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CMP - Q2/2020“

„SALT BUSINESS SUMMARY

Second-quarter 2020 Salt segment revenue totaled $121.8 million, an 8% increase from prior-year results, as sales volumes increased 9% from prior-year results while average selling prices declined 1%. Highway deicing sales volumes increased 18% from second-quarter 2019 results primarily due to customer purchasing of minimum highway deicing contract obligations following the mild winter. Consumer and industrial sales volumes declined 9% year-over-year primarily due to COVID-19 related impacts on non-deicing salt products demand. Highway deicing average sales price increased 11% due to improved North America highway deicing contract pricing and consumer and industrial pricing remained relatively flat with the prior-year period.

Salt segment operating earnings increased 103% to $29.7 million from second-quarter 2019 results of $14.6 million, while EBITDA grew 60% to $46.9 million. The prior-year results included $2.8 million of unusually high logistics costs due to Mississippi river flooding. Excluding these costs, second-quarter 2020 operating earnings and EBITDA increased 71% and 46% respectively year-over-year. Salt segment operating margin expanded to 24.4% from 13.0% in the prior year and adjusted EBITDA margin improved to 38.5% from 28.6%. These results were driven by continued improvement in Goderich production rates as well as lower per-unit logistics costs, increased highway deicing pricing and a favorable sales mix compared to second-quarter 2019 results.

Bid Season Update