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UPDATE 1-Mosaic profit beats estimates on lower costs

Published 2015-11-03, 07:50 a/m
UPDATE 1-Mosaic profit beats estimates on lower costs

(Adds details, background, shares)
Nov 3 (Reuters) - U.S. fertilizer company Mosaic Co
reported a better-than-expected quarterly profit, helped by
lower costs and a smaller tax bill.
Excluding one-time items, Mosaic earned 62 cents per share
in the third quarter ended Sept. 30, above the average analyst
estimate of 53 cents, according to Thomson Reuters I/B/E/S.
"Cost reduction efforts...in combination with our share
repurchases and a lower effective tax rate, drove an improvement
in adjusted earnings per share," Chief Financial Officer Rich
Mack said in a statement.
The company said selling, general and administrative
expenses in the quarter were the lowest in the past six years
despite an expanded business footprint.
The selling, general and administrative expenses fell nearly
9 percent to $76.6 million.
However, net earnings attributable to Mosaic dropped nearly
21 percent to $160 million, or 45 cents per share, hurt by lower
sales of phosphates and potash and a strong dollar.
Mosaic's net phosphates sales fell to $1 billion in the
quarter from $1.1 billion a year earlier, while potash net sales
dropped to $492 million from $593 million.
The company also cut the upper end of its full-year capital
expenditure forecast to $1.2 billion from $1.3 billion, while
retaining the lower end at $1.1 billion.
The Plymouth, Minnesota-based company's net sales fell 6.5
percent to $2.11 billion in the third quarter, below analysts'
estimate of $2.33 billion.
Up to Monday's close of $34.38, Mosaic's shares had lost
more than 21 percent in the past 12 months.

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