Mosaic reports drop in earnings due to low phosphate volumes and hurricane effects

Mosaic earnings for the quarter ended 31 August fell due to lower phosphate volumes and prices, the company says. Net earnings were reported as $429 million, down 15% year-over-year. Adjusted earnings hit $1.01/share, down 13% and falling short of analyst estimates of $1.15/share, according to Thompson Reuters (New York). Sales also dropped 19% year-over-year, to $2.5 billion—also due to lower phosphate volumes and prices, the company says. "The phosphate market continues to be tight, with low producer inventories and supply uncertainties. During the...

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