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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended December 31, 2024

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______________________ to __________________________

Commission File Number 001-31921

Compass Minerals International, Inc.

(Exact name of registrant as specified in its charter)


Delaware			36-3972986
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification Number)

9900 West 109th Street

Suite 100

Overland Park, KS 66210

(913) 344-9200

(Address of principal executive offices, zip code and telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Common stock, $0.01 par value

CMP

The New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such

reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes

☑

☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that

the registrant was required to submit such files).

Yes

☑

☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☐

Accelerated filer

☑

Non-accelerated filer

☐

Smaller reporting company

☐

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.

☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes

☐

☑

The number of shares outstanding of the registrant’s common stock, $0.01 par value per share, as of February 5, 2025, was 41,504,100 shares.


						COMPASS MINERALS INTERNATIONAL, INC.

TABLE OF CONTENTS


	PART I. FINANCIAL INFORMATION	Page

Item 1.	Financial Statements

	Consolidated Balance Sheets as of December 31, 2024 (unaudited) and September 30, 2024	2

	Consolidated Statements of Operations for the three months ended December 31, 2024 and 2023 (unaudited)	3

	Consolidated Statements of Comprehensive Loss for the three months ended December 31, 2024 and 2023 (unaudited)	4

	Consolidated Statements of Stockholders’ Equity for the three months ended December 31, 2024 and 2023 (unaudited)	5

	Consolidated Statements of Cash Flows for the three months ended December 31, 2024 and 2023 (unaudited)	6

	Notes to Consolidated Financial Statements (unaudited)	7

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	18

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	29

Item 4.	Controls and Procedures	29

	PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	31

Item 1A.	Risk Factors	31

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	31

Item 3.	Defaults Upon Senior Securities	31

Item 4.	Mine Safety Disclosures	31

Item 5.	Other Information	31

Item 6.	Exhibits	32

SIGNATURES		33


Table of Contents						COMPASS MINERALS INTERNATIONAL, INC.

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

CONSOLIDATED BALANCE SHEETS

(in millions, except share data)


	(Unaudited)
	December 31, 2024		September 30, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	45.8	$	20.2
Receivables, less allowance for doubtful accounts of $3.1 and $3.6 at December 31, 2024 and September 30, 2024, respectively	261.7		126.1
Inventories, less allowance of $14.5 and $11.4 at December 31, 2024 and September 30, 2024, respectively	367.1		414.1

Other current assets	23.0		26.9
Total current assets	697.6		587.3
Property, plant and equipment, net	778.6		806.5
Intangible assets, net	80.1		82.5
Goodwill	5.8		6.0

Other noncurrent assets	158.8		157.8
Total assets	$	1,720.9	$	1,640.1

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt	$	8.7	$	7.5
Accounts payable	96.2		82.1
Accrued salaries and wages	15.5		22.6
Income taxes payable	6.0		13.1
Accrued interest	6.0		13.3

Accrued expenses and other current liabilities	162.4		78.4
Total current liabilities	294.8		217.0
Long-term debt, net of current portion	965.7		910.0
Deferred income taxes, net	56.0		56.5
Other noncurrent liabilities	141.4		140.0
Commitments and contingencies (Note 8)
Stockholders’ equity:
Common stock: $0.01 par value, 200,000,000 authorized shares; 42,197,964 issued shares at December 31, 2024 and September 30, 2024	0.4		0.4
Additional paid-in capital	424.3		420.6
Treasury stock, at cost — 732,721 shares at December 31, 2024 and 816,013 shares at September 30, 2024	(10.4)		(10.2)
Retained (loss) earnings	(21.4)		2.2
Accumulated other comprehensive loss	(129.9)		(96.4)
Total stockholders’ equity	263.0		316.6
Total liabilities and stockholders’ equity	$	1,720.9	$	1,640.1

The accompanying notes are an integral part of the consolidated financial statements.


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,
	2024		2023
Sales	$	307.2	$	341.7
Shipping and handling cost	80.6		91.3
Product cost	192.3		179.3
Gross profit	34.3		71.1
Selling, general and administrative expenses	33.3		45.7
Loss on impairments	—		74.8
Other operating expense	0.5		4.2
Operating earnings (loss)	0.5		(53.6)

Other (income) expense:
Interest income	(0.4)		(0.4)
Interest expense	16.9		15.9
(Gain) loss on foreign exchange	(5.2)		1.9


Other expense, net	3.1		0.7
Loss before income taxes	(13.9)		(71.7)
Income tax expense	9.7		3.6
Net loss	$	(23.6)	$	(75.3)





Basic net loss per common share	$	(0.57)	$	(1.83)



Diluted net loss per common share	$	(0.57)	$	(1.83)

Weighted-average common shares outstanding (in thousands):
Basic	41,441		41,205
Diluted	41,441		41,205

The accompanying notes are an integral part of the consolidated financial statements.


Table of Contents						COMPASS MINERALS INTERNATIONAL, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(Unaudited, in millions)


	Three Months Ended December 31,
	2024		2023
Net loss	$	(23.6)	$	(75.3)
Other comprehensive income (loss):
Unrealized gain from change in pension obligations, net of tax of $(0.1) for the three months ended December 31, 2024 and 2023, respectively	0.2		0.2
Unrealized loss from change in other postretirement benefits, net of tax of $0.0 for the three months ended December 31, 2024 and 2023	(0.1)		—
Unrealized loss on cash flow hedges, net of tax of $0.0 for the three months ended December 31, 2024 and 2023, respectively	(0.3)		(1.8)
Cumulative translation adjustment	(33.3)		14.6
Comprehensive loss	$	(57.1)	$	(62.3)

The accompanying notes are an integral part of the consolidated financial statements.


Table of Contents						COMPASS MINERALS INTERNATIONAL, INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

For the three months ended December 31, 2024 and 2023

(Unaudited, in millions)


	Common Stock		Additional Paid-In Capital		Treasury Stock		Retained Earnings (Loss)		Accumulated Other Comprehensive Loss		Total
Balance, September 30, 2024	$	0.4	$	420.6	$	(10.2)	$	2.2	$	(96.4)	$	316.6
Comprehensive loss	—		—		—		(23.6)		(33.5)		(57.1)

Shares issued for stock units, net of shares withheld for taxes	—		(0.2)		(0.2)		—		—		(0.4)

Stock-based compensation	—		3.9		—		—		—		3.9
Balance, December 31, 2024	$	0.4	$	424.3	$	(10.4)	$	(21.4)	$	(129.9)	$	263.0


	Common Stock		Additional Paid-In Capital		Treasury Stock		Retained Earnings		Accumulated Other Comprehensive Loss		Total
Balance, September 30, 2023	$	0.4	$	413.1	$	(8.7)	$	220.9	$	(104.7)	$	521.0
Comprehensive (loss) income	—		—		—		(75.3)		13.0		(62.3)
Dividends on common stock ($0.15 per share)	—		—		—		(6.4)		—		(6.4)
Shares issued for stock units, net of shares withheld for taxes	—		(0.2)		(0.6)		—		—		(0.8)

Stock-based compensation	—		11.9		—		—		—		11.9
Balance, December 31, 2023	$	0.4	$	424.8	$	(9.3)	$	139.2	$	(91.7)	$	463.4

The accompanying notes are an integral part of the consolidated financial statements.


Table of Contents						COMPASS MINERALS INTERNATIONAL, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited, in millions)


	Three Months Ended December 31,
	2024		2023
Cash flows from operating activities:
Net loss	$	(23.6)	$	(75.3)
Adjustments to reconcile net loss to net cash flows provided by operating activities:
Depreciation, depletion and amortization	26.8		25.5
Amortization of deferred financing costs	0.8		0.6

Stock-based compensation	3.9		11.9
Deferred income taxes	2.7		0.6
Unrealized foreign exchange (gain) loss	(5.7)		1.7
Loss on impairments	—		74.8



Other, net	(0.9)		1.5
Changes in operating assets and liabilities:
Receivables	(61.3)		(37.6)
Inventories	39.1		7.8
Other assets	(2.0)		4.0
Accounts payable and accrued expenses and other current liabilities	9.1		(65.4)
Other liabilities	7.0		(2.4)
Net cash used in operating activities	(4.1)		(52.3)
Cash flows from investing activities:
Capital expenditures	(21.8)		(48.6)



Other, net	(0.4)		(0.7)
Net cash used in investing activities	(22.2)		(49.3)
Cash flows from financing activities:
Proceeds from revolving credit facility borrowings	140.3		102.4
Principal payments on revolving credit facility borrowings	(100.8)		(31.5)
Proceeds from issuance of long-term debt	19.6		38.4
Principal payments on long-term debt	(1.6)		(1.2)


Dividends paid	—		(6.4)
Deferred financing costs	(2.4)		—

Shares withheld to satisfy employee tax obligations	(0.4)		(0.8)
Other, net	(1.6)		—
Net cash provided by financing activities	53.1		100.9
Effect of exchange rate changes on cash and cash equivalents	(1.2)		0.3
Net change in cash and cash equivalents	25.6

SEC Form 10-Q filed by Compass Minerals Intl Inc