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Mosaic Posts Loss In Q4; Expects Strong Global Fertilizer Demand In 2020

Mosaic Co. (MOS) reported fourth quarter net loss of $921 million and adjusted EBITDA of $202 million, inclusive of $1.1 billion of previously announced noncash charges. Loss per share was $2.43 and adjusted net loss per share was $0.29 for the quarter.

For the prior year, the company reported net income of $112.3 million or $0.29 per share.

Quarterly net sales were $2.1 billion, compared to $2.5 billion last year, driven by lower sales volumes and lower phosphate prices.

Net sales in the Potash segment totaled $395 million for the quarter, down from $592 million last year, driven by lower volumes partially offset by higher prices.

Analysts polled by Thomson Reuters expected the company to report loss of $0.05 per share and revenues of $1.93 billion for the fourth-quarter. Analysts' estimates typically exclude special items.

Looking ahead, the company expects strong global fertilizer demand in 2020. The company specified that China is expected to be a key swing factor for phosphate market fundamentals in 2020.

In potash, production curtailments that began in the second half of 2019 are bringing the market into balance in 2020.

The company expects strong demand in the Northern Hemisphere for spring, followed by the typical surge in activity in the Southern Hemisphere in the third quarter.

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