Trimming Our Compass FVE to $81 as Management Slashes 2018 Guidance on Lower Salt Production
In a preliminary update before the company's third-quarter earnings release on Oct. 31, Compass Minerals reported lower-than-expected third-quarter salt segment production and reduced full-year 2018 EPS guidance to $2.20-$2.50 from $2.75-$3.25. Accordingly, we've updated our valuation model to reflect lower salt segment sales and higher unit costs for the remainder of 2018 and into 2019. We now forecast 2018 and 2019 adjusted EPS to be $2.29 and $3.69, respectively, down from our previous foreca...Compass Minerals International is a holding company. Through its wholly owned subsidiaries, the company is a provider of minerals, including salt, secondary nutrients and micronutrients, and specialty chemicals. The company has three reportable segments: Salt, which produces, markets and sells salt and magnesium chloride and sodium chloride; Plant Nutrition North America, which includes sales of sulfate of potash specialty fertilizer and specialty plant nutrients; and Plant Nutrition South America, which manufactures, distributes and markets an array of specialty plant nutrients and supplements developed and formulated from primary and secondary nutrients, specialty plant nutrients and biostimulants.
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