Reuters — Mosaic Co. on Wednesday missed Wall Street estimates for first-quarter profit on lower prices of potash and other crop fertilizers, even as the fertilizer maker sold higher volumes.
Although prices of fertilizers such as phosphates and potash decreased during the reported quarter, it did not boost demand as farmers waited for pricing trends to stabilize. Higher prices caused by a supply crisis due to sanctions on Russia and Belarus had curbed demand last year.
Mosaic, the world’s largest producer of finished phosphate products, saw a 5.9 per cent rise in sales volumes of phosphates and a 5.6 per cent increase in sales volumes of potash from last year.
The Tampa-based company reported earnings of $1.14 per share, excluding items, for the three months ended March 31, compared with analysts’ estimate of $1.29 per share, according to Refinitiv data (all figures US$).
— Reporting for Reuters by Arshreet Singh.
