Mosaic profit jumps 77% on higher fertilizer demand |
| MarketWatch - Sep 29, 2011 |
Mosaic Co.'s /quotes/zigman/5141919/quotes/nls/mos MOS -3.86% fiscal first-quarter profit jumped 77% on rising prices and volumes for phosphates and potash, with demand for crop nutrients expected to remain strong as global grain and oilseed stocks need to be replenished.
The fertilizer producer has reported strong results for several quarters, helped by growing worldwide demand for food, which has mostly widened its margins as higher selling prices have outpaced a jump in input costs. Mosaic last week said the industry's fundamental outlook remains strong thanks to tight supplies of grain and oilseeds, as well as high commodities prices and farm incomes.
For the quarter ended Aug. 31, Mosaic reported a profit of $526 million, or $1.17 a share, up from $297.7 million, or 67 cents a share, a year earlier. Net sales climbed 41%, to $3.08 billion.
Last week, the company offered a rosy preliminary outlook for the quarter, at the time estimating earnings of $1.17 a share on revenue of $3.1 billion.
Read Full Article from MarketWatch
- Posted: 2011-09-29 11:53:36
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