Why Compass Minerals International Stock Is Sinking Today
Shares of Compass Minerals International (NYSE: CMP) had tumbled nearly 13% at 10:30 a.m. ET on Wednesday. Weighing on the minerals producer were its fiscal first-quarter results.
Compass Minerals International got "off to a mixed start" in its fiscal year, according to comments by CEO Kevin Crutchfield in the earnings press release. While results improved in its salt division, weak demand in its plant nutrition segment and cost pressures hurt its financial results.
As a result, even though revenue grew by 6.3% year over year to $352.4 million, it missed the analysts' consensus estimate by $26.4 million. Meanwhile, the company posted a loss of $0.3 million, or $0.01 per share, which was $0.59 per share below analysts' expectations.
Source Fool.com
