Fertilizer Maker Mosaic Stock Tumbles as Hurricanes Impact Results
Key Takeaways
- The Mosaic Company missed third-quarter profit and revenue estimates as its operations were impacted by recent hurricanes.
- Volumes at its potash, phosphate, and Mosaic Fertilizantes segments all fell.
- The fertilizer maker said CFO Clint Freeland would retire at the end of the year.
The Mosaic Company (MOS) was the biggest decliner in the S&P 500 Tuesday afternoon, with shares tumbling more than 8%, after the fertilizer maker missed third-quarter profit and revenue estimates as its operations were impacted by recent hurricanes. It also announced the retirement of its finance chief.
Mosaic reported earnings per share (EPS) of $0.38, with revenue plunging 21% year-over-year to $2.81 billion. Analysts polled by Visible Alpha were looking for $0.50 and $3.09 billion, respectively.
Potash sales tumbled 27% to $526 million, as volumes declined to 2.0 million tonnes from 2.2 million tonnes. Phosphate sales were flat at $1.0 billion, but volumes slipped to 1.5 million tonnes from 1.7 million tonnes. Mosaic Fertilizantes sales were down 18% to $1.4 billion, as volumes fell to 2.9 million tonnes from 3.1 million tonnes.
Chief Executive Officer (CEO) Bruce Bodine said the company recovered "quickly from the recent weather events and other operations interruptions that impacted our third-quarter performance."
Mosaic CFO Retiring at End of Year
Mosaic said Chief Financial Officer (CFO) Clint Freeland would be retiring at the end of the year and replaced by Luciano Siani Pires, the former CFO at Brazilian miner Vale.
Mosaic's shares have lost more than a quarter of their value this year.
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