Mosaic Q2 Profit Declines - Quick Facts

(RTTNews) - Fertilizer giant Mosaic Co. (MOS) Thursday said second-quarter net earnings attributable to the company decreased to $248.4 million from $430 million a year ago. Earnings per share were $0.64 compared to $1.01 last year. Items hurt latest earnings by $45 million, or $0.06 per share.

Operating earnings fell to $403 million from $526 million, as higher phosphate volumes were more than offset by significantly lower realized potash prices.

Mosaic's net sales fell to $2.44 billion from $2.62 billion last year.

The company also said Jim Prokopanko would return from a previously announced medical leave and resume his duties as President and Chief Executive Officer on August 4.

Stranghoener, who has announced his intention to retire at the end of 2014, will serve as Executive Vice President—Strategy and Business Development.

Looking ahead, Stranghoener said, "We are optimistic about the remainder of 2014 for both of our business units. In the third quarter, we expect strong demand for phosphates and potash, which is expected to drive stable phosphate margins and higher potash prices."