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Mosaic Misses Earnings Estimates; Shares Plunge 40%

12:35 PM MDT | October 3, 2008 | Chemical Week Editorial Staff

Prokopanko: Strong long-term ag outlook. Mosaic reported net earnings of $1.2 billion ($2.65/share) for its fiscal first quarter ended August 31, nearly quadruple its results in the year-ago period. Excluding certain derivative losses, earnings were $2.83/share, below First Call (Boston) analysts’ consensus estimates of $2.94/share. Sales doubled, to $4.3 billion. Mosaic’s share price plunged more than 40% on October 2, after the earnings announcement as fears over weak demand for commodities and the worsening credit crunch spooked investors, analysts...

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