Mosaic reports earnings drop on lower volumes

Mosaic reported first-quarter earnings of $429 million, down 15% from the year-earlier period. Adjusted earnings hit $1.01/share, down 13% and falling short of analyst estimates of $1.15/share, according to Thomson Reuters (New York). Sales for the first quarter, which ended 31 August, fell 19% because of lower phosphate volumes and prices, the company says. “The phosphate market continues to be tight, with low producer inventories and supply uncertainties. During the quarter, our production was impacted by longer annual maintenance shut-downs and challenges...

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