Compass Eyes Price Increases to Offset Inflationary Costs for Salt Products

Compass Minerals International Inc of Overland Park, KS has reported above average fiscal 2022 second quarter winter weather activity in its North American-served market compared to the 10-year historical average. When coupled with the fiscal 2022 first quarter activity, this resulted in a relatively average winter for the full season ended March 2022 when compared to the 10-year historical average.

Kevin S Crutchfield, Compass’ CEO, said, “Following a slow start to the winter season, the above-average number of winter weather events we experienced during the second quarter brought us closer to average winter weather for the full fiscal year. As we enter the upcoming bid season, we remain focused on recapturing the significant inflationary costs that we have experienced and restoring the profitability of our Salt business.”

Compass sold approximately 4.8 million tons of highway deicing salt products in the fiscal 2022 second quarter compared to 4.6 million tons in the prior year period. The total includes all highway maintenance products sold in the U.S., Canada and the UK, as well as rock salt sold to the chemical industry. Sales of all Salt products were approximately 5.3 million tons in the fiscal 2022 second quarter compared to 5.0 million tons in the prior year comparable period.

Volume 36, Issue 07

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