Mosaic First-Quarter Profit Trails Analyst Estimates as Potash Prices Fall

Mosaic Co., North America’s second- largest fertilizer producer, reported first-quarter profit that trailed analysts’ estimates after long-term phosphate supply contracts didn’t fully capitalize on price gains.

Earnings per share in the three months through August were 67 cents, trailing the 71-cent average estimate of 18 analysts surveyed by Bloomberg. Net income rose to $297.7 million from $100.6 million, or 23 cents a share, a year earlier, Plymouth, Minnesota-based Mosaic said today in a statement. Sales increased 50 percent to $2.19 billion.

Chief Executive Officer James Prokopanko said earnings missed estimates because long-term supply contracts for phosphate fertilizer limited the company’s ability to fully capture rising prices during the quarter.

Read Full Article from Bloomberg

- Posted: 2010-10-04 20:42:15

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