Investing.com --The Mosaic Company (MOS) reported sizable gains in adjusted income and revenue as the fertilizer maker said third quarter sales rose 56%, though results fell short of analyst expectations.
Shares of the company were little changed in the after market.
Adjusted net income was $3.22 a share, which compares to the $3.44 expected by analysts. Net income was $842 million for the quarter. Mosaic’s revenue of $5.3 billion compared to expectations for $5.88 billion.
The company said it has delivered record sales in the first nine months of this year and expects “favorable fundamentals” heading into the end of the year and into 2023.
The gross margin rate in the third quarter was 28%, up from 25% in the same quarter last year.
Costs rose to $125 million from $98 million one year ago as the company continues to undergo a transformation effort.
Mosaic expects to complete its goal of cutting long-term debt by $1 billion with the retirement of $550 million later this month.