Mosaic Announces Quarterly Dividend

The Mosaic Company (NYSE:MOS) announced that its board of directors has declared a quarterly dividend of $0.275 per share of common stock. This follow the release of the company’s second quarter financial earnings, which showed net earning of $391 million.
As quoted in the press release:

The dividend will be paid on September 17, 2015, to stockholders of record as of the close of business on September 3, 2015.
The declaration and payment of any future dividends is subject to approval by Mosaic’s Board of Directors. There can be no assurance that the Company’s Board of Directors will declare future dividends.

Second quarter highlights:

• The Company’s progress against strategic priorities is positively impacting financial results. During the second quarter Mosaic delivered:
• Higher margin rates in both Potash and Phosphates, driven by:Significantly lower MOP cash production costs of $89 per tonne, including $18 per tonne of brine management expenses.
• Lower phosphate rock costs and improvements in finished phosphate conversion costs per tonne.
• Flat Selling, General and Administrative expenses with an expanded business footprint compared to last year.
• Integration of Archer Daniels Midland’s fertilizer distribution business in Brazil and Paraguay is largely completed and the Company is on track to achieve targeted benefits.
• Mosaic’s growth initiatives in Canada and Florida continue to be on time and on budget.
• The Company’s joint venture phosphate project, Wa’ad Al Shamal Phosphate Company, is projecting a capital cost of approximately $8.0 billion, or seven percent higher than initial capital estimates.
• Subsequent to the end of the second quarter, the Company completed its previously announced $500 million accelerated share repurchase program.
• Mosaic continues to maintain a strong balance sheet and generate attractive operating cash flow, ending the quarter with $2.2 billion of cash and cash equivalents on the balance sheet.

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