Mosaic Earnings Up During Past Fiscal Year

By CnAgri2012-07-19 19:06:29 Print

Mosaic Company reports that for the year ended May 31, 2012, net income reached $1.9 billion, or $4.42 per diluted share. Net sales were $11.1 billion, an increase of 12 percent from $9.9 billion reported a year ago.

Full-year operating earnings were $2.6 billion, slightly down from a year ago. Improvements in sales were driven by higher average potash and phosphate selling prices. Operating earnings reflect lower Potash sales volumes and higher phosphate raw material costs.

During the company's fourth quarter, Mosaic generated $1.2 billion in cash from operations, approximately $800 million after capital expenditures. The company began operating at the South Fort Meade mine following judicial approval of settlement terms on March 28, 2012. The mine is expected to be at full production by the end of August 2012.

Meanwhile, Mosaic set a new record for sales of the premium product MicroEssentials. The company completed new manufacturing capacity and is now able to produce 2.3 million tonnes of MicroEssentials per year.