Mosaic Posts Q4 Loss; Says Optimistic About 2018

(RTTNews) - Mosaic Co. (MOS) reported a fourth quarter 2017 net loss of $431 million, compared to net income of $12 million in the fourth quarter of 2016. Fourth quarter loss per share was $1.23, which included a negative impact of $1.57 per share from notable items, primarily related to non-cash charges as a result of changes in U.S. tax legislation. Adjusted earnings per share during the fourth quarter of 2017 were $0.341.

Operating earnings during the quarter were $127 million, up from $74 million a year ago, driven by higher gross margins in both Potash and Phosphates.

Mosaic's net sales in the fourth quarter of 2017 were $2.1 billion, compared to $1.9 billion last year, primarily driven by higher realized prices throughout the business.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.29 per share and revenues of $1.91 billion for the quarter. Analysts' estimates typically exclude special items.

"We are optimistic about 2018. We are seeing improving market conditions in both potash and phosphates, which, combined with benefits from our actions across our three business units, puts Mosaic in an excellent position to create value for all of our stakeholders,"said Joc O'Rourke, President and Chief Executive Officer.