Mosaic Profit Misses Estimates Amid ‘Soft’ Chinese Demand |
| Bloomberg - Oct 2, 2012 |
Mosaic Co. (MOS), the largest U.S. fertilizer producer, reported fiscal first-quarter profit and revenue that missed analysts’ estimates amid “soft” potash demand in China and India while adverse weather curbed phosphate shipments.
Net income fell 18 percent to $429.4 million, or $1.01 a share, in the three months to Aug. 31, from $526 million, or $1.17, a year earlier, Plymouth, Minnesota-based Mosaic said today in a statement. That trailed the $1.15 average of nine estimates compiled by Bloomberg. Sales slid 19 percent to $2.51 billion, less than the $2.69 billion average of 14 estimates.
“We saw soft demand in India and China, and in response, we slowed production” of potash, Chief Executive Officer Jim Prokopanko said in the statement. Phosphate production “was impacted by longer annual maintenance shutdowns and challenges posed by hurricanes.”
Read Full Article from Bloomberg
- Posted: 2012-10-02 16:12:11
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