Improvement in Plant Nutrition Business
The Plant Nutrition business saw strong sales volumes and lower production costs, resulting in improved per unit operating earnings and adjusted EBITDA.
Decreased Production Costs in Salt Business
Production costs in the Salt business decreased by 2%, leading to improved segment operating earnings and adjusted EBITDA on a per ton basis.
Successful Refinancing
The company completed a refinancing exercise to improve financial flexibility, enhance liquidity, and extend maturity profile.
Revenue and Operating Income Growth
Consolidated revenue increased by 6% year-over-year to $215 million, and operating income improved to $15.9 million from $5.9 million last year.
Reduction in Net Loss
Consolidated net loss reduced from $43.6 million to $17 million year-over-year.
Increase in Adjusted EBITDA
Adjusted EBITDA increased by 25% to $41 million, compared to $32.8 million a year ago.