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

10:47 AM MDT | October 3, 2012 | Lindsay Frost

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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