UPDATE: Mosaic Posts Lower Q1 Earnings
Mosaic Co (NYSE: MOS) reported a 43% fall in its first-quarter profit.
Mosaic's quarterly net earnings slipped to $217.5 million, or $0.54 per share, versus $379.8 million, or $0.89 per share, in the year-earlier period.
Its net sales fell 14% to around $2 billion. However, analysts were expecting earnings of $0.59 per share on sales of $2 billion.
Jim Prokopanko, President and Chief Executive Officer said, "Mosaic delivered another quarter of solid results amid improving global demand for both phosphate and potash."
In the first quarter, Mosaic sold 2.7 million tonnes of phosphate, versus its guidance of 2.3 million to 2.6 million tonnes. It also sold 2.4 million tonnes of potash in the period, versus its forecast of 2.3 million to 2.7 million tonnes.
The executive continued, "While weather continued to create challenges in the operating environment, strong global demand for phosphates pushed prices and margins higher during the first three months of the year, and our early positioning of potash in North America allowed for significant volume growth.”
Mosaic shares dropped 0.82% to $49.30 in pre-market trading.
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