04 April 2008 15:59 [Source: ICIS news]
TORONTO (ICIS news)--Mosaic posted a record fiscal third-quarter operating profit of $647m (€414m), up from $34m from a year ago on strong demand and high prices for its phosphate and potash fertilizers, the US-based producer said on Friday.
Sales for the three months ended 29 February were up 68%, at $2.1bn, and net income was $521m, up from $42m the year before.
Net sales in Mosaic’s phosphate segment were $1.3bn, up 82% from a year ago, and potash sales were $547m, up 60%.
"We are delivering record results by effectively executing against the backdrop of an exceptional agricultural environment," said CEO Jim Prokopanko.
The outlook for Mosaic's core phosphate and potash businesses looked extraordinary despite the recent turbulence in commodity markets, it said.
"We are bullish on the fundamental drivers of our sector and see this momentum continuing," said Prokopanko.
"With our phosphates and potash businesses and international footprint, we are well positioned to serve our customers and meet the growing demand for crop nutrients globally."
Mosaic's share price soared 9.4% to $114.38/share in early trading in New York.
($1 = €0.64)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|