05 November 2013 12:54 [Source: ICIS news]
LONDON (ICIS)--Mosaic’s third-quarter net earnings fell steeply to $124m (€92m) compared with $417m for the same period a year ago, as sales fell 28% year on year, the US-based phosphate and potash fertilizers producer said on Tuesday.
The company added that third-quarter results included a $142m negative impact of notable items, largely non-cash, primarily as a result of strategic decisions to divest assets or operations.
Mosaic's net sales in the third quarter were $1.91bn, down from $2.65bn for the same period last year, primarily driven by lower prices and lower North American sales volumes, it added.
"Lower potash and phosphate prices, a late North American fall application season and cautious dealer behaviour led to this quarter's weaker results," said Jim Prokopanko, president and CEO of Mosaic.
"We believe the current challenges in the environment in which we operate, for both phosphate and potash, are cyclical in nature and provide Mosaic opportunities to deploy capital, including shareholder distributions. The long-term outlook for Mosaic remains compelling."
Third-quarter operating earnings plummeted to $144m from $644m in the same period in 2012. Mosaic said operating earnings included $123m in losses from a write-down of assets.
($1 = €0.74)
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