TAMPA - The Mosaic Company (NYSE:MOS) reported third quarter earnings that fell short of analyst expectations, sending shares down 1.7% in premarket trading.
The fertilizer producer posted adjusted earnings per share of $0.34, missing the consensus estimate of $0.52. Revenue came in at $2.81 billion, below analysts' projections of $3.2 billion and down 21% YoY.
Mosaic attributed the weaker results to lower selling prices and sales volumes across its segments. The company's phosphate operations were impacted by recent hurricanes, while potash production faced electrical issues at two facilities.
"The resilience we have developed over many years enabled us to recover quickly from the recent weather events and other operations interruptions that impacted our third quarter performance," said President and CEO Bruce Bodine.
Net income for the quarter totaled $122 million, or $0.38 per diluted share, compared to a net loss of $4 million in the year-ago period. Adjusted EBITDA was $448 million, down from $594 million last year.
The company's potash segment saw operating earnings fall to $109 million from $200 million a year earlier. Phosphate operating earnings improved to $8 million versus a loss of $58 million in Q3 2023.
Mosaic said its phosphate production has now returned to full operating capacity after the hurricane impacts. The company expects fourth quarter potash sales volumes of 2.2-2.4 million tonnes and phosphate sales of 1.6-1.8 million tonnes.
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