28 March 2013 14:13 [Source: ICIS news]
HOUSTON (ICIS)--Mosaic’s fiscal 2013 third-quarter net earnings rose 26% year on year to $345m (€269m) as sales were up 2.2% to $2.24bn, the US-based fertilizer firm said on Thursday.
Mosaic's gross margin for the third quarter was $568m, or 25% of net sales, compared with $522m, or 24% of net sales, a year ago.
The margin improvement was primarily driven by higher potash volumes and lower phosphate raw material costs, Mosaic said. Operating earnings were $419m, compared with $414m in the year-earlier quarter.
Mosaic’s bottom line results for the three months ended 28 February included $32.3m in foreign currency gains while the year-earlier period included foreign currency losses of $44.0m.
"As we emerge from the traditionally slow third fiscal quarter, we are seeing strong demand and improving sentiment in most of our geographies," said CEO Jim Prokopanko.
"Global farm economics remain compelling, with continuing attractive commodity prices and low costs for critical crop inputs. Economic and demographic trends are extremely promising for Mosaic, and the company's long-term prospects are excellent," he added.
($1 = €0.78)
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