Mosaic Q3 Loss Narrows; Sees Strong Business Conditions To Continue Into 2021

(RTTNews) - Mosaic Co. (MOS) reported that its third-quarter net loss attributable to the company narrowed to $6.2 million or $0.02 per share from $44.1 million or $0.11 per share in the prior year.

The latest-quarter results negatively impacted by notable items of $93 million after tax, or $0.25 per share, of which $68 million, or $0.17 per share, resulted from noncash charges from an annual review of estimated future phosphate asset retirement obligations and an environmental remediation reserve.

Adjusted earnings per share were $0.23. Analysts polled by Thomson Reuters expected the company to report earnings of $0.17 per share. Analysts' estimates typically exclude special items.

Net sales for the quarter declined to $2.38 billion from $2.75 billion in the previous year. Analysts expected revenue of $2.38 billion for the quarter.

The company expects strong business conditions to continue into 2021, with improving grain and oil seed prices and limited inventories of fertilizer in all channels.