Fertilizer Maker Mosaic Inventory Tumbles as Hurricanes Affect Outcomes

The Mosaic Firm (MOS) was the largest decliner within the S&P 500 Tuesday afternoon, with shares tumbling greater than 8%, after the fertilizer maker missed third-quarter revenue and income estimates as its operations had been impacted by latest hurricanes. It additionally introduced the retirement of its finance chief.

Mosaic reported earnings per share (EPS) of $0.38, with income plunging 21% year-over-year to $2.81 billion. Analysts polled by Seen Alpha had been in search of $0.50 and $3.09 billion, respectively.

Potash gross sales tumbled 27% to $526 million, as volumes declined to 2.0 million tonnes from 2.2 million tonnes. Phosphate gross sales had been flat at $1.0 billion, however volumes slipped to 1.5 million tonnes from 1.7 million tonnes. Mosaic Fertilizantes gross sales had been down 18% to $1.4 billion, as volumes fell to 2.9 million tonnes from 3.1 million tonnes.

Chief Government Officer (CEO) Bruce Bodine stated the corporate recovered “shortly from the latest climate occasions and different operations interruptions that impacted our third-quarter efficiency.”

Mosaic CFO Retiring at Finish of 12 months

Mosaic stated Chief Monetary Officer (CFO) Clint Freeland can be retiring on the finish of the 12 months and changed by Luciano Siani Pires, the previous CFO at Brazilian miner Vale.

Mosaic’s shares have misplaced greater than 1 / 4 of their worth this 12 months.