Mosaic shares little changed following earnings miss

|About: The Mosaic Company (MOS)|By:, SA News Editor

Mosaic (MOS) -0.2% premarket after Q3 earnings fell 70% and missed estimates, primarily driven by lower prices and lower North American sales volumes.

Q3 phosphate net sales fell 18% to $1.4B, primarily driven by lower finished product prices, and phosphate sales volume was 2.7M metric tons vs. 2.9M in the year-ago period; potash net sales fell 44% to $523M, due to lower domestic shipment volumes and lower realized prices, and potash sales volume was 1.4M metric tons vs. 1.8M a year ago.

Q4 phosphate sales volumes are expected at 2.5M-2.9M metric tons vs. 2.8M last year, at an average selling price of $370-$400/metric ton; gross margin percentage is estimated to be flat Q/Q.

Q4 potash sales volumes are expected at 1.5M-1.9M metric tons vs. 1.4M in the year-ago period, at an average selling price of $285-$310/ metric ton; gross margin rate is seen in the mid-20% range.

Says it will exit its underperforming distribution businesses in Argentina and Chile; also will close a small potash mine at Hersey, Mich., and sell its salt operation.