Mosaic Q2 Results
The Mosaic Company, the largely Cargill-owned fertiliser manufacturer, announced Tuesday net earnings of $959.8 million, or $2.15 per diluted share, for the second quarter ended November 30, 2008. These results compare with net earnings of $394.0 million, or $0.89 per share, for the second quarter ended November 30, 2007. The Company says it maintains a strong financial position, with cash and cash equivalents of $2.8 billion as of November 30, 2008.
KEY FACTORS
-- Operating earnings were $682.0 million, or 22.7% of net sales, up from $529.6 million, or 24.1% of net sales last year
-- Potash operating earnings more than tripled to $547.5 million
-- The average diammonium phosphate (DAP) selling price was $1,083 per tonne and total phosphate sales volumes were 1.2 million tonnes
-- The average muriate of potash (MOP) selling price was $529 per tonne and total potash sales volumes were 1.7 million tonnes
-- An inventory valuation write-down of $293.5 million, or $0.41 per share, was recorded
-- Mosaic recorded a gain on the sale of its interest in Saskferco of
$673.4 million, or $1.03 per share
-- The Company expects to reduce phosphate and potash production significantly during the remainder of fiscal 2009
-- Results are expected to be weak at least through the fiscal third quarter
KEY FACTORS
-- Operating earnings were $682.0 million, or 22.7% of net sales, up from $529.6 million, or 24.1% of net sales last year
-- Potash operating earnings more than tripled to $547.5 million
-- The average diammonium phosphate (DAP) selling price was $1,083 per tonne and total phosphate sales volumes were 1.2 million tonnes
-- The average muriate of potash (MOP) selling price was $529 per tonne and total potash sales volumes were 1.7 million tonnes
-- An inventory valuation write-down of $293.5 million, or $0.41 per share, was recorded
-- Mosaic recorded a gain on the sale of its interest in Saskferco of
$673.4 million, or $1.03 per share
-- The Company expects to reduce phosphate and potash production significantly during the remainder of fiscal 2009
-- Results are expected to be weak at least through the fiscal third quarter