| Over a week ago | ||||
Meetings to be held in… Meetings to be held in Milwaukee on January 11 and in Chicago on January 12 hosted by Loop Capital. | ||||
Meetings to be held in… Meetings to be held in Milwaukee on January 11 and in Chicago on January 12 hosted by Loop Capital. | ||||
Meetings to be held in… Meetings to be held in Milwaukee on January 11 and in Chicago on January 12 hosted by Loop Capital. | ||||
| Over a month ago | ||||
The company guides Salt… The company guides Salt Segment revenue of $990M-$1.07B and Plant Nutrition revenue of $200M-$240M. Compass Minerals states: "For FY23, the company has modified its approach to providing annual earnings guidance. While demand for deicing salt is stable over time, the nature of winter weather and the manner in which customers respond to weather events make forecasting deicing sales volumes difficult during any single year. The company's focus for the Salt segment in 2023 is on improving profitability to historical levels by adjusting its pricing strategy and recalibrating its sales mix to areas where it has natural competitive advantages that result in higher profit margins. The company's North American highway deicing bidding process for the 2022-2023 winter season has been completed and the company expects its average contract price for the upcoming winter season to be approximately 15% above the prior year's bid season results. The company estimates that its total committed bid volumes will decrease by approximately 9% compared to prior-year bid season results as it prioritizes value over volume. Consistent with prior years, Compass Minerals expects that approximately 75% of its highway deicing sales will be achieved in the first half of the fiscal year." | ||||
Reports Q4 revenue… Reports Q4 revenue $249.4M, consensus $227.1M. "This was a transformative year for Compass Minerals, in which we took several strategic actions," said Kevin S. Crutchfield, president and CEO. "Through our efforts to expand our essential minerals portfolio into the adjacent, high-growth markets of lithium and next-generation fire retardants, we are positioning ourselves for growth, reducing our weather dependency and building a foundation for long-term value creation. I am proud of our team for their commitment to safety and relentless focus on execution amid a year of significant headwinds, including ongoing inflationary pressures and sulfate of potash production challenges, which impacted the short-term financial performance of our Salt and Plant Nutrition segments. Our successful North American highway salt bid season has set the stage to improve Salt segment profitability in fiscal 2023." | ||||
Compass Minerals signed a… Compass Minerals signed a binding, multiyear supply agreement to provide LG Energy Solution, a global manufacturer of lithium-ion batteries for electric vehicles and energy storage systems, with battery-grade lithium carbonate from its Ogden, Utah solar evaporation lithium brine development. Per the terms of the agreement, Compass Minerals would deliver up to 40% of its planned, phase-one battery-grade lithium carbonate production to LGES for an initial 6-year term from supply commencement. The company expects an annual commercial production capacity of approximately 35 kMT lithium carbonate equivalent - LCE - once fully operational, with an initial phase-one capacity of approximately 11 kMT battery-grade lithium carbonate coming online by 2025. Compass Minerals is pursuing the sustainable development of an approximately 2.4 mMT LCE resource on the Great Salt Lake. The supply agreement is subject to the successful start of commercial-scale, lithium carbonate production at Compass Minerals' Ogden facility and full product qualification. | ||||
| Over a quarter ago | ||||
Here's what Wall St. experts are saying about these automakers ahead of earnings »
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General Motors (GM) is…
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The company… The company "announced the achievement of several key milestones and provided strategic updates regarding development of its previously identified, approximately 2.4 mMT lithium carbonate equivalent resource on the Great Salt Lake. Phase one of development is expected to be located on the east side of the Great Salt Lake where a significant portion of the company's existing infrastructure is located. Highlights include: Selected EnergySource Minerals as DLE technology provider following three years of extensive testing of multiple DLE technologies; Low-cost, long-life brownfield project at Ogden, Utah solar evaporation facility, leveraging robust existing infrastructure; Targeting phase-one production of approximately 11 kMT LCE annually; Estimated phase-one development capital of $262M (-30% to +40%); Phase one expected to yield approximately $626 million to $985 million in after-tax NPV and an after-tax IRR between 28% and 36%." | ||||
Compass Minerals is up… Compass Minerals is up 5.5%, or $2.18 to $41.49. | ||||
Compass Minerals… Compass Minerals announced that Koch Minerals & Trading, a subsidiary of Koch Industries, has agreed to make a $252M investment in Compass Minerals through the purchase of Compass Minerals common stock to support phase-one development of its previously identified 2.4 mMT lithium carbonate equivalent Great Salt Lake resource and debt reduction. Approximately $200M of the proceeds from the investment are expected to be used to advance the first phase of the company's sustainable lithium development project. This figure represents approximately 75% of total phase-one funding needs, according to the company's FEL-1 level project cost estimates. Compass Minerals expects the project's annual commercial production capacity to ultimately be approximately 35 kMT LCE, with an initial phase-one capacity of approximately 11 kMT LCE coming online by 2025. As part of the agreement, the companies will also explore value creation opportunities across Compass Minerals' broader operational platform by leveraging the expansive capabilities of KII's many operating subsidiaries, including in the areas of supply and procurement of fuel and raw materials, freight and logistics synergies, and project engineering and development support. Compass Minerals expects to use the remaining $52M of proceeds from the KM&T investment, less transaction expenses, to reduce debt, representing a significant step toward aligning the company's capital structure with its corporate growth strategy. Under the terms of the investment agreement, KM&T has agreed to purchase 6,830,700 shares of Compass Minerals common stock at a price of $36.87 per share, resulting in proceeds to Compass Minerals of $252M. The issuance price represents a 6.2% discount to the closing price and an 8.0% discount to the 5-day volume weighted average price as of Sept. 13. After the transaction closes, KM&T will own approximately 17% of Compass Minerals' outstanding shares of common stock and will have the ability to appoint two additional members to the Compass Minerals board of directors. Perella Weinberg Partners LP acted as sole financial advisor to Compass Minerals in the transaction and Cleary Gottlieb Steen & Hamilton acted as the company's legal advisor. Jones Day acted as legal advisor for KM&T. | ||||
