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Mosaic Jumps as Quarterly Earnings Beat Estimates

Published 2020-08-04, 10:48 a/m
Updated 2020-08-04, 10:49 a/m
© Reuters.

© Reuters.

By Christiana Sciaudone

Investing.com --  Mosaic jumped 13% after reporting better-than-expected second quarter earnings. 

Earnings per share of 11 cents on revenue of $2.04 billion for the quarter compares to an expected loss per share of 1 cent on revenue of $1.84 billion.     

The company reported net sales of $2 billion, and finished goods sales volume increased 16% over the prior year period.  

Shares have doubled since hitting a 2020 low in March, but the stock is still down almost 30% from the start of the year.  

"Mosaic's results this quarter reflect the accelerated pace of our cost structure transformation, excellent execution throughout our production and supply chain functions, and strengthening markets," said Joc O'Rourke, president and chief executive officer. "We expect significant further cost progress in the years ahead."

Mosaic has nine buy ratings, five holds and no sells, according to analysts tracked by Investing.com.

In June, Mosaic said it was filing petitions with the U.S. government to investigate whether phosphate fertilizer producers in Morocco and Russia were receiving unfair subsidies. The Department of Commerce initiated the investigation last month. 

 

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