January 7, 2013

 

Mosaic sees increased earnings in second quarter of fiscal 2013
 

 

 

Net earnings, during the second quarter of fiscal 2013, for the Mosaic Company are at US$629 million, compared to US$624 million a year ago.


Earnings per diluted share were US$1.47 in the quarter compared to US$1.40 last year. The current year quarter included a US$179 million, or US$0.42 per share, benefit from a decrease in the amount of unrecognised tax benefits reported on the balance sheet. Operating earnings during the quarter were US$560 million, down from US$797 million a year ago.


The over-year decline in operating earnings was primarily driven by lower phosphate volumes and margins.

 

Mosaic's net sales in the second quarter of fiscal 2013 were US$2.5 billion, down from US$3.0 billion last year, driven by lower phosphate and potash volumes and lower phosphate prices.


Mosaic's gross margin for the second quarter of fiscal 2013 was US$676 million, or 27% of net sales, compared to US$881 million. Second quarter operating earnings were US$560 million, a decrease of 30% compared to US$797 million a year ago.


Cash flow provided by operating activities in the second quarter of fiscal 2013 was US$322 million compared to US$518 million in the prior year. Capital expenditures totalled US$394 million in the quarter. Mosaic's total cash and cash equivalents were US$3.4 billion and long-term debt was US$1.0 billion as of November 30, 2012.

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