Reports Q1 revenue $352.4M, consensus $378.67M. "Compass Minerals is off to a mixed start in fiscal year 2023. While we saw improved results within our Salt business and made progress on our strategic priorities, weak demand in our Plant Nutrition segment and cost pressures are tempering our financial performance and outlook," said Kevin S. Crutchfield, president and CEO. "Consolidated sales revenue, operating earnings, and adjusted EBITDA for the quarter all increased year over year. From a strategic standpoint, we were successful in realizing an improvement in the profitability of our Salt business during the quarter, and saw meaningful progress within one of our key growth pillars with Fortress announcing the addition of two aerial fire retardants to the U.S. Forest Service’s Qualified Product List. In the lithium business, we closed the strategic equity placement with Koch Minerals & Trading during the quarter, providing funding for a substantial portion of phase-one lithium development while enhancing our financial standing. As we look forward to the rest of the year, we are focused on maintaining and improving upon the operational performance we’ve achieved and navigating the uncertain short-term price and demand dynamics related to our premium sulfate of potash fertilizer business. We will also address the challenges being caused by cost pressures across the business by executing on opportunities to reduce our cost structure where appropriate."
Published first on TheFly
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