English 
搜索
Hebei Lansheng Biotech Co., Ltd. ShangHai Yuelian Biotech Co., Ltd.

Mosaic sees sliding fertilizer sales and cost-cutting boosts profitqrcode

Nov. 4, 2015

Favorites Print
Forward
Nov. 4, 2015

The Mosaic Company
United States  United States
Follow

Mosaic sees sliding fertilizer sales and cost-cutting boosts profit

Fertilizer sales of Mosaic look to slide through the rest of the year, U.S. producer Mosaic Co. , as greater shipments into key markets by rivals in Belarus and China boost competition.
 
The world’s largest producer of finished phosphate products reported a bigger-than-expected quarterly profit, helped by cost-cutting. Fertilizer prices have fallen as the strong U.S. dollar makes phosphate and potash more expensive in export markets such as Brazil and India.
 
At the same time, Chinese companies have boosted phosphate exports to India while Belarus state-owned fertilizer company Belaruskali earlier this year shipped a “disrupting” amount of potash into Mosaic’s U.S. backyard, chief executive Joc O’Rourke said in an interview.
 
Mosaic said its sales of phosphate and potash dipped in the third quarter and look lower for the current fourth quarter. But globally, Mosaic predicts record-high phosphate shipments this year and next, and potash sales by all sellers combined to finish 2015 with the second-highest total ever.
 
Mosaic, North America’s second-biggest potash producer, has curbed its Canadian potash production twice in the past two months.
 
Cost-cutting, share buybacks and a lower effective tax rate lifted Mosaic’s adjusted earnings per share, chief financial officer Rich Mack said.
 
The company is carrying out a five-year plan, announced in 2013, to cut $500 million in operating costs, including about 550 jobs.
 
Net earnings dropped nearly 21 percent to $160 million, or 45 cents per share, hurt by lower sales of phosphates and potash and a strong dollar.
 
Mosaic’s net phosphates sales fell to $1 billion in the quarter from $1.1 billion a year earlier, while potash net sales dropped to $492 million from $593 million.
 
The Plymouth, Minnesota-based company’s net sales fell 6.5 percent to $2.11 billion in the third quarter, below analysts’ estimate of $2.33 billion.
 
Mosaic stock rose 3.6 percent in New York to $35.73. Up to Monday’s close, Mosaic’s shares had lost more than 21 percent in the past 12 months.
Source: Reuters

0/1200

More from AgroNewsChange

Hot Topic More

I wanna post a press Comment

Subscribe 

Subscribe Email: *
Name:
Mobile Number:  

Comment  

0/1200

 

NEWSLETTER

Subscribe AgroNews Daily Alert to send news related to your mailbox