Compass Minerals International, Inc.

What they do

The company operates 12 production and packaging facilities with more than 1,800 personnel, including the world's largest rock salt mine in Goderich, Ontario, the largest dedicated rock salt mine in the UK at Winsford, Cheshire, and a solar evaporation facility near Ogden, Utah. Its Salt segment supplies highway deicing salt in North America and the UK plus consumer deicing, water conditioning and food preparation salt products, and it runs a UK records management business using excavated areas of the Winsford mine. The Plant Nutrition segment produces and markets sulfate of potash sold as Protassium+ to distributors, retailers, growers and industrial users.

Revenue drivers

• Salt — Largest segment by revenue; supplies highway deicing salt to North America and UK customers and consumer/industrial salt products. Third-quarter fiscal 2026 Salt revenue rose 5% year over year to $173.9 million on higher highway and C&I pricing.
• Plant Nutrition (SOP / Protassium+) — Produces and markets sulfate of potash in various grades worldwide; third-quarter fiscal 2026 segment Adjusted EBITDA was $15.0 million on improved pricing and lower per-unit costs.
• Records management (UK) — A smaller UK business using excavated areas of the Winsford salt mine, with one additional location in London; no separate segment revenue was provided in the excerpts.
• Fire retardant (exited) — Fortress North America, acquired in May 2023, was exited during fiscal 2025 with all employees terminated and substantially all assets sold on May 30, 2025.

Recent performance

For the quarter ended June 30, 2026, revenue was $215.3 million versus $214.6 million a year earlier, operating income was $10.9 million versus $15.9 million, and net loss was $5.7 million, or $0.13 per diluted share, versus a $17.0 million net loss. Adjusted EBITDA for the quarter was $39.9 million versus $41.0 million. Salt segment Adjusted EBITDA and operating income margins declined on higher per-unit product and distribution costs, partly offset by a 9% increase in combined average sales prices and a 5% Salt revenue increase to $173.9 million. Nine-month fiscal 2026 revenue was $1,064.6 million with net income of $25.6 million and Adjusted EBITDA of $191.6 million.

Strategy

Management is executing a back-to-basics strategy focused on improving cash flow generation and returns on capital in the core Salt and Plant Nutrition businesses through cost management, debt reduction, balancing inventory volumes and flexibility in capital intensity. Fiscal 2025 actions included exiting Fortress, a 17.8% ($24.5 million) reduction in SG&A, a $650.0 million 8.00% senior notes due 2030 refinancing, a nearly $117 million working capital release from finished goods inventory, and a 39.0% ($44.5 million) capital expenditure reduction. The board declared no dividends in fiscal 2025 and does not expect to declare dividends for the foreseeable future to prioritize cash flow and debt reduction.

Risks

• Material weaknesses in internal controls — Management identified material weaknesses in internal control over financial reporting in conjunction with the restatement described in the Form 10-K/A filed October 29, 2024, and cannot assure they will be remediated.
• Debt and refinancing cost — Long-term debt was $716.6 million at June 30, 2026, and the June 2025 refinancing into 8.00% senior notes due 2030 produced a $7.6 million loss on debt extinguishment.
• Salt production cost pressure — Management said production costs at mining operations have not improved at the pace expected, with labor and associated costs elevated relative to plan as the company invests in maintenance.
• Weather and seasonal demand — Winter weather conditions drive highway deicing salt demand, and the company's forward-looking statements cite weather conditions and seasonal demand for its products as risk factors.

Outlook

Management raised the midpoint of full-year fiscal 2026 total company Adjusted EBITDA guidance to a range of $218 million to $242 million, citing stronger-than-expected Plant Nutrition results and adjustments in Salt for mix dynamics, inflationary pressures and the pace of operational improvements. The 2026-27 highway deicing bid season was described as very constructive, with substantial year-over-year price improvement in core U.S. markets and consistent growth in demand tenders. Net leverage declined to 2.8 times from 4.3 times a year ago, and the company cited a recent credit upgrade from S&P.