Mosaic (MOS): Net potash sales off 27% Y/Y. Gross margins on potash 49% vs. 54%. Phosphate sales +13% Y/Y, gross margins 16% vs. 31%, reflecting higher raw material costs. FQ4 potash sales expected 1.7-2.2M tons (FQ3=1.1M), phosphate sales 2.3-2.7M tons (FQ3=2.6M). Annual dividend is increased 150% to $0.50/share. Shares -2.5% AH.
Mosaic (MOS) shares fell about 2.5% after hours as the fertilizer company missed analysts’ third quarter earnings expectations.
Mosaic posted 64 cents of EPS, 10 cents below expectations. Revenue fell 1.1% year-over-year to $2.19 billion, versus expectations for $2.14 billion.
“We are continuing to make significant strategic progress for long-term success even as we work through seasonal and cyclical market factors, and we feel very good about our business momentum,” said CEO Jim Prokopanko in a statement.
Potash results were hurt because of reticence by buyers. Net potash sales fell 27% year over year.
Mosaic posted 64 cents of EPS, 10 cents below expectations. Revenue fell 1.1% year-over-year to $2.19 billion, versus expectations for $2.14 billion.
“We are continuing to make significant strategic progress for long-term success even as we work through seasonal and cyclical market factors, and we feel very good about our business momentum,” said CEO Jim Prokopanko in a statement.
Potash results were hurt because of reticence by buyers. Net potash sales fell 27% year over year.
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