Mosaic (NYSE: MOS) reported second-quarter earnings of 12 cents per share, which missed the analyst consensus estimate of 29 cents by 58.62%. This is a 70% decrease over earnings of 40 cents per share from the same period last year.
The company reported quarterly sales of $2.18 billion, which missed the analyst consensus estimate of $2.34 billion by 6.84%. This is a 1.13% decrease over sales of $2.205 billion the same period last year.
"We've experienced a North American spring season that was wetter and later than any in recorded history," said Mosaic CEO Joc O'Rourke. "While our Potash and Mosaic Fertilizantes businesses continued to perform well, weakness in the phosphates market negatively impacted second quarter results. Moving forward, strong price increases in grains together with depleted soil nutrients in North America are expected to drive fertilizer applications significantly higher this fall.”
Mosaic shares were trading down 5.1% at $22.39 in Tuesday’s pre-market session. The stock has a 52-week high of $37.37 and a 52-week low of $20.81.
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