OVERLAND PARK, Kan .– (COMMERCIAL THREAD) – Compass Minerals (NYSE: CMP), a leading global supplier of essential minerals, today announced that fiscal year 2022 first quarter winter weather activity in its serviced market in North America is below both the levels for the comparable period of the previous year and the ten historical averages for the year for the comparable period. Due to its previously announced change in year-end, the first quarter of fiscal 2022 represents the period from October 1, 2021 to December 31, 2021. Historically, the quarterly period ending December 31 represents approximately 28% of the events of snow suffered. in North America by winter season.
Eleven cities representative of the company’s primary road icebreaking service area in North America reported a total of 29 snow events in the first quarter of fiscal 2022, compared to 45 snow events in the period. comparable from the previous year and the ten-year average of 41.9 events. While winter conditions for the quarter were average in a number of markets served by the north, including Detroit, Minneapolis and Toronto, the Chicago-Milwaukee corridor experienced minimal snowfall numbers, with just two for the entire season. period.
“The performance of our highway icebreaking operations depends on several factors, with weather activity being a major factor. The mild weather conditions experienced in a significant portion of our North American markets resulted in salt sales for the first quarter of fiscal 2022 lower than our forecast based on average winter weather, âsaid Kevin S. Crutchfield, President and CEO. “While we cannot control the weather, we still have a significant part of the winter season and believe we are well positioned to meet the needs of our customers when and where it matters.
The company sold approximately 2.8 million tonnes of highway road salt in the first quarter of fiscal 2022, compared to sales volumes of 2.2 million tonnes in the comparable period of the previous year. This total includes all road maintenance products sold in the United States, Canada and the United Kingdom, as well as rock salt sold to the chemical industry. Sales of all salted products totaled approximately 3.4 million tonnes in the company’s first quarter of fiscal 2022, compared to 2.8 million tonnes in the comparable period of the previous year.
Snow events Note: A snow event is defined as any day when the snowfall exceeds 1 inch or 2.5 cm of snow. The number of reported snow events may not directly correlate with Compass Minerals icebreaking results due to a variety of factors including the relative importance to the business of the cities represented and differences in the amount of salt purchased by companies. customers to establish their preseason. stocks. Weather data should only be used as an indicator of year-to-year variations in winter weather conditions in these cities. Compass Minerals derives its weather data from the United States National Weather Service and National Environmental Information Centers and Environment Canada without weighting or other adjustments.
About Compass Minerals
Compass Minerals (NYSE: CMP) is a leading global supplier of essential minerals focused on delivering safely where and when it matters to help solve nature’s challenges for customers and communities. The company’s salt-based products help keep roads safe during the winter and are used in many other consumer, industrial and agricultural applications. Its plant nutrition business produces products that improve the quality and yield of crops, while supporting sustainable agriculture. And its specialty chemical business serves the water treatment industry and other industrial processes. Additionally, the company continues to develop a sustainable lithium brine resource to support the North American battery market and is a minority owner of Fortress North America, a next-generation flame retardant company. Compass Minerals operates 15 production and packaging facilities with more than 2,000 employees in the United States, Canada, United Kingdom and Brazil. Visit compassminerals.com for more information about the company and its products.
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 ability of the company to meet customer needs. Forward-looking statements are those which predict or describe future events or trends and which do not relate solely to historical matters. We use words such as “may”, “would”, “could”, “should”, “will”, “probably”, “expect”, “anticipate”, “believe”, “intend”. de “,” plan “,” “forecast”, “prospect”, “project”, “estimate” and similar expressions suggesting future results or events to identify forward-looking statements or forward-looking information. These statements are based on current expectations of the company and involve risks and uncertainties that could cause the actual results of the company to differ materially. Differences could be caused by a number of factors, including, but not limited to (i) weather conditions, (ii) exchange rates and the cost and availability of transport for the distribution of the company’s products, (iii) price pressure and impact of competitive products, (iv) any inability to l company to be implemented with c success of its strategic priorities or initiatives to reduce costs or optimize the business, (v) the risk that the business will not realize the financial or other benefits expected from the proposed development of its lithium mineral resources or its investment in Fortress North America, (vi) the timing and outcome of the sale process of the Company’s chemical business in South America, and (vii) the impacts of the COVID-19 pandemic. For more information on these and other risks and uncertainties which may affect the company’s activities, see the sections âRisk factorsâ and âManagement’s discussion and analysis of the financial position and results of operations âof the Company’s Transition Report on Form 10-KT for the Transition Period ended September 30, 2021 and of the Company’s Quarterly Report on Form 10- Q for the quarter ended December 31. 2021 filed or to be filed with the SEC, as well as other documents filed by the company with the SEC. The company makes no commitment to update any forward-looking statements made in this press release to reflect future events or developments, except as required by law. Since it is not possible to predict or identify all of these factors, this list cannot be taken as a complete set of all potential risks or uncertainties.