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.