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Mosaic earnings slump on weak potash, phosphates market

1:39 PM MST | February 11, 2014 | Lindsay Frost

Mosaic today reported weak results in the fourth quarter since market conditions for potash and phosphates suffered. Net earnings of $129 million dropped 80% year-on-year (YOY). Earnings of 30 cts/share fell below analyst estimates of 44 cts/share, according to Thomson Reuters. Sales fell 8%, to $2.2 billion. The company also announced its board of directors have authorized a $1-billion share repurchase program. "While our results for the fourth quarter reflect the low market prices for potash and phosphates, current market conditions are improving,"...

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