Mosaic Q3 Profit Plunges Amid Lower Prices - Quick Facts

(RTTNews) - Agricultural nutrients maker The Mosaic Co. (MOS) Tuesday reported third-quarter net earnings that plunged to $124.4 million from $417.4 million for the same period a year ago. Earnings per share dropped to $0.29 from $0.98 for the same period last year.

The latest results included a $142 million or $0.22 per share negative impact of notable items, primarily as a result of strategic decisions to divest assets or operations.

Operating earnings fell to $144 million, including $123 million in losses from write-down of assets, from $644 million for the same period a year ago.

Mosaic's net sales in the quarter fell to $1.91 billion from $2.65 billion for the same period last year, primarily driven by lower prices and lower North American sales volumes.

Jim Prokopanko, President and Chief Executive Officer of Mosaic, said, "Lower potash and phosphate prices, a late North American fall application season and cautious dealer behavior led to this quarter's weaker results."

The company expects pricing to remain challenging into 2014, followed by a cyclical reversion, as demand growth absorbs the additional supply of phosphate and potash.