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Mosaic Reports Mixed Fourth Quarter Earnings (MOS)

Mosaic (NYSE: MOS) reported fiscal fourth quarter EPS of $1.14 versus consensus $1.15. EPS were down 10% year over year. Revenue came in at $2.69 billion versus a consensus analyst estimate of $2.54 billion.

Some highlights include:

  • Net earnings were reported as $486 million compared to $507 million one year ago.
  • Cash flow from operating activities was $855 million compared to $1.2 billion one year prior.
  • Full year net income ending May 31, 2013 was $1.9 billion or $4.42 per diluted share–unchanged from the prior year.
  • Mosaic potash expansions continue to progress on time and on budget with approximately $948 million of capital expenditures remaining under the current board approved authorization.
  • Set an all-time potash sales record during the fiscal fourth quarter, delivering 2.6 million tonnes of product.
  • Entered into a Heads of Agreement with Ma’aden and SABIC to develop integrated phosphate production facilities in Saudi Arabia.
  • Set a new MicroEssentials® sales record in the fourth quarter and in fiscal 2013. For the full year, sales grew 28 percent over the prior period.
  • Returned to full production at South Fort Meade during fiscal 2013, lowering total phosphate rock costs for the year.
  • Began to realize benefits of the potash tolling agreement reversion which took effect on January 1, 2013.
  • Increased its annual dividend 100% to $1.00 during 2013, increasing the annual payout to $427 million.

Jim Prokopanko, President and Chief Executive Officer of Mosaic, said,

“Our focus on planning and execution paid off, with Mosaic achieving record potash and strong phosphate shipments during the quarter. Mosaic delivered outstanding results despite difficult external factors such as the late and compressed North American spring planting season, and additional logistical challenges. The long-term outlook for Mosaic remains compelling, and we are executing well to capture the opportunity.”

[stock-tools exchange="NYSE" symbol="MOS" image_height="230" image_width="350"]

Disclosure: At the time of this writing, the author had no position in the company mentioned.

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