Compass Minerals International Inc. Files 10-Q for Period Ending December 31, 2023

TL;DR

<b>Compass Minerals International Inc. filed its quarterly report (10-Q) for the period ending December 31, 2023.</b>

AI Summary

COMPASS MINERALS INTERNATIONAL INC (CMP) filed a Quarterly Report (10-Q) with the SEC on February 8, 2024. Compass Minerals International Inc. filed a 10-Q report for the period ending December 31, 2023. The filing covers the period from October 1, 2023, to December 31, 2023. The company's fiscal year ends on September 30. The filing was made on February 8, 2024. The company's principal business is in the mining and quarrying of nonmetallic minerals.

Why It Matters

For investors and stakeholders tracking COMPASS MINERALS INTERNATIONAL INC, this filing contains several important signals. This 10-Q filing provides investors with the latest financial performance and operational updates for Compass Minerals International Inc. during the fourth quarter of 2023. Understanding the details within this report is crucial for assessing the company's financial health, strategic direction, and potential risks moving forward.

Risk Assessment

Risk Level: low — COMPASS MINERALS INTERNATIONAL INC shows low risk based on this filing. The risk is low as this is a standard quarterly filing (10-Q) and does not appear to contain any immediately alarming information or significant deviations from typical reporting.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand the company's performance and outlook.

Key Numbers

• 2023-12-31 — Period End Date (Conformed Period of Report)
• 2024-02-08 — Filing Date (Filed as of Date)
• 0930 — Fiscal Year End (Fiscal Year End)
• 2023-10-01 — Quarter Start Date (Reporting Period)
• 2023-12-31 — Quarter End Date (Reporting Period)

Key Players & Entities

• COMPASS MINERALS INTERNATIONAL INC (company) — Filer name
• 0001227654-24-000036 (filing_id) — Accession Number
• 20231231 (date) — Conformed Period of Report
• 20240208 (date) — Filed as of Date
• 0001227654 (company_id) — Central Index Key
• DE (state) — State of Incorporation
• 913-344-9200 (phone) — Business Phone
• SALT HOLDINGS CORP (company) — Former Company Name

FAQ

Industry Context

Compass Minerals International Inc. operates in the mining and quarrying of nonmetallic minerals sector. This sector is subject to commodity prices, environmental regulations, and operational costs.

Regulatory Implications

The company is subject to standard SEC reporting requirements for public companies, including the filing of quarterly reports (10-Q) to disclose financial information and material events.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and cash flow for the quarter.
2. Review management's discussion and analysis (MD&A) for insights into operational performance and future outlook.
3. Check for any new risk factors or significant changes in existing ones.

Key Dates

• 2024-02-08: 10-Q Filing — Reported financial and operational status for the quarter ending December 31, 2023.

Year-Over-Year Comparison

This is a 10-Q filing, which is a standard quarterly report. Specific comparative data from the previous filing (e.g., 10-Q for the quarter ending September 30, 2023) would be needed for a detailed comparison.

Key Financial Figures

• $0.01 — ange on which registered Common stock, $0.01 par value CMP The New York Stock Exchan

Filing Documents

• cmp-20231231.htm (10-Q) — 1098KB
• cmp-q12024xex311ceocertifi.htm (EX-31.1) — 11KB
• cmp-q12024xex312cfocertifi.htm (EX-31.2) — 11KB
• cmp-q12024xex32ceoandcfoce.htm (EX-32) — 6KB
• cmp-q12024xex95minesafetyd.htm (EX-95) — 19KB
• cmp-20231231_g1.jpg (GRAPHIC) — 98KB
• cmp-20231231_g2.jpg (GRAPHIC) — 25KB
• cmp-20231231_g3.jpg (GRAPHIC) — 29KB
• cmp-20231231_g4.jpg (GRAPHIC) — 22KB
• cmp-20231231_g5.jpg (GRAPHIC) — 27KB
• cmp-20231231_g6.jpg (GRAPHIC) — 25KB
• cmp-20231231_g7.jpg (GRAPHIC) — 23KB
• 0001227654-24-000036.txt (&nbsp;) — 7611KB
• cmp-20231231.xsd (EX-101.SCH) — 42KB
• cmp-20231231_cal.xml (EX-101.CAL) — 63KB
• cmp-20231231_def.xml (EX-101.DEF) — 270KB
• cmp-20231231_lab.xml (EX-101.LAB) — 703KB
• cmp-20231231_pre.xml (EX-101.PRE) — 446KB
• cmp-20231231_htm.xml (XML) — 1058KB

FINANCIAL INFORMATION Page

PART I. FINANCIAL INFORMATION Page Item 1.

Financial Statements

Financial Statements Consolidated Balance Sheets as of December 31, 2023 (unaudited) and September 30, 2023 2 Consolidated Statements of Operations for the three months ended December 31, 2023 and 2022 (unaudited) 3 Consolidated Statements of Comprehensive (Loss) Income for the three months ended December 31, 2023 and 2022 (unaudited) 4 Consolidated Statements of Stockholders' Equity for the three months ended December 31, 2023 and 2022 (unaudited) 5 Consolidated Statements of Cash Flows for the three months ended December 31, 2023 and 2022 (unaudited) 6

Notes to Consolidated Financial Statements (unaudited)

Notes to Consolidated Financial Statements (unaudited) 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 20 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 30 Item 4.

Controls and Procedures

Controls and Procedures 31

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 32 Item 1A.

Risk Factors

Risk Factors 32 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 32 Item 3. Defaults Upon Senior Securities 32 Item 4. Mine Safety Disclosures 32 Item 5. Other Information 32 Item 6. Exhibits 33

SIGNATURES

SIGNATURES 34 1 Table of Contents COMPASS MINERALS INTERNATIONAL, INC.

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements CONSOLIDATED BALANCE SHEETS (in millions, except share data) (Unaudited) December 31, 2023 September 30, 2023 ASSETS Current assets: Cash and cash equivalents $ 38.3 $ 38.7 Receivables, less allowance for doubtful accounts of $ 2.6 at December 31, 2023 and $ 2.3 at September 30, 2023 168.6 129.5 Inventories 392.5 392.2 Other 28.4 33.4 Total current assets 627.8 593.8 Property, plant and equipment, net 803.0 852.2 Intangible assets, net 119.5 120.0 Goodwill 97.2 96.8 Other 157.8 155.2 Total assets $ 1,805.3 $ 1,818.0 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current portion of long-term debt $ 5.0 $ 5.0 Accounts payable 85.9 116.8 Accrued salaries and wages 19.5 25.7 Income taxes payable 2.1 16.5 Accrued interest 4.4 12.9 Accrued expenses and other current liabilities 87.4 98.9 Total current liabilities 204.3 275.8 Long-term debt, net of current portion 908.7 800.3 Deferred income taxes, net 60.7 58.5 Other noncurrent liabilities 171.8 166.2 Commitments and contingencies ( Note 9 ) Stockholders' equity: Common stock: $ 0.01 par value, 200,000,000 authorized shares; 42,197,964 issued shares at December 31, 2023 and September 30, 2023 0.4 0.4 Additional paid-in capital 424.8 413.1 Treasury stock, at cost — 976,106 shares at December 31, 2023 and 1,038,168 shares at September 30, 2023 ( 9.3 ) ( 8.7 ) Retained earnings 135.6 217.1 Accumulated other comprehensive loss ( 91.7 ) ( 104.7 ) Total stockholders' equity 459.8 517.2 Total liabilities and stockholders' equity $ 1,805.3 $ 1,818.0 The accompanying notes are an integral part of the consolidated financial statements. 2 Table of Contents COMPASS MINERALS INTERNATIONAL, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited, in millions, except share and per share data) Three Months Ended December 31, 2023 2022 Sales $ 341.7 $ 352.4 Shipping and handling cost 91.3 107.4 Product cost 179.8 175.0 Gross profit 70.6 70

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 1. Accounting Policies and Basis of Presentation: Compass Minerals International, Inc. ("CMI"), through its subsidiaries (collectively, the "Company"), 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 business is the leading North American producer of sulfate of potash ("SOP"), which is used in the production of specialty fertilizers for high-value crops and turf and helps improve the quality and yield of crops, while supporting sustainable agriculture. The Company's principal products are salt, consisting of sodium chloride and magnesium chloride, and SOP. The Company's next-generation fire retardants help to slow, stop and prevent wildfires through the use of high-performing and environmentally-friendly products. Additionally, the Company had been pursuing the development of a sustainable lithium salt resource to support the North American battery market. However, as described in Note 5 , the Company has terminated its pursuit of the lithium development. The Company's production sites are located in the United States ("U.S."), Canada and the United Kingdom ("U.K."). The Company also provides records management services in the U.K. Except where otherwise noted, references to North America include only the continental U.S. and Canada, and references to the U.K. include only England, Scotland and Wales. References to "Compass Minerals," "our," "us" and "we" refer to CMI and its consolidated subsidiaries. CMI is a holding company with no significant operations other than those of its wholly-owned subsidiaries. The consolidated financial statements include the accounts of CMI and its wholly-owned domestic

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View this 10-Q filing on SEC EDGAR