Mosaic Company Reports Net Earnings of $345 Million for Q3

The Mosaic Company (NYSE:MOS) announced financial results for Q3, including net earnings of $345 million, an increase of $72 million from a year ago.

As quoted in the press release:

Quarterly Business Highlights

• Subsequent to quarter end, the Company entered into an agreement to participate in the Ma’aden Phase II phosphate project with an investment of both capital and technical expertise.
• The Potash expansion program continues to be on time and on budget with capital spending of $77 million in the quarter. Of the approximately $1 billion remaining board approved expansion program, over 80% is related to Esterhazy K3:
• Shaft sinking is well underway at the Esterhazy K3 site.
• The Colonsay underground expansion will be operational during the second half of calendar 2013

Mosaic’s President and CEO, Jim Prokopanko, said:

Global farm economics remain compelling, with continuing attractive commodity prices and low costs for critical crop inputs. Economic and demographic trends are extremely promising for Mosaic, and the Company’s long-term prospects are excellent.

To view the whole press release, click here.