurred severance and related charges of $0.3 million, due to a reduction in workforce, during the three and six months ended March 31, 2025.
(2) The Company recorded costs related to a recall of food-grade salt produced at its Goderich plant. Charges for the three and six months ended March 31, 2025, were $0.9 million and $1.8 million, respectively.
Plant Nutrition Segment Performance (unaudited, dollars in millions, except for sales volumes and prices per short ton) | ||||||||||||||||||||||||||
| Three Months Ended Mar. 31, | Six Months Ended Mar. 31, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| Sales | $ | 67.0 | $ | 58.3 | $ | 127.8 | $ | 119.7 | ||||||||||||||||||
| Operating income (loss) | $ | 7.6 | $ | (1.8) | $ | 13.0 | $ | (4.9) | ||||||||||||||||||
| Operating margin | 11.3 | % | (3.1) | % | 10.2 | % | (4.1) | % | ||||||||||||||||||
Adjusted operating income (loss)(1) | $ | 7.6 | $ | (1.8) | $ | 13.0 | $ | (4.9) | ||||||||||||||||||
Adjusted operating margin(1) | 11.3 | % | (3.1) | % | 10.2 | % | (4.1) | % | ||||||||||||||||||
EBITDA(1) | $ | 16.9 | $ | 5.6 | $ | 29.7 | $ | 10.0 | ||||||||||||||||||
EBITDA(1) margin | 25.2 | % | 9.6 | % | 23.2 | % | 8.4 | % | ||||||||||||||||||
Adjusted EBITDA(1) | $ | 16.9 | $ | 5.6 | $ | 29.7 | $ | 10.0 | ||||||||||||||||||
Adjusted EBITDA(1) margin | 25.2 | % | 9.6 | % | 23.2 | % | 8.4 | % | ||||||||||||||||||
| Sales volumes (in thousands of tons) | 97 | 93 | 186 | 195 | ||||||||||||||||||||||
| Average price (per ton) | $ | 690.43 | $ | 626.02 | $ | 688.92 | $ | 613.61 | ||||||||||||||||||
(1) Non-GAAP financial measure. Reconciliations follow in these tables.
Compass Minerals Reports Second Quarter Earnings
Page 14 of 21
Reconciliation for Plant Nutrition Segment Adjusted Operating Income (Loss) (unaudited, in millions) | |||||||||||||||||||||||
| Three Months Ended Mar. 31, | Six Months Ended Mar. 31, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Reported GAAP segment operating income (loss) | $ | 7.6 | $ | (1.8) | $ | 13.0 | $ | (4.9) | |||||||||||||||
| Segment adjusted operating income (loss) | 7.6 | (1.8) | $ | 13.0 | $ | (4.9) | |||||||||||||||||
| Segment sales | 67.0 | 58.3 | 127.8 | 119.7 | |||||||||||||||||||
| Segment operating margin | 11.3 | % | (3.1) | % | 10.2 | % | (4.1) | % | |||||||||||||||
| Segment adjusted operating margin | 11.3 | % | (3.1) | % | 10.2 | % | (4.1) | % | |||||||||||||||
Reconciliation for Plant Nutrition Segment EBITDA and Adjusted EBITDA (unaudited, in millions) | ||||||||||||||||||||||||||
| Three Months Ended Mar. 31, | Six Months Ended Mar. 31, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| Reported GAAP segment operating income (loss) | $ | 7.6 | $ | (1.8) | $ | 13.0 | $ | (4.9) | ||||||||||||||||||
| Depreciation, depletion and amortization | 9.3 | 7.4 | 16.7 | 14.9 | ||||||||||||||||||||||
| Segment EBITDA | 16.9 | 5.6 | $ | 29.7 | $ | 10.0 | ||||||||||||||||||||
| Segment adjusted EBITDA | 16.9 | 5.6 | $ | 29.7 | $ | 10.0 | ||||||||||||||||||||
| Segment sales | 67.0 | 58.3 | 127.8 | 119.7 | ||||||||||||||||||||||
| Segment EBITDA margin | 25.2 | % | 9.6 | % | 23.2 | % | 8.4 | % | ||||||||||||||||||
| Segment adjusted EBITDA margin | 25.2 | % | 9.6 | % | 23.2 | % | 8.4 | % | ||||||||||||||||||
Reconciliation of Net Debt (unaudited, in millions) | ||||||||||||||
Mar. 31, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| Current portion of long-term debt | $ | — | $ | 10.0 | ||||||||||
| Long-term debt, net of current portion | 713.0 | 797.6 | ||||||||||||
| Total Debt | 713.0 | 807.6 | ||||||||||||
| Less: Cash and cash equivalents | (74.1) | (49.5) | ||||||||||||
| Net Debt | $ | 638.9 | $ | 758.1 | ||||||||||
Reconciliation of Net Leverage Ratio (unaudited, in millions) | ||||||||||||||
Twelve Months Ended Mar. 31, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| Net Debt (as of period end) | $ | 638.9 | $ | 758.1 | ||||||||||
Divided by: LTM Adjusted EBITDA(1) | 234.3 | 164.6 | ||||||||||||
| Net Leverage Ratio | 2.7 | 4.6 | ||||||||||||
(1) See Reconciliation for Mar. 31, 2026 LTM Adjusted EBITDA and Reconciliation for Mar. 31, 2025 LTM Adjusted EBITDA in the tables below.
Compass Minerals Reports Second Quarter Earnings
Page 15 of 21
Reconciliation for Mar. 31, 2026 LTM Adjusted EBITDA (unaudited, in millions) | ||||||||||||||||||||||||||
| Add: Current Year | Less: Prior Year | Add: Prior Fiscal Year | LTM Adjusted EBITDA | |||||||||||||||||||||||
| Six Months Ended Mar. 31, 2026 | Six Months Ended Mar. 31, 2025 | Twelve Months Ended Sept. 30, 2025 | Twelve Months Ended Mar. 30, 2026 | |||||||||||||||||||||||
| Net income (loss) | $ | 31.3 | $ | (55.6) | $ | (79.8) | $ | 7.1 | ||||||||||||||||||
| Interest expense | 36.0 | 34.9 | 68.5 | 69.6 | ||||||||||||||||||||||
| Income tax expense | 13.8 | 19.5 | 26.1 | 20.4 | ||||||||||||||||||||||
| Depreciation, depletion and amortization | 54.6 | 53.3 | 103.2 | 104.5 | ||||||||||||||||||||||
| EBITDA | 135.7 | 52.1 | 118.0 | 201.6 | ||||||||||||||||||||||
| Adjustments to EBITDA: | ||||||||||||||||||||||||||
| Stock-based compensation - non-cash | 4.5 | 6.7 | 10.2 | 8.0 | ||||||||||||||||||||||
| Interest income | (0.9) | (0.6) | (1.3) | (1.6) | ||||||||||||||||||||||
| (Gain) loss on foreign exchange, net | (3.5) | (5.3) | (0.1) | 1.7 | ||||||||||||||||||||||
Loss on sale of business, net(1) | 14.6 | — | — | 14.6 | ||||||||||||||||||||||
Loss on extinguishment of debt(2) | 0.5 | — | 7.6 | 8.1 | ||||||||||||||||||||||
Product recall costs(3) | — | 1.8 | 2.1 | 0.3 | ||||||||||||||||||||||
Restructuring charges(4) | — | 4.0 | 4.3 | 0.3 | ||||||||||||||||||||||
Loss on impairments(5) | — | 53.0 | 53.7 | 0.7 | ||||||||||||||||||||||
Other expense, net(6) | 0.8 | 4.5 | 4.3 | 0.6 | ||||||||||||||||||||||
| Adjusted EBITDA | $ | 151.7 | $ | 116.2 | $ | 198.8 | $ | 234.3 | ||||||||||||||||||
(1) For the six months ended March 31, 2026, the Company recorded a loss on the sale of the Wynyard business of $14.6 million, which included a $13.1 million recognition of cumulative foreign currency translation adjustments reclassified from Accumulated other comprehensive loss.
(2) For the six months ended March 31, 2026, the Company recorded a $0.5 million loss on extinguishment of debt related to the write-off of deferred financing costs from the redemption of the 2027 Notes. For the twelve months ended September 30, 2025, the Company recorded a $7.6 million loss on extinguishment of debt, comprised of a $3.9 million prepayment premium related to the partial redemption of the 2027 Notes and a $3.7 million write-off of unamortized deferred financing costs related to the partial redemption of 2027 Notes and repayment of the term loans.
(3) The Company recorded costs related to a recall of food-grade salt produced at its Goderich plant. Charges for the six months ended March 31, 2025 and the twelve months ended September 30, 2025 were $1.8 million and $2.1 million, respectively.
(4) The Company incurred severance and related charges of $4.0 million and $4.3 million, due to a reduction in workforce, changes to executive leadership and additional restructuring costs related to the exit of the Fortress fire retardant business, during the six months ended March 31, 2025 and the twelve months ended September 30, 2025, respectively.
(5) For the six months ended March 31, 2025 and the twelve months ended September 30, 2025, the Company recorded a loss on impairments of $53.0 million and $53.7 million, respectively, related to intangible assets due to the exit of the Fortress fire retardant business.
(6) Other expense primarily consisted of fees paid and the write-off of previously capitalized deferred financing costs related to the modification of the Company's Credit Agreement for the six months ended March 31, 2025 and the twelve months ended September 30, 2025, respectively.
Compass Minerals Reports Second Quarter Earnings
Page 16 of 21
Reconciliation for Mar. 31, 2025 LTM Adjusted EBITDA (unaudited, in millions) | ||||||||||||||||||||||||||
| Add: Current Year | Less: Prior Year | Add: Prior Fiscal Year | LTM Adjusted EBITDA | |||||||||||||||||||||||
| Six Months Ended Mar. 31, 2025 | Six Months Ended Mar. 31, 2024 | Twelve Months Ended Sept. 30, 2024 | Twelve Months Ended Mar. 30, 2025 | |||||||||||||||||||||||
| Net income (loss) | $ | (55.6) | $ | (114.2) | $ | (206.1) | $ | (147.5) | ||||||||||||||||||
| Interest expense | 34.9 | 33.2 | 69.5 | 71.2 | ||||||||||||||||||||||
| Income tax expense (benefit) | 19.5 | (12.3) | 17.9 | 49.7 | ||||||||||||||||||||||
| Depreciation, depletion and amortization | 53.3 | 52.3 | 105.0 | 106.0 | ||||||||||||||||||||||
| EBITDA | 52.1 | (41.0) | (13.7) | 79.4 | ||||||||||||||||||||||
| Adjustments to EBITDA: | ||||||||||||||||||||||||||
| Stock-based compensation - non-cash | 6.7 | 7.0 | 8.1 | 7.8 | ||||||||||||||||||||||
| Interest income | (0.6) | (0.6) | (1.0) | (1.0) | ||||||||||||||||||||||
| (Gain) loss on foreign exchange, net | (5.3) | (0.6) | 0.7 | (4.0) | ||||||||||||||||||||||
Product recall costs(1) | 1.8 | — | 0.8 | 2.6 | ||||||||||||||||||||||
Restructuring charges(2) | 4.0 | 15.7 | 15.8 | 4.1 | ||||||||||||||||||||||
Loss on impairments(3) | 53.0 | 175.8 | 193.4 | 70.6 | ||||||||||||||||||||||
Other expense, net(4) | 4.5 | 1.6 | 2.2 | 5.1 | ||||||||||||||||||||||
| Adjusted EBITDA | $ | 116.2 | $ | 157.9 | $ | 206.3 | $ | 164.6 | ||||||||||||||||||
(1) The Company recorded costs related to a recall of food-grade salt produced at its Goderich plant. Charges for the six months ended March 31, 2025 and the twelve months ended September 30, 2024 were $1.8 million and $0.8 million, respectively.
(2) The Company incurred severance and related charges of $4.0 million, due to a reduction in workforce, changes to executive leadership and additional restructuring costs related to the exit of the Fortress fire retardant business, during the six months ended March 31, 2025. For the six months ended March 31, 2024 and the twelve months ended September 30, 2024, the Company incurred severance and related charges due to the reduction in workforce, changes to executive leadership and additional restructuring costs related to the termination of the Company's lithium development project of $15.7 million and $15.8 million, respectively.
(3) For the six months ended March 31, 2025, the Company recorded loss on impairments of $53.0 million, related to intangible assets due to the exit of the Fortress fire retardant business. For the six months ended March 31, 2024 and the twelve months ended September 30, 2024, the Company recorded loss on impairments of $175.8 million and $193.4 million, respectively, related to the termination of the lithium development project, Fortress goodwill, intangible assets, and Plant Nutrition goodwill and water rights.
(4) Other expense primarily consisted of the write-off of previously capitalized deferred financing costs related to the modification of the Company's Credit Agreement for the six months ended March 31, 2025. For the six months ended March 31, 2024 and the twelve months ended September 30, 2024, other expense primarily consisted of expense related to natural gas hedges.
Compass Minerals Reports Second Quarter Earnings
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GAAP
COMPASS MINERALS INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in millions, except share and per-share data)
| Three Months Ended Mar. 31, | Six Months Ended Mar. 31, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| Sales | $ | 453.2 | $ | 494.6 | $ | 849.3 | $ | 801.8 | ||||||||||||||||||
| Shipping and handling cost | 138.0 | 151.4 | 250.1 | 232.0 | ||||||||||||||||||||||
| Product cost | 232.2 | 266.4 | 453.0 | 458.7 | ||||||||||||||||||||||
| Gross profit | 83.0 | 76.8 | 146.2 | 111.1 | ||||||||||||||||||||||
| Selling, general and administrative expenses | 27.0 | 29.6 | 53.6 | 62.9 | ||||||||||||||||||||||
| Loss on impairments | — | 53.0 | — | 53.0 | ||||||||||||||||||||||
| Other operating income | — | (2.7) | — | (2.2) | ||||||||||||||||||||||
| Operating income (loss) | 56.0 | (3.1) | 92.6 | (2.6) | ||||||||||||||||||||||
| Other expense (income): | ||||||||||||||||||||||||||
| Interest income | (0.6) | (0.2) | (0.9) | (0.6) | ||||||||||||||||||||||
| Interest expense | 17.9 | 18.0 | 36.0 | 34.9 | ||||||||||||||||||||||
| Gain on foreign exchange, net | (5.6) | (0.1) | (3.5) | (5.3) | ||||||||||||||||||||||
| Loss on sale of business, net | 14.6 | — | 14.6 | — | ||||||||||||||||||||||
| Loss on extinguishment of debt | 0.5 | — | 0.5 | — | ||||||||||||||||||||||
| Other expense, net | 0.5 | 1.4 | 0.8 | 4.5 | ||||||||||||||||||||||
| Net income (loss) before income taxes | 28.7 | (22.2) | 45.1 | (36.1) | ||||||||||||||||||||||
| Income tax expense | 16.0 | 9.8 | 13.8 | 19.5 | ||||||||||||||||||||||
| Net income (loss) | $ | 12.7 | $ | (32.0) | $ | 31.3 | $ | (55.6) | ||||||||||||||||||
| Basic net income (loss) per common share | $ | 0.30 | $ | (0.77) | $ | 0.73 | $ | (1.34) | ||||||||||||||||||
| Diluted net income (loss) per common share | $ | 0.30 | $ | (0.77) | $ | 0.73 | $ | (1.34) | ||||||||||||||||||
| Weighted-average common shares outstanding (in thousands): | ||||||||||||||||||||||||||
| Basic | 42,160 | 41,521 | 42,105 | 41,480 | ||||||||||||||||||||||
| Diluted | 42,357 | 41,521 | 42,297 | 41,480 | ||||||||||||||||||||||
Compass Minerals Reports Second Quarter Earnings
Page 18 of 21
COMPASS MINERALS INTERNATIONAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions)
| (Unaudited) | ||||||||||||||
| Mar. 31, | Sept. 30, | |||||||||||||
| 2026 | 2025 | |||||||||||||
| ASSETS | ||||||||||||||
| Current assets: | ||||||||||||||
| Cash and cash equivalents | $ | 74.1 | $ | 59.7 | ||||||||||
| Receivables, net | 223.3 | 179.6 | ||||||||||||
| Inventories, net | 178.7 | 312.0 | ||||||||||||
| Other current assets | 32.0 | 20.9 | ||||||||||||
| Total current assets | 508.1 | 572.2 | ||||||||||||
| Property, plant and equipment, net | 748.3 | 770.1 | ||||||||||||
| Intangible assets, net | 4.3 | 23.8 | ||||||||||||
| Goodwill | 6.0 | 6.0 | ||||||||||||
| Other noncurrent assets | 98.6 | 147.3 | ||||||||||||
| Total assets | $ | 1,365.3 | $ | 1,519.4 | ||||||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||
| Current liabilities: | ||||||||||||||
| Accounts payable | $ | 100.8 | $ | 96.0 | ||||||||||
| Accrued salaries and wages | 18.2 | 26.4 | ||||||||||||
| Current portion of finance lease liabilities | 6.4 | 7.9 | ||||||||||||
| Income taxes payable | 0.4 | 5.6 | ||||||||||||
| Accrued interest | 13.5 | 19.0 | ||||||||||||
| Accrued expenses and other current liabilities | 107.3 | 110.7 | ||||||||||||
| Total current liabilities | 246.6 | 265.6 | ||||||||||||
| Long-term debt, net of current portion | 713.0 | 832.2 | ||||||||||||
| Finance lease liabilities, net of current portion | 5.9 | 7.6 | ||||||||||||
| Deferred income taxes, net | 52.1 | 53.9 | ||||||||||||
| Other noncurrent liabilities | 73.5 | 126.0 | ||||||||||||
| Commitments and contingencies | ||||||||||||||
| Stockholders' equity: | ||||||||||||||
| Common stock | 0.4 | 0.4 | ||||||||||||
| Additional paid-in capital | 425.7 | 430.0 | ||||||||||||
| Treasury stock, at cost | (3.8) | (10.8) | ||||||||||||
| Accumulated deficit | (46.3) | (77.6) | ||||||||||||
| Accumulated other comprehensive loss | (101.8) | (107.9) | ||||||||||||
| Total stockholders' equity | 274.2 | 234.1 | ||||||||||||
| Total liabilities and stockholders' equity | $ | 1,365.3 | $ | 1,519.4 | ||||||||||
Compass Minerals Reports Second Quarter Earnings
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| COMPASS MINERALS INTERNATIONAL, INC. | ||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||||
| (unaudited, in millions) | ||||||||||||||
| Six Months Ended Mar. 31, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| Cash flows from operating activities: | ||||||||||||||
| Net income (loss) | $ | 31.3 | $ | (55.6) | ||||||||||
| Adjustments to reconcile net income (loss) to net cash flows provided by operating activities: | ||||||||||||||
| Depreciation, depletion and amortization | 54.6 | 53.3 | ||||||||||||
| Amortization of deferred financing costs | 2.1 | 2.6 | ||||||||||||
Non-cash portion of stock-based compensation | 4.5 | 6.7 | ||||||||||||
| Deferred income taxes | (1.8) | 0.8 | ||||||||||||
| Unrealized foreign exchange gain, net | (3.9) | (6.4) | ||||||||||||
| Loss on impairments | — | 53.0 | ||||||||||||
Net gain from remeasurement of contingent consideration | — | (7.9) | ||||||||||||
Loss on extinguishment of debt | 0.5 | — | ||||||||||||
| Loss on sale of business, net | 14.6 | — | ||||||||||||
| Other, net | 1.9 | 0.6 | ||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||
| Receivables | (46.2) | (63.8) | ||||||||||||
| Inventories | 121.3 | 183.3 | ||||||||||||
| Other assets | 40.0 | 2.0 | ||||||||||||
| Accounts payable and accrued expenses and other current liabilities | (8.6) | 6.4 | ||||||||||||
| Other liabilities | (49.9) | 7.8 | ||||||||||||
Net cash provided by operating activities | 160.4 | 182.8 | ||||||||||||
| Cash flows from investing activities: | ||||||||||||||
| Capital expenditures | (41.0) | (35.8) | ||||||||||||
| Proceeds from sale of business, net of cash and transaction costs | 23.2 | — | ||||||||||||
| Other, net | (0.8) | (0.1) | ||||||||||||
| Net cash used in investing activities | (18.6) | (35.9) | ||||||||||||
| Cash flows from financing activities: | ||||||||||||||
| Borrowings under revolving credit facility | 47.0 | 140.3 | ||||||||||||
| Repayments under revolving credit facility | (47.0) | (299.9) | ||||||||||||
| Proceeds from issuance of long-term debt | 58.8 | 62.1 | ||||||||||||
Principal payments on long-term debt | (179.6) | (12.3) | ||||||||||||
| Payments of deferred financing costs | (0.3) | (2.4) | ||||||||||||
| Shares withheld to satisfy employee tax obligations | (1.7) | (1.1) | ||||||||||||
| Other, net | (4.5) | (3.5) | ||||||||||||
| Net cash used in financing activities | (127.3) | (116.8) | ||||||||||||
| Effect of exchange rate changes on cash and cash equivalents | (0.1) | (0.8) | ||||||||||||
| Net change in cash and cash equivalents | 14.4 | 29.3 | ||||||||||||
| Cash and cash equivalents, beginning of the year | 59.7 | 20.2 | ||||||||||||
| Cash and cash equivalents, end of period | $ | 74.1 | $ | 49.5 | ||||||||||
Compass Minerals Reports Second Quarter Earnings
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COMPASS MINERALS INTERNATIONAL, INC.
SEGMENT INFORMATION
(unaudited, in millions)
| Three Months Ended Mar. 31, 2026 | Salt | Plant Nutrition | Corporate & Other(1) | Total | ||||||||||||||||||||||
Sales to external customers(2) | $ | 382.6 | $ | 67.0 | $ | 3.6 | $ | 453.2 | ||||||||||||||||||
| Intersegment sales | — | 2.0 | (2.0) | — | ||||||||||||||||||||||
| Shipping and handling cost | 128.7 | 9.3 | — | 138.0 | ||||||||||||||||||||||
| Product cost | 181.1 | 48.7 | 2.4 | 232.2 | ||||||||||||||||||||||
| Gross profit | 72.8 | 9.0 | 1.2 | 83.0 | ||||||||||||||||||||||
| Selling, general and administrative expenses | 7.6 | 1.4 | 18.0 | 27.0 | ||||||||||||||||||||||
| Operating income (loss) | 65.2 | 7.6 | (16.8) | 56.0 | ||||||||||||||||||||||
| Other Segment Disclosures: | ||||||||||||||||||||||||||
| Depreciation, depletion and amortization | 18.0 | 9.3 | 0.9 | 28.2 | ||||||||||||||||||||||
Loss on sale of business, net(3) | — | 14.6 | — | 14.6 | ||||||||||||||||||||||
| Total assets (as of end of period) | 825.3 | 338.2 | 201.8 | 1,365.3 | ||||||||||||||||||||||
| Three Months Ended Mar. 31, 2025 | Salt | Plant Nutrition | Corporate & Other(1) | Total | ||||||||||||||||||||||
Sales to external customers(2) | $ | 432.7 | $ | 58.3 | $ | 3.6 | $ | 494.6 | ||||||||||||||||||
| Intersegment sales | — | 2.3 | (2.3) | — | ||||||||||||||||||||||
| Shipping and handling cost | 141.9 | 9.5 | — | 151.4 | ||||||||||||||||||||||
| Product cost | 214.3 | 48.6 | 3.5 | 266.4 | ||||||||||||||||||||||
| Gross profit | 76.5 | 0.2 | 0.1 | 76.8 | ||||||||||||||||||||||
| Selling, general and administrative expenses | 9.1 | 2.0 | 18.5 | 29.6 | ||||||||||||||||||||||
Loss on impairments(4) | — | — | 53.0 | 53.0 | ||||||||||||||||||||||
| Other operating expense (income) | 0.5 | — | (3.2) | (2.7) | ||||||||||||||||||||||
Operating income (loss)(5)(6) | 66.9 | (1.8) | (68.2) | (3.1) | ||||||||||||||||||||||
| Other Segment Disclosures: | ||||||||||||||||||||||||||
| Depreciation, depletion and amortization | 17.4 | 7.4 | 1.7 | 26.5 | ||||||||||||||||||||||
| Total assets (as of end of period) | 959.2 | 365.7 | 207.0 | 1,531.9 | ||||||||||||||||||||||
Compass Minerals Reports Second Quarter Earnings
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| Six Months Ended Mar. 31, 2026 | Salt | Plant Nutrition | Corporate & Other(1) | Total | ||||||||||||||||||||||
Sales to external customers(2) | $ | 714.1 | $ | 127.8 | $ | 7.4 | $ | 849.3 | ||||||||||||||||||
| Intersegment sales | — | 3.0 | (3.0) | — | ||||||||||||||||||||||
| Shipping and handling cost | 232.5 | 17.6 | — | 250.1 | ||||||||||||||||||||||
| Product cost | 353.1 | 95.0 | 4.9 | 453.0 | ||||||||||||||||||||||
| Gross profit | 128.5 | 15.2 | 2.5 | 146.2 | ||||||||||||||||||||||
| Selling, general and administrative expenses | 14.2 | 2.2 | 37.2 | 53.6 | ||||||||||||||||||||||
| Operating income (loss) | 114.3 | 13.0 | (34.7) | 92.6 | ||||||||||||||||||||||
| Other Segment Disclosure: | ||||||||||||||||||||||||||
| Depreciation, depletion and amortization | 36.1 | 16.7 | 1.8 | 54.6 | ||||||||||||||||||||||
Loss on sale of business, net(3) | — | 14.6 | — | 14.6 | ||||||||||||||||||||||
| Capital expenditures | 31.0 | 9.2 | 0.8 | 41.0 | ||||||||||||||||||||||
| Six Months Ended Mar. 31, 2025 | Salt | Plant Nutrition | Corporate & Other(1) | Total | ||||||||||||||||||||||
Sales to external customers(2) | $ | 674.9 | $ | 119.7 | $ | 7.2 | $ | 801.8 | ||||||||||||||||||
| Intersegment sales | — | 5.5 | (5.5) | — | ||||||||||||||||||||||
| Shipping and handling cost | 213.2 | 18.8 | — | 232.0 | ||||||||||||||||||||||
| Product cost | 348.4 | 103.0 | 7.3 | 458.7 | ||||||||||||||||||||||
| Gross profit (loss) | 113.3 | (2.1) | (0.1) | 111.1 | ||||||||||||||||||||||
| Selling, general and administrative expenses | 16.5 | 2.8 | 43.6 | 62.9 | ||||||||||||||||||||||
Loss on impairments(4) | — | — | 53.0 | 53.0 | ||||||||||||||||||||||
| Other operating expense (income) | 0.5 | — | (2.7) | (2.2) | ||||||||||||||||||||||
Operating income (loss)(5)(6) | 96.3 | (4.9) | (94.0) | (2.6) | ||||||||||||||||||||||
| Other Segment Disclosure: | ||||||||||||||||||||||||||
| Depreciation, depletion and amortization | 34.9 | 14.9 | 3.5 | 53.3 | ||||||||||||||||||||||
| Capital expenditures | 27.5 | 6.2 | 2.1 | 35.8 | ||||||||||||||||||||||
(1) Corporate and other includes corporate entities, records management operations, the Fortress fire retardant costs, prior-year lithium costs and other incidental operations and eliminations. Operating income (loss) for corporate and other includes indirect corporate overhead, including costs for general corporate governance and oversight, prior-year lithium-related expenses, as well as costs for the human resources, information technology, legal and finance functions.
(2) Sales to external customers are net of intersegment sales.
(3) For the three and six months ended March 31, 2026, the Company recorded loss on sale of the Wynyard business of $14.6 million, which included a $13.1 million recognition of cumulative foreign currency translation adjustments reclassified from Accumulated other comprehensive loss.
(4) For the three and six months ended March 31, 2025, the Company recorded a loss on impairments of $53.0 million, related to intangible assets due to the exit of the Fortress fire retardant business.
(5) The Company recorded costs related to a recall of food-grade salt produced at its Goderich plant. Charges for the three and six months ended March 31, 2025, were $0.9 million and $1.8 million, respectively.
(6) The Company incurred severance and related charges of $4.0 million, due to a reduction in workforce, changes to executive leadership and additional restructuring costs related to the exit of the Fortress fire retardant business, during the three and six months ended March 31, 2025.
FAQ
How did Compass Minerals (CMP) perform in fiscal Q2 2026?
Compass Minerals posted net income of $12.7 million in fiscal Q2 2026, reversing a $32.0 million loss a year earlier. Revenue was $453.2 million, and adjusted EBITDA rose 3% year over year to $86.4 million, reflecting stronger margins across both Salt and Plant Nutrition segments.
What were Compass Minerals’ key Salt segment results in Q2 2026?
Salt revenue fell 12% year over year to $382.6 million, driven by 22% lower highway deicing volumes. However, segment operating margin improved to 17.0% and adjusted EBITDA margin to 21.7%, helped by roughly 10% higher highway deicing pricing despite higher per-unit production and distribution costs.
How did the Plant Nutrition segment perform for Compass Minerals (CMP)?
Plant Nutrition revenue was $67.0 million in Q2 2026, up 15% year over year on 4% higher volumes. Average price rose about 10% to $690 per ton, driving operating income of $7.6 million versus a prior loss and adjusted EBITDA of $16.9 million with a 25.2% margin.
What debt and leverage improvements did Compass Minerals report?
Compass Minerals reduced total debt to $713.0 million and net debt to $638.9 million as of March 31, 2026. The company retired the remaining $150 million of 2027 senior unsecured notes, helping lower its net leverage ratio to 2.7 times LTM adjusted EBITDA from 4.6 times a year earlier.
What is Compass Minerals’ updated fiscal 2026 guidance?
For 2026, the company maintains total adjusted EBITDA guidance at $212–$236 million. Salt segment revenue is now projected at $1,025–$1,080 million with adjusted EBITDA of $225–$240 million, while Plant Nutrition guidance increased to revenue of $190–$210 million and adjusted EBITDA of $43–$47 million.
What transaction did Compass Minerals complete in Q2 2026?
On March 1, 2026, Compass Minerals completed the sale of its Wynyard sulfate of potash business for $30.8 million before closing adjustments. It recognized a non-cash loss of $14.6 million on the sale, including $13.1 million of cumulative foreign currency translation adjustments reclassified from accumulated other comprehensive loss.
What new labor agreement did Compass Minerals reach at the Goderich mine?
Unionized employees at the Goderich mine ratified a new three-year collective bargaining agreement. Management described the agreement as a mutually beneficial arrangement intended to support safe, reliable operations while allowing steps to improve the mine’s efficiency and flexibility over the contract term.