Mosaic Reports Record Third Quarter Results
Quarterly Net Earnings Increased Twelve-Fold to $520.8 million; Diluted EPS Surged to $1.17
HIGHLIGHTS
Mosaic reported record results, including net earnings of $520.8 million, or $1.17 per diluted share ('per share'), for the third quarter ended February 29, 2008, an increase of $478.6 million compared to the same period a year ago. Third quarter results included the following:
Operating earnings of $647.4 million, or 30.2% of net sales, up substantially from 2.7% of net sales last year.
Cash flow from operations was $528.0 million compared to $154.0 million last year.
An average diammonium phosphate (DAP) price of $487 per tonne, a $241 per tonne increase compared with a year ago and a $70 per tonne increase compared with the second quarter of fiscal 2008.
- An average muriate of potash (MOP) selling price of $221 per tonne, up $77 per tonne from a year ago and a $47 per tonne increase from the second quarter of fiscal 2008.
Unrealized mark-to-market derivatives gains benefiting gross margin by $40.0 million, or $0.06 per share, compared to unrealized losses of $5.8 million a year ago.
A tax benefit of $40.1 million, or $0.09 per share, relating to certain tax matters specific to the third quarter of fiscal 2008.
A $24.6 million gain, or $0.03 per share, from the sale of a remaining minority interest in a non-core business included in other non-operating income.
52 weeks low for Mosaic stock...$27.81.........today... $ 123.90
