Compass Minerals reported a fourth quarter loss of $4.4 million on sales of $457.9 million down from the year-ago positive $97.6 million and $443.2 million.
The new tax law resulted in one-time tax on un-remitted foreign earnings. Based on current company estimates, this one-time tax totals about $55.2 million. Compass also recorded a net tax expense of $13.8 million in quarter related to the company’s Canadian tax positions for the years 2007 through 2016 as a result of a settlement with Canadian and U.S. tax authorities.
Full-year results were down at $42.7 million from $162.7 million.
While fourth-quarter Salt results were pressured by a slow start to the winter season, operating earnings were up for both of the company’s Plant Nutrition segments—North America and South America.