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Compass Minerals swings to Q2 loss, undertakes restructuring

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Compass Minerals swings to Q2 loss, undertakes restructuring

Compass Minerals International Inc. swung to a net loss of US$6.4 million, or 19 cents per share, in the second quarter, from net earnings of US$6.3 million, or 18 cents per share, recorded a year earlier.

Results were pressured by increased costs in the company's salt segment and sluggish plant nutrition sales in South America, according to an Aug. 7 release.

Total revenue rose 35% on a yearly basis to US$228.0 million, as Compass' Produquímica Indústria e Comércio SA unit added US$66.1 million in revenue, while its North American plant nutrition segment registered modest growth in sales.

Consolidated operating income fell to US$6.0 million from US$15.5 million a year earlier due to lower earnings in the salt segment.

Adjusted EBITDA also slid to US$34.2 million from US$34.8 million posted last year.

Compass, meanwhile, initiated a restructuring plan in July involving the reduction of its workforce and the reorganization of its operations team to cut ongoing costs.

Combined with other cost-saving measures taken in the first half, the company expects to achieve about US$10 million in savings this year and approximately US$20 million in ongoing savings beginning in 2018.

Compass maintained its full-year earnings per share guidance of between US$3.00 and US$3.50.