Mosaic Q3 Results Miss Estimates; Appoints Luciano Siani Pires To Succeed Clint Freeland As CFO

(RTTNews) - Crop nutrients maker The Mosaic Co. (MOS) reported Tuesday net earnings attributable to Mosaic for the third quarter of $122.2 million or $0.38 per share, compared to a net loss of $4.2 million or $0.01 per share in the prior-year quarter.

Excluding items, adjusted net income for the quarter was $0.34 per share, compared to $0.68 per share in the year-ago quarter.

Net sales for the quarter declined 21 percent to $2.81 billion from $3.55 billion in the same quarter last year.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.54 per share on revenues of $3.17 billion for the quarter. Analysts' estimates typically exclude special items.

The company said it is making progress on the cost reduction plan announced last year and is on track to achieve the targeted $150 million run rate by the end of 2025 compared to the 2023 baseline. Mosaic is also on track to reduce 2024 capital expenditures by $200 million from the 2023 level.

Further, the company also announced that Clint Freeland intends to retire from his role as Executive Vice President and Chief Financial Officer. Luciano Siani Pires will join Mosaic as CFO designate effective November 18, 2024 and will succeed Freeland as Executive Vice President and Chief Financial Officer on January 1, 2025. Freeland will continue as a senior advisor until July 1, 2025.

Siani Pires formerly served on the Mosaic Board of Directors and was previously Chief Financial Officer at Vale S.A., a global mining company.

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