Mosaic Announces Fourth Quarter and Full Year Results for 2014

The Mosaic Company (NYSE:MOS) announced its 2014 results including a fourth quarter net income of US $361 million and $1.0 billion for the full year.

As quoted in the company news:

Earnings per diluted share were $0.97 in the quarter compared to $0.30 last year. Notable items positively impacted earnings per share by $0.10, including a discrete tax benefit. Mosaic’s net sales in the fourth quarter of 2014 were $2.4 billion, up from $2.2 billion last year. Operating earnings during the quarter were $365 million, up from $179 million a year ago, driven by higher prices in the Phosphates segment, and higher sales volumes combined with lower operating costs in the Potash segment.

For the twelve months ended December 31, 2014, net income was $1.0 billion, or $2.68 per diluted share, compared to $1.1 billion, or $2.49 per diluted share in 2013. Net sales were $9.1 billion, up from $9.0 billion a year ago. Full-year operating earnings were $1.3 billion, flat with last year, as higher sales volumes for both phosphates and potash, combined with lower potash operating costs, were offset by lower realized potash prices. Full-year selling, general and administrative (SG&A) expenses were $382 million, including charges related to acquisitions and cost savings initiatives of $29 million, compared to $394 million in 2013. Net cash provided by operating activities was $2.3 billion and capital expenditures plus investments in Wa’ad Al Shamal Phosphate Company were $1.1 billion.

Jim Prokopanko, president and CEO of Mosaic, commented:

While we expected strong fourth-quarter results, demand exceeded our expectations as customers came to the market in force, seeking to replenish empty inventories ahead of an expected strong spring application season in North America. 2014 was a year of transformation for Mosaic. We grew and rebalanced our business portfolio, optimized our balance sheet, and worked to assure Mosaic remains a low-cost producer.

Click here to read the full The Mosaic Company (NYSE:MOS) press release.