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NEW YORK - Compass Minerals International Inc (NYSE:CMP) reported fourth quarter results that missed analyst expectations on both the top and bottom lines, sending shares down 6% in after-hours trading on Monday.
The essential minerals provider posted a loss of $0.77 per share for the quarter, wider than the $0.44 loss analysts were expecting. Revenue came in at $208.8 million, falling short of estimates for $232.77 million.
"There is no doubt that 2024 was a transitional year for our company," said CEO Edward C. Dowling Jr. "We made the important strategic decision to get 'back to basics' by refocusing on our core Salt and Plant Nutrition businesses."
For the full fiscal year 2024, Compass Minerals reported a net loss of $206.1 million, driven by significant non-cash impairments totaling $191 million across its Lithium, Fire Retardant and Plant Nutrition businesses.
Looking ahead to fiscal 2025, the company expects Salt sales volumes to increase approximately 9% over 2024 levels. However, North American highway deicing prices are projected to be down about 2% with committed volumes down roughly 9% following the recent bid season.
The company's Plant Nutrition segment earnings are expected to be in line with 2024, as lower sulfate of potash pricing is offset by improving volumes and lower forecasted production costs.
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