Fertilizer maker Mosaic tops profit views on higher sales volumes

By Times Of India on 02 Aug 2017 | read

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Aug 1 (Reuters) - U.S. fertilizer company Mosaic Co on Tuesday reported a quarterly profit that topped analysts' expectations as it sold higher volumes of phosphate and potash, helping offset lower prices.

Fertilizer prices have rebounded modestly since last year, but still remain low amid pressure from bloated global capacity.

Mosaic sold 2.6 million tonnes of diammonium phosphate in the quarter ended June 30 at an average price of $336 per tonne, down from $343 per tonne a year earlier. Sales, however, rose 8.3 percent.

The company sold 2.2 million tonnes of potash, up 10 percent from a year earlier.

Mosaic reported net earnings of $97.3 million, or 28 cents per share, compared with a net loss of $10.2 million, or 3 cents per share, a year earlier. The year-ago quarter included a charge of $69 million related to cost-cutting measures.

Excluding one-time items, Mosaic earned 29 cents per share, beating analysts' average expectation of 23 cents, according to Thomson Reuters I/B/E/S.

Revenue rose to $1.75 billion from $1.67 billion, Mosaic, the world's largest producer of finished phosphate products, said. (Reporting by Ahmed Farhatha in Bengaluru and Rod Nickel in Winnipeg, Manitoba; Editing by Sai Sachin Ravikumar)