Compass Minerals International Inc. (NYSE:CMP) Q3 2019 Earnings Conference Call Transcript

Nov 06, 2019 • 10:00 am ET

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Compass Minerals International Inc. (NYSE:CMP) Q3 2019 Earnings Conference Call Transcript

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Presentation
Operator
Operator

[Operator Instructions] Good day and welcome to the Compass Minerals Third Quarter Earnings Conference Call. [Operator Instructions].

At this time, I would like to turn the conference over to Theresa Womble, Director of Investor Relations. Please go ahead.

Executive
Theresa Womble

Thank you. This morning, our CEO, Kevin Crutchfield and our CFO, Jamie Standen will review Compass Minerals' third quarter results. As well as our outlook for the rest of 2019. During the question-and-answer period. We will also have available Brad Griffith, our Chief Commercial Officer.

Before I turn the call over to Kevin. Let me remind you that today's discussion may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the Company's expectations as of today's date November 6th, 2019 and involve risks and uncertainties that could cause the company's actual results to differ materially. Please refer to the company's most recent Form 10-K and 10-Q for a full disclosure of these risks.

The company undertakes no obligation to update any forward-looking statements made today to reflect future events or developments. Our remarks also may include non-GAAP financial disclosures, which we feel are important to provide a full understanding of our business and operating conditions.

You can find reconciliation of any of these measures in our earnings release or in the earnings presentation, both of which are available in the Investor Relations section of our website at compass minerals.com.

Now I'll turn the call over to Kevin.

Executive
Kevin S. Crutchfield

Good morning, everyone. I'll begin today with a brief review of some of the highlights of our third quarter results. Then discuss the path, the senior management team and I have defined for moving forward to build a better Compass Minerals for our customers, employees, communities and shareholders.

Before I do that, I'd like to take a moment to address a fatal incident that occurred at our Cote Blanche Mine in mid-August when Shawn Clements, the contractor at the mine contacted a live electrical cable while working inside the fire suppression systems electrical panel.

We would once again like to extend our sincere condolences to his family.

The safety of our workforce is our top priority and incidents such as the one which claimed to Mr. Clements life are unacceptable. Coming from a long career in mining. I also believe it's imperative that we take the necessary time and actions to learn from these tragedies in order to prevent them from happening again.

As such, I've been impressed with the manner in which our Cote Blanche team has responded reviewing the circumstances that resulted in the accident in order to minimize future risks and sharing those learnings across the enterprise.

Operationally, the mine was offline approximately 3 weeks beginning in mid-August. As a result of the investigation of the incident, but our Cote Blanche team is expected to recoup the loss production before the year-ends. Turning to this quarter's financial results. I'll just say upfront they are disappointing to me and our leadership team while