Mosaic posts record Q3 op profit on agro boom

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)

By: Stefan Baumgarten
+1 713 525 2653

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