Compass Minerals reports Q3 adjusted EPS (39c), two estimates (13c)

Reports Q3 revenue $214.6M, two estimates $208.6M. “Compass Minerals (CMP) had a strong third quarter that saw year-over-year improvement on a number of performance measures,” said Edward C. Dowling Jr., president and CEO. “In the Salt business, while pricing was relatively flat in both the highway deicing and C&I businesses, costs declined which allowed for adjusted EBITDA margin expansion and per-ton growth compared to the same period last year. Our ramp up of highway deicing production is underway as we prepare for the coming deicing season. North American bid season is going well and we are seeing improvements in pricing and commitment sizes compared to last year. The Plant Nutrition business is benefiting from stronger sales volumes and lower production costs, which drove improvements in segment level operating income and adjusted EBITDA. On the financial front, we took steps in the third quarter with our refinancing activities to enhance our financial flexibility. We further reduced net debt and strengthened our balance sheet with the sale of certain assets related to Fortress during the quarter. We continue to execute on our back-to-basics strategy and the results from the quarter reflect the progress we are making.”