NEW YORK, NY / ACCESSWIRE / November 1, 2017 / The Mosaic Company and Archer-Daniels-Midland Company reported their third quarter financial results on Tuesday. Archer's results didn't fare so well with the Street, sending shares down nearly 5%. Shares of the Mosaic company sailed higher after beating estimates, however.
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The Mosaic Company
The Mosaic Company shares closed up 7.15% on Tuesday with nearly 12 million shares traded. The stock was one of the biggest gainers in Tuesday trading on the NYSE. The stock moved higher after the company released a third-quarter report that topped estimates. The fertilizer company reported net earnings of $227 million, or 65 cents per share. This is compared to $39.2 million, or 11 cents per share, a year earlier. Excluding items, EPS of 43 cents came in significantly higher than the 18 cents that analysts had been waiting for. The company also cut its dividend by 83%. "We are taking actions to make this company as competitive as it can be in any business environment," remarked Chief Executive Joc O'Rourke. The company has projected that sales for phosphates in the fourth quarter will range from 2.3 million to 2.6 million tonnes. It was at 2.5 million tonnes last year.
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Archer-Daniels-Midland Company shares closed down 4.53% on staggering volume of nearly 9 million shares traded. The company reported disappointing third-quarter results that shocked many traders. It was a negative earnings surprise for the third quarter. Archer reported adjusted earnings of 45 cents per share while analysts had been expecting 55 cents. It was also a drag of 23.7% compared to the 59 cents it saw in the year-ago quarter. Net sales of $14,827 million also missed estimates as analysts had waited for $15,629 million. It was also a decrease of 6.3% year-over-year. CEO Juan Luciano said the results "were below our expectations." He also said that the company is moving towards "lower capital spending and increasing benefits from these investments".
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