The Mosaic Company reported earnings of $2.42 per share in third-quarter 2022, compared to 97 cents per share in the year-ago quarter. The company’s adjusted earnings came in at $3.22 per share, below Zacks Consensus Estimate of $3.52 (as reported by Zacks.com).
Net sales climbed +56% year over year to $5,348.5 million, missing the Zacks Consensus Estimate of $6,010.1.
The Potash division generated net sales of $1.4 billion in the quarter, up around +137% year-over-year, on the back of higher prices and volumes. Phosphate segment’s net sales increased around +23% year over year to $1.6 billion, on higher prices. Revenue from the Mosaic Fertilizantes segment climbed +44% year over year to around $2.6 billion in the quarter, driven by a price rise.
The Mosaic Company indicated that it is anticipating persistently tight grain and oilseed markets through the balance of 2022 and into 2023, with the war in Ukraine coupled with challenging growing conditions in regions such as the Americas, Europe and China having dampened global agricultural production. The company expects total capital expenditures of $1.3 billion for full-year 2022, and selling, general and administrative expenses in the range of $460-$490 million.