Compass Minerals Reports Short-Term Production Constraints at Goderich Mine
September 21 2017 - 4:31PM
Business Wire
Full-year EPS guidance reduced
Compass Minerals (NYSE: CMP) announced today that the Goderich,
Ontario, rock salt mine is operating at reduced rates due to
geological movements which created a partial ceiling fall on Sept.
18, 2017. While no injuries resulted from the incident, a portion
of the mine’s main conveyance system has been damaged. The company
expects to return to normal operating rates within six weeks.
“Naturally occurring movements in our underground mines is a
challenge we constantly monitor and work to mitigate. I am pleased
with how our team safely prepared for and responded to this event,
remaining out of harm’s way and incurring no injuries.
Unfortunately, we expect increased salt costs and lower production
volumes to impact full-year earnings,” said Compass Minerals’ CEO
Fran Malecha. “In addition, plant nutrient volumes in Brazil
continue to lag expectations this season, which is likely to limit
our Plant Nutrition South America segment sales volumes to the
lower end of our guidance range.”
The company now expects full-year 2017 earnings per share to
range from $2.50 to $2.80.
About Compass Minerals
Compass Minerals is a leading provider of essential minerals
that solve nature’s challenges, including salt for winter roadway
safety and other consumer, industrial and agricultural uses, and
specialty plant nutrition minerals that improve the quality and
yield of crops. Named one of Forbes’ 100 Most Trustworthy Companies
in America in 2015 and 2016, Compass Minerals’ mission is to be the
best essential minerals company by safely delivering where and when
it matters. The company produces its minerals at locations
throughout the U.S., Canada, Brazil and
the U.K. For more information about Compass
Minerals and its products, please visit
www.compassminerals.com.
This press release may contain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995, including without limitation statements about the
company’s expectations regarding operating rates and the company’s
outlook for 2017, including its expectations regarding costs,
volumes, earnings and earnings per share. We use words such as
“may,” “would,” “could,” “should,” “will,” “likely,” “expect,”
“anticipate,” “believe,” “intend,” “plan,” “forecast,” “outlook,”
“project,” “estimate” and similar expressions suggesting future
outcomes or events to identify forward-looking statements or
forward-looking information. These statements are based on the
company’s current expectations and involve risks and uncertainties
that could cause the company’s actual results to differ materially.
The differences could be caused by a number of factors, including
without limitation (i) weather conditions, (ii) pressure on prices
and impact from competitive products, (iii) any inability by the
company to fund necessary capital expenditures or successfully
implement any capital projects, (iv) foreign exchange rates and the
cost and availability of transportation for the distribution of the
company’s products, and (v) the ability to successfully integrate
acquired businesses. For further information on these and other
risks and uncertainties that may affect the company’s business, see
the “Risk Factors” and “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” sections of the
company’s Annual Report on Form 10-K for the year ended December
31, 2016 and Quarterly Reports on Form 10-Q for the quarters ended
March 31, 2017 and June 30, 2017 filed with the SEC. The company
undertakes no obligation to update any forward-looking statements
made in this press release to reflect future events or
developments. Because it is not possible to predict or identify all
such factors, this list cannot be considered a complete set of all
potential risks or uncertainties.
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version on businesswire.com: http://www.businesswire.com/news/home/20170921006163/en/
Compass MineralsMedia ContactTara Hart,
+1-913-344-9319Communications
ManagerPressRelations@compassminerals.comorInvestor
ContactTheresa Womble, +1-913-344-9362Director of Investor
RelationsInvestorRelations@compassminerals.com
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