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„SALT BUSINESS SUMMARY
Bid Season Update
Approximately 75 percent of the annual North American highway deicing bidding process has been completed. While market-wide average bid volumes have increased this season compared to the 2017-2018 season, the company currently does not expect to increase salt sales volume expectations for 2018 due to production constraints. These constraints are due to the impact of the ongoing ramping up of production following the 11-week strike at the Goderich mine, which included an unexpected 7-day full work stoppage near the end of the strike. The company’s bid season results to date indicate that Compass Minerals’ expected average contract price will increase approximately 15 percent versus prior-season’s results.
Second-quarter salt segment revenue increased 11 percent from $109.0 million in the 2017 second quarter to $121.1 million in the second quarter of 2018, as a 17 percent increase in sales volumes was partially offset by a 5 percent decline in average selling prices. Salt segment sales volumes benefited from a 27 percent increase in highway deicing demand driven primarily by a combination of increased demand in North America from April snow events and robust early summer restocking orders in the U.K. The decline in average selling prices was driven by a shift in sales mix in favor of highway deicing products, which have a lower average selling price compared to consumer and industrial products.
Salt segment operating earnings increased $1.8 million, or 17 percent, to $12.5 million from second-quarter 2017 results of $10.7 million. Operating earnings margin for the segment expanded to 10.3 percent from 9.8 percent in the year-ago quarter primarily as a result of improved operating rates in the U.K. and a more profitable sales mix. Salt segment EBITDA increased 14 percent to $26.6 million compared to $23.4 million in the second quarter of 2017.
Goderich Mine Update
On July 16, 2018, unionized employees at the company's Goderich, Ontario, mine ratified a new three-year collective bargaining agreement ending an 11-week strike. The new agreement further aligns our operations with our investments in continuous mining and provides the flexibility to operate the mine more efficiently.“
www.businesswire.com/news/home/...Second-Quarter-2018-Results
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