Mosaic Q4 Profit Plunges, Announces $1 Bln Buyback

(RTTNews) - Fertilizer giant Mosaic Co. (MOS) said fourth-quarter profit plunged from the previous year, as sales declined, amid lower realized prices.

Net earnings attributable to the company plunged to $128.9 million from $615.7 million a year ago. Earnings per share declined to $0.30 from $1.44 last year. Items hurt earnings per share by $0.06.

Operating earnings declined to $179 million from $463 million a year ago, as record phosphate and strong potash sales volumes were more than offset by lower realized prices.

Mosaic's net sales fell to $2.182 billion from $2.368 billion last year.

Mosaic also said its Board of Directors authorized a $1 billion share repurchase program, allowing the company to repurchase Class A or common shares, through direct buybacks or in open market transactions.

This authorization is in addition to the previously disclosed agreement to repurchase 43.3 million Class A shares in the first seven months of 2014.