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Mosaic’s Q3 Net Earnings Down 70 Percent
Reuters reported that in the third quarter of this year, Mosaic Co. (NYSE:MOS) recorded net earnings of $124 million, or 29 cents per share, down 70 percent from the $417 million, or 98 cents per share, it brought in during the year-ago period. Shares of the company fell 1 percent, to $46.24, in late-morning New York trade.
Reuters reported that in the third quarter of this year, Mosaic Co. (NYSE:MOS) recorded net earnings of $124 million, or 29 cents per share, down 70 percent from the $417 million, or 98 cents per share, it brought in during the year-ago period. Shares of the company fell 1 percent, to $46.24, in late-morning New York trade.
As quoted in the market news:
Net sales were down 27 percent to $1.9 billion. Analysts’ average forecast was $1.970 billion.
Mosaic’s adjusted earnings per share were 51 cents, below analysts’ average forecast of 55 cents, according to Thomson Reuters I/B/E/S.
Mosaic sold 1.38 million metric tons of potash in the third quarter, below its guidance of 1.45 million to 1.65 million metric tons and down from 1.8 million metric tons a year earlier. Its average selling price for muriate of potash was $342 per metric ton, topping guidance of $330 to $340 but down 24.5 percent year over year.
The company sold 2.7 million metric tons of phosphate, hitting the top end of its guidance range of 2.6 million to 2.7 million metric tons, but down from the year-ago level of 2.9 million metric tons. Mosaic’s average selling price for diammonium phosphate was $436 per metric ton, within the guidance range of $430 to $440 but down sharply from $533 per metric ton a year ago.
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