CORRECTED-Mosaic misses quarterly Wall Street estimates on weak fertilizer prices
(Corrects potash selling prices in paragraph 3)
Nov 7 (Reuters) - Fertilizer supplier Mosaic Co missed Wall Street estimates for quarterly profit on Tuesday, as a fall in fertilizer prices dented its margins.
Fertilizer prices continued their decline during the quarter, pressured by higher supplies as exports from top suppliers Belarus and Russia resumed.
Its selling price for Potash in the quarter fell to $266 from $666 per tonne a year earlier, when it soared following export restrictions on Russia and Belarus. Potash sales volumes remained flat sequentially.
Phosphate prices fell about 40% and production was down 4% compared to last year due to disruptions caused by Hurricane Idalia in Florida and an outage in Louisiana.
It also reported a net loss of $4.2 million for the third quarter compared with a profit of $842 million a year earlier.
"Across most major growing regions around the world, inventories of potash and phosphates have been depleted and will need to be replenished in 2024," the company said in a statement.
On an adjusted basis, the top U.S. phosphate maker reported earnings of 68 cents per share during the quarter ended Sept. 30, compared to analysts' average estimate of 75 cents per share, according to LSEG data. (Reporting by Sourasis Bose in Bengaluru; Editing by Krishna Chandra Eluri)
