Fertilizer firm the Mosaic Co. (MOS) Thursday reported a higher profit in its traditionally slow third quarter, as net sales grew driven by volume growth in potash segment. However, a 37 percent rise in sales in the Potash segment was partially offset by lower prices.
Looking ahead, Jim Prokopanko, president and chief executive officer, said, "As we emerge from the traditionally slow third fiscal quarter, we are seeing strong demand and improving sentiment in most of our geographies."
In the third quarter, earnings attributable to the company increased to $344.6 million or $0.81 per share from $273.3 million or $0.64 per share in the prior-year quarter. The company said its recent quarter results included $44 million or $0.07 per share negative impact from items.
The third quarter also recorded a foreign currency transaction gain totaling $32.3 million, compared to a loss of $44 million a year earlier.
Net sales for the quarter grew to $2.24 billion from $2.19 billion last year. On average, 5 analysts polled by Thomson Reuters expected revenues of $2.54 billion.
Net sales in the Potash segment climbed 37 percent to $758 million, helped by significantly higher volumes, partially offset by lower prices. The segment's total sales volumes were 1.8 million tonnes, higher than 1.1 million tonnes in the preceding year.
In the Phosphates segment, net sales declined 9 percent to $1.5 billion, reflecting mainly lower prices of finished product. Sales volumes were 2.6 million tonnes, flat with last year.
The company's gross margin was 25 percent of net sales, compared to 24 percent of net sales a year ago, mainly driven by higher potash volumes and lower phosphate raw material costs.
"Economic and demographic trends are extremely promising for Mosaic, and the Company's long-term prospects are excellent," Prokopanko said.
For the fourth quarter, the company expects total sales volumes for the Potash segment to be in the range of 2.3 to 2.6 million tonnes. Total sales volumes for the Phosphates segment are expected to range from 2.6 to 2.9 million tonnes.
MOS closed Wednesday's regular trading at $58.68 on the NYSE. In the pre-market activity, the shares are up 1.26 percent.
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